The South American enterprise asset management market is expected to reach $802.1 million by 2023, according to P&S Intelligence.
The growth will be owing to the increasing focus of enterprises on reducing operating cost of assets as well as rising need for safeguarding the supply chain availability and visibility of businesses.
Insights on Market Segments
On the basis of components, the South American enterprise asset management market has been categorized into software, services, and solutions, of which software generated the highest revenue of $263.5 million, in 2017. This is attributed to the increasing need for effective management of enterprise resources and their assets in South America. However, the solutions category is expected to record highest CAGR, during the forecast period, owing to the increasing demand for better return on investment (ROI) on assets, as solutions provide a proactive approach for asset management.
Increasing Asset Utilization is a Key Growth Driver for the Market
Enterprises in South America are striving towards utilizing the assets for a longer period of time in a more effective and efficient way, which is expected to increase the demand for enterprise asset management.
An EAM system 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 enterprise asset management 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.
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Enterprise Asset Management in South America is a fairly emerging market, where companies like IBM Corporation, SAP SE, ABB Ltd., and Infor Inc. are major players. Companies in the enterprise asset management industry compete mostly on the basis of scalability, industry-specific customization, and after sales support.
Some of the key players operating in the South America enterprise asset management market are Schneider Electric SE, Oracle Corporation, IBM Corporation, SAP SE, ABB Ltd., Industrial and Financial Systems (IFS) AB, MRI Software LLC, CGI Group Inc., and Infor Inc.