The increasing usage of enterprise asset management for the effective utilization of assets and the growing requirement for reducing the operating costs are the main factors fueling the popularity of enterprise asset management solutions in North America. Enterprise asset management solutions for the optimum asset utilization include maintenance agreement management, asset inventory tracking, tracking of invoice charges and meter readings, analysis of funding and invoice information, and the examination of trends in excess charges and invoice payments.
With the help of such solutions, the enterprise asset management system creates various dedicated reports that allow the decision-makers to compare the predicted billing and invoice amounts and view each group of assets or asset to identify unusual activities for reducing the incidence of frauds, abuse, and waste. Besides these, enterprise asset management solutions also allow businesses to reduce the operational costs by increasing the return on investment (ROI) from equipment and plant.
This is achieved by maintaining the critical systems in prime operating conditions, optimizing the utilization of assets, and causing performance improvement in important metrics by tracking enhancements in overall equipment effectiveness (OEE), scrap/rework, and production field. Because of these reasons, the popularity of enterprise asset management solutions is growing quickly, thereby fueling the expansion of the North American enterprise asset management market. The market revenue is predicted to increase from $1,150.0 million in 2017 to $2,125.9 million by 2023.
According to the forecast of P&S Intelligence, a market research company based in India, the market is predicted to progress at a CAGR of 10.9% between 2018 and 2023. Depending on component, the North American enterprise asset management market is classified into services, software, and hardware. Out of these, the software division recorded the highest growth in the market in the past years. This was because of the huge requirement for the effective management of various enterprise resources.
Therefore, it can be inferred that the popularity of enterprise asset management solutions would explode in North America in the forthcoming years, mainly because of the rising requirement for effective asset utilization and management among businesses operating in the region.