If you want to keep assets and equipment up and running, you need to get out ahead of the maintenance curve. And it’s the same with larger trends in the asset maintenance and management industry. It pays to prepare for what’s coming.
So, what are the big trends facility and maintenance managers need to know about for 2022, what are the biggest challenges, and where can you find the right solutions?
When looking at the big changes in the industry, the first one that sticks out is the size. Not the size of the changes, but the size of the industry itself.
Is the asset management industry growing?
According to a report by Markets and Markets, the enterprise asset management market is forecast to grow at a compound annual growth rate of 8.7% from 2020 to 2026, taking it from a USD 3.3 billion market in 2020 to USD 5.5 billion by 2026.
That growth is being driven by the continuing shift from legacy asset management methods to modern asset management software and technologies. SaaS-based CMMS solutions are experiencing a surge in popularity as they give organizations on a limited budget the opportunity to get a 360-degree view of their assets, while at the same time reducing their costs and increasing their flexibility.
These are the factors driving the growth of the enterprise asset management industry:
- Increasing investment in government infrastructure projects
- The need for asset-intensive industries to extend the lifespan of assets and delay capital investments
- An inability to travel and cross borders, which is forcing businesses to rethink their current ways of doing things – including their asset management options
- Increasing compliance regulations around health and safety
The emergence of advanced technologies such as the cloud, artificial intelligence (AI), Internet of Things (IoT), and analytics is also driving market growth and creating new ways for businesses to overcome challenges and identify new opportunities.
What are the main areas of asset management growth in 2022?
So, where is this growth going to come from?
By sector, it is the energy and utilities industry that is forecast to see the fastest rate of growth from 2020 to 2026. Energy and utilities businesses face many operational challenges, such as inspections, usage monitoring, wear and tear monitoring, and preventive maintenance. Given these challenges, many are looking to upgrade their current solutions to improve the way they manage assets such as electricity cables, gas pipelines, and power stations.
Based on the application type, asset lifecycle management is the segment that is forecast to see the most growth. Asset life cycle management is the process of optimizing an asset’s operational performance, reliability, and profitability over its lifespan. Most asset management software includes asset life cycle management solutions that can help businesses make more informed decisions about their assets, reduce maintenance costs, and streamline asset life cycle processes.
Despite the tremendous growth of the SaaS deployment model, the on-premises segment is still expected to be the largest contributor to the enterprise asset management market in 2022. On-premises CMMS solutions are installed and hosted on a business’s own IT infrastructure and are managed by in-house teams. On-premises CMMS solutions require a substantial initial investment, making the SaaS delivery model, with its lower operating costs and reduced asset maintenance stress, a more popular choice for many.
Geographically, North America is forecast to continue generating the most revenue in the enterprise asset management market in 2022, with businesses focusing on streamlining their operations and meeting increasingly stringent regulatory compliances. However, it is the Asia Pacific market that is expected to witness the fastest growth. The rapid adoption of digital services, growing IT spending, and embracing new-age technologies such as IoT, AI, analytics, and cloud will all contribute to this growth.
What are the enterprise asset management trends in 2022?
So, we know the industry as a whole is growing. Now it’s time to look at the directions it’s going.
Preventive maintenance strategies gain popularity
In 2022 and over the next decade, you can expect to see a shift towards preventive and predictive maintenance strategies to reduce unplanned downtime, increase asset lifespans, lower costs, improve labor efficiency, and increase safety. This is going to be driven by a treasure trove of business data and actionable insights for process improvements that you can generate by using CMMS software.
Mobile CMMS continues to rise
Mobile CMMS is not a new trend, but you can expect to see it expand and evolve in 2022. Mobile CMMS was fast on its way to becoming an industry norm before the pandemic hit, but now more businesses are waking up to just what a valuable tool it can be.
Mobile tools deliver streamlined and real-time data capture straight from the source, whether it’s an active production floor or an asset installation at a customer’s plant. That accurate and timely flow of data can help businesses make smarter, more informed decisions.
The growth of mobile CMMS is being driven by the availability of affordable mobile devices and the benefits that asset-intensive operations can gain from an increasingly mobile culture, particularly when a fast response is critical. As more 5G networks come online, you will also see more innovative applications for mobile technology, from streaming graphs and models to viewing 3D simulations on handheld devices.
Intelligent CMMS makes big gains
The impact of artificial intelligence (AI) deserves a mention in any 2022 enterprise asset management trends report. The incorporation of AI into some CMMS software has created intelligent systems that can do the heavy lifting and take the guesswork out of maintenance planning for you and your teams.
Adding AI to CMMS solutions helps create intelligent systems that can automate repetitive jobs so you can focus on value-added tasks and work smarter, not harder. AI can also make analytics more user-friendly and even help to prioritize repairs based on the availability of qualified technicians. For example, an AI-driven system can identify the type of maintenance needed, prioritize the most time-sensitive issues, and adjust repair schedules to send the most experienced techs to tackle the problems that need the most attention.
Workplace safety rises to a top priority
One of the most important safety themes that you can expect to see in 2022 is an effort to improve the cooperation and communication between the operations, maintenance, and safety departments. Using organization-wide solutions rather than standalone software can improve the sharing the data. And by using the same data, your teams can execute the right tasks at the right time, helping to enhance the efficiency and compliance of safety teams and create safer workplaces.
Information, not data, becomes the focus
Data is at the heart of all asset management endeavors over the next decade. However, as well as waking up to the importance of data, many businesses are realizing that there can be too much of it. What businesses need is information, that is, organizational wisdom that can improve the actionability of data.
Data must be comprehensive, visible, and trustworthy to be valuable to your business, and this is a point where many businesses continue to struggle. According to a MicroStrategy survey, only 57% of businesses think their data strategies are on a par with their peers, yet 94% admit that data is critical to their growth.
How can CMMS systems can help you get ahead of the 2022 trends?
Modern CMMS solutions can help you digitize and integrate your work histories, workflows, knowledge management tools, reporting, analytics, asset spend, and budgets.
Hippo CMMS® is a maintenance management software solution that can help you take control of your maintenance tasks and streamline your asset management. It makes it easy to capture and share reliable data that can boost asset reliability, avoid unscheduled downtime, and cut costs.
You can schedule and track every step of the life cycle to get maximum value from your assets and connect data and know-how from across departments to find efficiencies and build reliable workflows that scale for successful growth.
As well as being powerful, Hippo CMMS is also easy to use. You receive full-circle customer onboarding to help you adopt the software so you can achieve the best long-term ROI.
What’s next?
Want to find out how Hippo CMMS can help you stay ahead of the asset management trends in 2022?
Book a live demo with one of our experts or get in touch so we can answer your questions.
Executive summary
The enterprise asset management market is forecast to grow at a compound annual growth rate of 8.7% from 2020 to 2026, taking it from a USD 3.3 billion market in 2020 to USD 5.5 billion by 2026. That is being driven by the continuing shift from legacy asset management methods to modern asset management software and technologies.
The biggest growth is in the energy and utilities industry, while the most in-demand segment is asset lifecycle management. The SaaS deployment model is forecast to surge in popularity, while the on-premises segment continues to be a large contributor to the market in 2022. Geographically, North America is going to generate the most revenue, while the Asia Pacific market will see the most growth.
Asset management trends that you can expect to see in 2022 include the increasing impact of artificial intelligence, a focus on information and not data, the continuing rise of mobile CMMS solutions, and a concerted move towards predictive and preventive maintenance strategies.
