Enterprise asset management and field service management market expected to grow
The enterprise asset management (EAM) and field service management (FSM) market has achieved strong growth particularly in the area of field service despite the difficult economic environment. In 2011, the market size passed the previous 2008 peak just prior to the economic decline. Overall, the market is expected to grow from $2.2 billion in 2011 to $3 billion in 2015 for a compound annual growth rate (CAGR) of 6.7%.
Some regions will grow more quickly due to macro-economic trends.China, India, and Brazil, though having a smaller base, will grow rapidly.The Middle East and Russia, with high oil related revenues, have the fundamentals for robust growth.The Americas, with the largest regional market, will also show strength.With the acceptance of mobility, field service applications achieved double digit growth that is expected to continue.
“ARC’s 2012 user survey confirms that four factors — uptime, cost control, asset longevity, and safety — represent the key business reasons organizations acquire maintenance management systems,” according to Ralph Rio, Research Director, the principal author of ARC’s “Enterprise Asset Management and Field Service Management Worldwide Outlook”. Ralph continued, “The growing variety of technologies and the rising speed of business require a modern EAM/FSM system for asset management.”
As smartphones and other mobile devices for consumers become more pervasive, expectations and willingness to adopt mobile devices improve. The expanding capabilities of mobile devices drive new areas of business value – especially for EAM/FSM systems. The convergence of technologies includes GPS, GIS, Wi-Fi, RFID, voice-to-text data, text-to-voice, digital camera, and gauges with Bluetooth enable more powerful applications. Increased productivity can be realized with applications such as location identification to optimize the travel time of technicians to geographically dispersed assets. Mapping the location of people in real-time in the plant, mine, or field also improves safety (emergency management). The benefits of real-time location awareness are magnified when combined with the optimized planning, scheduling, and dispatch functions provided by an EAM and FSM applications. Mobile solutions drive EAM upgrades and wider user adoption.