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.
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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.
Market Segmentation by Component
Field service management (FSM)
Assets maintenance, repair, and operations (MRO)
Planning and forecasting
Logistics and inventory
Network field operations
Assets transfer and retirement
Procurement of material
By Deployment Type
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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.