The offering segment of the enterprise asset management market is bifurcated into solution and service. Of these, the service category will witness the faster growth during the forecast period owing to the surging demand for managed and professional services from enterprises for smooth operations. Service providers install monitor, and maintain the EAM solutions and train the end users to make the optimum use of them.
This further assists business owners in reducing long-term costs and streamlining their business activities. Globally, the North American enterprise asset management market generated the highest revenue during the historical period (2014–2019). This can be attributed to the growing need to adhere to the stringent regulations, presence of numerous established EAM vendors, and surging investments by public and private companies in the effective management of their assets.
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Besides, the strong emphasis on integrating EAM solutions with state-of-the-art technologies, such as computer vision, internet of things (IoT), and machine learning (ML), is fueling the demand for such solutions in the region. Furthermore, Asia-Pacific (APAC) is expected to demonstrate the fastest growth in the enterprise asset management market in the forecast years.
This will be due to the rising adoption of EAM solutions in the manufacturing, transportation, banking, and telecom sectors of the region. Large enterprises in APAC are rapidly adopting EAM solutions for the effective utilization of their assets, reduced maintenance cost, and smooth work operations. Moreover, the deployment of such solutions helps in preventing machine malfunction, as they generate alerts for predictive maintenance.
Thus, the heightening need for optimum asset utilization and mounting demand for an improved ROA will steer the demand for EAM solutions in the coming years.
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