Enterprise Asset Management Market Growing at a CAGR of 11.9% During 2017 to 2022 - ReportsnReports
PUNE, India, July 3, 2017 /PRNewswire/ --
The EAM market size will grow from $3.44 billion to $6.05 billion, at a CAGR of 11.9% from 2017-2022.EAM market is segmented by component (software and services), organization size, deployment type, industry, and region. The service component is expected to grow at the highest CAGR during the forecast period.
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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%. Several factors, such as 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, are responsible for the growth of the EAM market. Industries such as the government, oil and gas, manufacturing, healthcare, transportation and logistics, energy and utilities, and others, including the retail, and metal and mining have boosted the growth of the EAM market.
The EAM market is segmented by component (software and services), organization size, deployment type, industry, and region. The service component is expected to grow at the highest CAGR during the forecast period, because services help organizations in easily deploying the software on their premises or on cloud.
Key Target Audience
- Implementation service providers
- Consultants/Consultancies/Advisory firms
- Training and education service providers
- Support and maintenance service providers
- Energy and utilities companies (providers of electricity, gas, and water facilities)
- System design and development vendors
- EAM solution providers and procurement managers
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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). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings in the EAM market.
The cloud deployment type is expected to grow at the highest CAGR during the forecast period. Cloud-based services are provided directly through the cloud-deployed network connectivity. They help in reducing the overall costs, while also providing highly flexible and scalable access to solutions. Companies are deploying solutions on-cloud to improve the centralization, mobility, collaboration of data, and reduction of data loss during the transit. Security remains to be a critical issue, which restricts its adoption; however, this issue is gradually being eradicated through rigorous security tests, conducted to the highest standards by third parties. Due to these advantages, most vendors are switching from on-premises deployment type to the Software as a Service (SaaS)-based software.
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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.
The Small and Medium-Sized Enterprises (SMEs) segment is expected to grow at the highest CAGR in the Enterprise Asset Management market during the forecast period. Organizations with employee strength between 100 and 1,000 are categorized under SMEs. SMEs are rapidly adopting the EAM software due to the need for domain-specific technical personnel and skilled workforce.
Small organizations are not very receptive to the implementation of EAM solutions, but the increasing competition for these solutions has prompted SMEs to invest in this business software and adopt the go-to-market strategies and make effective decisions for their 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 the deployment and extending the asset life. Even though the demand for EAM solutions in SMEs is low, the need for such software solutions is expected to increase as the SMEs grow.
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 sub segments 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%
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