According to a new market research report "Enterprise Asset Management Market by Software Application (Linear Assets, Non-Linear Assets, Field Service Management, Assets MRO), Service (Implementation, Managed Services, Training & Support) - Global Forecast to 2021", published by MarketsandMarkets, the EAM market size is expected to grow from USD 3.15 Billion in 2016 to USD 5.24 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period.
The major drivers of this market include the need to enhance the asset life of rapidly aging infrastructure, growing importance of asset tracking, and need for improved Return on Assets (ROA) associated with physical assets. Furthermore, the growing manufacturing and energy sector across the globe provides huge opportunities for EAM vendors, service providers, software providers, and consulting companies.
Field Service Management (FSM) software segment is expected to hold the largest market share during the forecast period
In the era of mobility, FSM software has evolved as a vital tool for any business that relies on scheduling and deploying resources. FSM and non- linear asset management software applications are expected to grow at a high growth rate and hence, will present good market opportunity during the forecast period. The increasing demand for EAM in transportation, automotive, logistics, and manufacturing industries acts as a major driving factor for the growth of FSM software in EAM market.
Government sector is expected to dominate the EAM market during the forecast period.
The EAM solutions for government and utilities help in work management, asset valuation, risk management, preventive maintenance, and condition analysis. The government and utilities vertical accounted for the largest share in the EAM market in 2016. Projects from governments, municipal authorities, and utilities require huge resource planning and asset management to provide high-quality public asset management capabilities.
North America is expected to hold the largest market share in the EAM market.
North America is expected to hold the largest market share and dominate the Enterprise Asset Management Market from 2016 to 2021. The main drivers responsible for the growth of EAM software in North America are the stable economy, technological advancements, and newer infrastructure demands. The EAM market in Middle East and Africa is expected to witness high growth in the coming five years due to a large number of the huge infrastructural projects demanding asset management capabilities across departments, facilities and business units. The major vendors covered in the EAM market for this study include ABB Group (Switzerland), IBM Corporation (U.S.), Oracle Corporation (U.S.), SAP SE(Germany), and IFS AB (Sweden).
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