Due to the focus of companies in North America on the successful utilization of their assets and their growing need for reducing the operating costs, the demand for enterprise asset management (EAM) solutions in the region is expected to register significant growth in the coming years. EAM solutions, particularly those for asset management, enable the tracking of asset inventory, meter readings and invoice charges, management of maintenance agreement, analysis of invoice, information funding, and inspection of invoice payments, which help decision-makers compare the expected billing amounts and invoices and detect errors or unnecessary costs, in order to reduce wastage, abuse, and fraud. 

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The abilities of EAM to reduce the operational costs incurred during the manufacturing process and increase the return on investment (ROI) from the plant and equipment, by maintaining the equipment in prime operating conditions, optimizing asset utilization, and tracking improvements in production, overall equipment effectiveness (OEE), and scrap/rework, are the other major factors boosting the demand for EAM in North America. As a result, the North American EAM market is predicted to experience a revenue increase from $1,150.0 million in 2017 to $2,125.9 million in 2023. The market is forecast to advance steadily at a CAGR of 10.9% during the forecast period (2018–2023).

In North America, these solutions are adopted in both types of enterprises, namely large enterprises and small and medium enterprises (SMEs). Of these, the demand for EAM solutions was higher among the large enterprises during the historical period (2013–2017). This is attributed to the fact that the large scale enterprises, owing to their higher budgets, are better equipped to adopt these expensive solutions in their processes. However, the increasing availability of affordable cloud-based EAM solutions is expected to encourage SMEs to rapidly adopt these in the coming years.

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The shifting focus toward the implementation of cloud-based EAM systems, in order to streamline work and improve the management and maintenance of facilities, is quite the rage these days. Cloud computing helps enterprises in reducing their overall operational costs, by decreasing their expenditure in maintaining the information technology (IT) infrastructure. In addition to this, cloud computing also enables online and offline mobility, which, in turn, helps in the management of assets and also reduces their functional limitations, thereby attracting the interest of companies across the region.

The research offers historical market size of the North America Enterprise Asset Management (EAM) market for the period 2013–2017 and market forecast for the period 2018–2023.

North America EAM Market Segmentation

Market Segmentation by Component

• Software
  • Linear assets
  • Non-linear assets
  • Field service management (FSM)
  • Assets maintenance, repair, and operations (MRO)
• Service
  • Managed
  • Professional
• Solution
  • Planning and forecasting
  • Logistics and inventory
  • Network field operations
  • Assets transfer and retirement
  • Procurement of material

Market Segmentation by Deployment Type

• On-premises
• Cloud-based     

Market Segmentation by Enterprise Size

• Small and medium enterprises (SMEs)
• Large enterprises

Market Segmentation by Industry

• Government
• Oil and Gas
• Healthcare
• Transportation and Logistics
• Manufacturing
• Energy and Utilities
• Others (retail, and metal and mining)