Enterprise Asset Management Market is Set to 6.05 Billion USD by 2022

[134 Pages Report] The global enterprise asset management market is expected to grow from USD 3.44 billion in 2017 to USD 6.05 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period.

(EMAILWIRE.COM, March 27, 2019 ) According to market research report "Enterprise Asset Management Market by Component (Software and Services), Deployment Type (On-Premises and Cloud), Organization Size (SMES and Large Enterprises), Industry, and Region - Global Forecast to 2022", The EAM market size is expected to grow from USD 3.44 Billion in 2017 to USD 6.05 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period.

Major factors, such as increased asset of life aging infrastructure, reduced maintenance and procurement costs, increased tracking ability of assets in an organization, and improved return on assets, are driving the growth of the market.

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Increased asset of life-aging infrastructure, reduced maintenance and procurement costs, increased tracking ability of assets in an organization, and improved return on assets have led to the adoption of EAM. With the increase in the adoption rate of EAM among Small and Medium-sized Enterprises (SMEs), the EAM market is expected to gain major traction during the forecast period.

Rapid adoption of EAM due to a strong and well-established economy makes North America the largest market in terms of global share

North America is expected to have the largest market share and is projected to dominate the market from 2017 to 2022. The EAM market is a steadily growing market in North America, which includes countries, such as the US, Canada, Mexico, Hawaii, and Cuba. With increasing EAM solutions for government and manufacturing industries in the US and Canada, the EAM market is set to grow at a rapid pace in the region. The Field Service Management (FSM) software is expected to be the highest revenue generator in North America in the coming years. Revenue from the professional services segment is expected to surge in this region. North America is one of the largest markets for EAM solutions in terms of market size. The factors driving the growth of the EAM market in North America are a stable economy, technology advancements, and newer infrastructure demands.

Government industry is expected to contribute to the largest market share during the forecast period

The government industry is expected to hold the largest market share during the forecast period in the EAM market. The various public assets of municipal authorities and government need to be managed proficiently for regular functioning of the society. The public assets include manholes, meters, buildings, facilities, equipment, vehicles, railway tracks, signals, signs, yards, and bridges. In the government industry, EAM helps in work management, asset valuation, risk management, preventive maintenance, and condition analysis.

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