Enterprise Asset Management Market by Component (Software and Services), Deployment Type (On-Premises and Cloud), Organization Size (SMES and Large Enterprises), Industry, and Region - Global Forecast to 2022
Increased asset of the life aging infrastructure, and reduced maintenance and procurement costs are driving the Enterprise Asset Management (EAM) market
The EAM market size is expected to grow from USD 3.44 billion in 2017 to USD 6.05 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.9%. The increased asset of life aging infrastructure, reduced maintenance and procurement costs, increased tracking ability of assets in an organization, and improved return on assets have led to the adoption of EAM. Lack of awareness about the benefits of deploying EAM solutions is one of the restraints for the EAM market.
Energy and utilities industry is expected to grow at the highest CAGR during the forecast period
The energy and utilities industry is expected to grow at the highest CAGR during the forecast period. EAM solutions are largely deployed in the energy and utilities industry. These solutions help address operational challenges, such as inspections, and wear and tear monitoring, and offer preventive maintenance and usage monitoring. Assets such as power stations, gas pipelines, and electricity cables are the livelihood of the utilities sector. EAM solutions also help maximize the Returns on Investment (RoI) by providing solutions in every step of the asset lifecycle. Integration with customer information systems gives the utilities sector a complete view of asset performance and usage history by performing the utility rate analysis. In this analysis, activities with maximum impact on costs are identified. The main reason for deploying EAM solutions in the energy and utilities industry is the increasing regulatory-driven operational requirements and civil penalties.
North America is expected to have the highest growth rate during the forecast period
North America is expected to grow at the highest CAGR in the EAM market during the forecast period. EAM is a steadily growing market in North America, which includes countries, such as the US, Canada, Mexico, Hawaii, and Cuba. With the increasing adoption of EAM solutions in the government and manufacturing industries in the US and Canada, the EAM market is set to grow at a rapid pace in this region. The Field Service Management (FSM) software is expected to be the highest revenue generator in North America, in the future. Revenue from training and support services is also expected to surge in this region. North America is one of the largest markets for EAM solutions, in terms of market size. The factors driving the growth of the EAM market in North America are the stable economy, technology advancements, and newer infrastructure demands.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
• By Company: Tier 1 – 17%, Tier 2 – 47%, and Tier 3 – 36%
• By Designation: C-level – 64%, Manager level – 30%, and Others – 6%
• By Region: North America – 68%, Europe – 12%, APAC – 9%, MEA – 7%, and Latin America – 4%
The EAM ecosystem comprises major vendors, such as ABB Ltd. (Switzerland), CGI Group Inc. (US), Dude Solutions, Inc. (US), eMaint (US), International Business Machines (IBM) Corporation (US), IFS AB (Sweden), Infor (US) Oracle Corporation (US), Ramco Systems (India), SAP SE (Germany), Schneider Electric SA (France), and Vesta Partners, LLC (US).
The report includes in-depth competitive analysis of these key players in the EAM market, with their company profiles, recent developments, and key market strategies. The research report segments the EAM market by component (software and services), deployment type, organization size, industry vertical, and region.
Reasons to Buy the Report
The EAM market has been segmented on the basis of components (software and services), deployment types, organization sizes, industries, and regions. The report will help the market leaders/new entrants in this market in the following ways:
1. The report segments the EAM market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split across various industries and regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders in better understanding the competitors and gaining more insights to better position their businesses. There is a separate section on competitive landscape, including competitor ecosystem, and mergers and acquisitions. Besides, there are company profiles of 12 players offering services in this market. In this section, market internals have been provided that can put them ahead of the competitors.