North America Enterprise Asset Management Market to Reach $2,125.9 Million by 2023
- Published: November 2018
The North America enterprise asset management market is expected to reach $2,125.9 million by 2023, according to P&S Intelligence.
Rising need to reduce operating costs and increasing asset utilization are the key factors driving the market growth.
Insights on market segments
Based on component, the North American enterprise asset management market has been categorized into solutions, software, and services. Of these, software category held the largest market share of more than 50% in 2017. The software category is mainly driven by increasing need for effective management of enterprise resources and their assets, wherein assets maintenance, repair, and operations (MRO) is expected to register highest growth rate during the forecast period.
Based on industry, the North American enterprise asset management market has been classified into government, oil and gas, healthcare, transportation and logistics, manufacturing, energy and utilities and others (includes retail, metal and mining). Healthcare industry is expected to register highest CAGR during the forecast period, as enterprises are in need to comply with changing regulatory standards, track mobile assets and manage medical equipment.
On the basis of enterprise size, the North American enterprise asset management market is segmented into small and medium enterprise (SMEs) and large enterprises. The large enterprises, historically, have been a larger adopter of EAM solution. This can be attributed to higher implementation cost of EAM solution. Large enterprises, with their significantly higher budgets, contributed to larger market share of around 60% in 2017. While, the enterprise asset management market for SMEs is expected to register faster CAGR during the forecast period. This growth is further attributed to the increasing availability and affordability of cloud-based EAM solutions provided by the companies.
Browse report overview with 94 tables and 69 figures spread through 169 pages and detailed TOC on "North America Enterprise Asset Management (EAM) Market by Component (Software [Linear Assets, Non-linear Assets, Field Service Management {FSM}, Assets Maintenance, Repair & Operations {MRO}], Service [Professional, Managed], Solution [Planning & Forecasting, Procurement of Material, Logistics & Inventory, Network Field Operations, Asset Transfer & Retirement]), by Deployment Type (On-premises, Cloud-based), by Industry (Government, Oil & Gas, Healthcare, Transportation & Logistics, Manufacturing, Energy & Utilities), by Enterprise Size (Small & Medium Enterprises [SMEs], Large Enterprises), by Country (U.S., Canada, Mexico) –Market Size, Share, Development, Growth and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/north-america-enterprise-asset-management-market
North America enterprise asset management market is projected to witness the fastest growth in Mexico
The North American enterprise asset management market is projected to witness fastest growth in Mexico, during the forecast period, owing to the growing asset-intensive industries such as oil and gas, manufacturing, as well as transportation and logistics. The Mexican oil industry accounted for more than 30% of total government revenues in 2017. EAM provides efficient planning and management during drilling as well as production. The upsurge in oil and gas production in the country would provide healthy growth to the North America enterprise asset management market.
Rising need for optimum asset utilization is a key growth driver for the market
Enterprises in North America are striving toward utilizing the assets for longer period of time in a more effective and efficient way, which is expected to increase the demand for EAM in the region. EAM for asset utilization management includes asset inventory tracking, maintenance agreement management, tracking of meter readings and invoice charges, examination of trends in invoice payments and excess charges, and analysis of invoice and funding information.
Through these, the EAM system generates a set of dedicated reports which enables the decision-makers to compare invoice and expected billing amounts and view each asset or group of assets and detect unusual activity to reduce waste, fraud and abuse. Therefore, the growing demand for optimum asset utilization is supporting North American enterprise asset management market growth.
Application of predictive analytics in enterprise asset management is a key trend observed in the market
Enterprises are moving from reactive approach to a predictive approach. The reactive approach is basically of sorting the problem after the problem has been occurred, while predictive approach enables enterprises to stop the breakdown beforehand. The predictive analytics analysis, critical failure mode of assets and determines optimum maintenance schedule. Moreover, it improves customer satisfaction by reducing unexpected outages. Thus, use of predictive analytics capabilities in EAM is a major trend observed in the North American enterprise asset management market.
North American enterprise asset management market competitiveness
North American enterprise asset management market is fairly a mature market, where established companies such as IBM Corporation, SAP SE, Infor Inc., and Oracle Corporation being the prominent players in the region. Companies in the enterprise asset management market compete mainly on the basis of scalability, industry-specific customization, and after sales support.
Some of the key players operating in the North American enterprise asset management market are Schneider Electric SE, Oracle Corporation, IBM Corporation, SAP SE, ABB Ltd, IFS AB, MRI Software LLC, CGI Group Inc, Infor Inc, and Ramco Systems Limited.
North America Enterprise Asset Management Market Segmentation
Market Segmentation by Component
-
Software
- Linear assets
- Non-linear assets
- Field service management (FSM)
- Assets maintenance, repair, and operations (MRO)
-
Service
- Managed
- Professional
-
Solution
- Planning and forecasting
- Logistics and inventory
- Network field operations
- Assets transfer and retirement
- Procurement of material
Market Segmentation by Deployment Type
- On-premises
- Cloud-based
Market Segmentation by Enterprise Size
- Small and medium enterprises (SMEs)
- Large enterprises
Market Segmentation by Industry
- Government
- Oil and Gas
- Healthcare
- Transportation and Logistics
- Manufacturing
- Energy and Utilities
- Others (retail, and metal and mining)
Market Segmentation by Country
-
U.S. EAM market
- By component
- By deployment type
- By industry
- By enterprise size
-
Canada EAM market
- By component
- By deployment type
- By industry
- By enterprise size
-
Mexico EAM market
- By component
- By deployment type
- By industry
- By enterprise size
-
Rest of North America EAM market
- By component
- By deployment type
- By industry
- By enterprise size