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Enterprise Asset Management Market by Software Application, Service - Global Forecast to 2021

PressReleasePing - January 11, 2017 -

MRRS adds "Enterprise Asset Management Market by Software Application, Service  - Global Forecast to 2021" latest studies, published in November 2016. It is a professional and in-depth study.

summary

“Need to enhance the asset life of aging infrastructure across the globe and growing importance of asset tracking are some of the factors expected to drive the Enterprise Asset Management (EAM) market”

The EAM market size is estimated 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% due to the increasing need to enhance the asset life of aging infrastructure across the world. Growing importance of asset tracking in Middle East and Africa (MEA) owing to increasing number of oil & gas exploration projects, and high technological spending in North America and Europe are also driving the growth of the EAM market in these regions.
“Large enterprises are expected to gain prominent traction during the forecast period”

The large enterprises segment is expected to grow at the highest CAGR during the forecast period. EAM is ideal for large asset intensive companies that have large amounts of equipment, which require regular maintenance. Large enterprises are more receptive towards the implementation of EAM software solutions as they need to supervise the lifecycle activities of enterprise assets in order to make the most of the return on investments.
“North America is witnessing a high growth potential during the forecast period””
North America is expected to account for the largest market share in 2016; it is also expected to be the fastest-growing region in terms of CAGR. With the increasing use of EAM solutions in government & utilities and manufacturing verticals in the U.S. and Canada, the EAM market in this region is set to grow at a rapid pace in the region. The drivers responsible for the growth of the EAM market in North America are the stable economy, technology advancements, and newer infrastructure demands. Many of the leading companies of major verticals such as government, oil & gas, manufacturing, healthcare, transportation & logistics, and energy & power that have deployed EAM platforms are headquartered in North America.

 

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