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(Wireless-NewsWire.Com, July 06, 2017 ) According to a new market research report "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", published by MarketsandMarkets™, 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% during the forecast period.
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. With the increase in the adoption rate of EAM among Small and Medium-sized Enterprises (SMEs), the EAM market is expected to gain major traction during the forecast period.
Rapid adoption of EAM due to a strong and well-established economy makes North America the largest market in terms of global share
North America is expected to have the largest market share and is projected to dominate the market from 2017 to 2022. The EAM market is a steadily growing market in North America, which includes countries, such as the US, Canada, Mexico, Hawaii, and Cuba. With increasing EAM solutions for government and manufacturing industries in the US and Canada, the EAM market is set to grow at a rapid pace in the region. The Field Service Management (FSM) software is expected to be the highest revenue generator in North America in the coming years. Revenue from the professional services segment is 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 a stable economy, technology advancements, and newer infrastructure demands.
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Government industry is expected to contribute to the largest market share during the forecast period
The government industry is expected to hold the largest market share during the forecast period in the EAM market. The various public assets of municipal authorities and government need to be managed proficiently for regular functioning of the society. The public assets include manholes, meters, buildings, facilities, equipment, vehicles, railway tracks, signals, signs, yards, and bridges. In the government industry, EAM helps in work management, asset valuation, risk management, preventive maintenance, and condition analysis. EAM plays a key role in the government industry, as this industry is estimated to account for the maximum share in the EAM market in 2017. Projects from governments, municipal authorities, and utilities need huge resource planning and asset management to deliver high-quality public asset management capabilities. Major EAM players, such as IBM Corporation, Oracle Corporation, and Infor offer EAM solutions to meet the needs of the state and local governments to successfully address public safety, ensure regulatory compliance, and enable optimum utilization of resources.
The SMEs segment for EAM is expected to grow at the highest CAGR during the forecast period
The SMEs segment is expected to grow at the highest CAGR in the EAM market during the forecast period. Organizations with an employee strength between 100 and 1,000 are categorized under SMEs. SMEs are rapidly adopting EAM software due to the need of domain-specific technical personnel and skilled workforce. Small organizations are not very receptive to the implementation of EAM solutions, but increasing competition has prompted SMEs to invest in this business software and adopt go-to-market strategies to make effective decisions for business growth. Implementing this software can help SMEs enhance operational efficiencies and develop asset usage by building a strong standard base. EAM is likely to help SMEs administer assets efficiently across the facility by improving deployment and extending the asset life. Even though demand for EAM solutions in SMEs is low, the need for such software solutions will increase as SMEs grow.
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The major vendors that offer EAM across the globe are 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).
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