The South American enterprise asset management market is expected to reach $802.1 million by 2023, according to P&S Intelligence.
The growth will be owing to the increasing focus of enterprises on reducing operating cost of assets as well as rising need for safeguarding the supply chain availability and visibility of businesses.
Insights on Market Segments
On the basis of components, the South American enterprise asset management market has been categorized into software, services, and solutions, of which software generated the highest revenue of $263.5 million, in 2017. This is attributed to the increasing need for effective management of enterprise resources and their assets in South America. However, the solutions category is expected to record highest CAGR, during the forecast period, owing to the increasing demand for better return on investment (ROI) on assets, as solutions provide a proactive approach for asset management.
On the basis of industry, the South American enterprise asset management market has been categorized into government, oil and gas, healthcare, transportation and logistics, manufacturing, energy and utilities, and others, wherein ‘others’ include retail, and metal and mining. Of these, the energy and utilities category are projected to record highest growth, during the forecast period. This is attributed to the increasing government investments in power infrastructure in South America. The governments of Chile and Peru are increasing investments in renewable energy, which is assisting the market growth.
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Market is Expected to Witness the Fastest Growth in Chil
During the forecast period, the South America enterprise asset management market is expected to continue witnessing the fastest growth in Chile, owing to favorable government policies and investments in sustainable energy sources. The emergence of the internet of things (IoT) and the benefits associated with enterprise asset management solutions to improve ROI are resulting in the considerable growth of the market in Chile.
Chile has a market-oriented economy recognized by high level of foreign trade and a reputation for strong financial institutions that have made it the sturdiest self-governing economy in South America. These factors lead to a significant enterprise asset management market growth in Chile.
Enterprises in South America are striving towards utilizing the assets for a longer period of time in a more effective and efficient way, which is expected to increase the demand for enterprise asset management.Enterprise Asset Management in South America is a fairly emerging market, where companies like IBM Corporation, SAP SE, ABB Ltd., and Infor Inc. are major players. Companies in the enterprise asset management industry compete mostly on the basis of scalability, industry-specific customization, and after sales support.
Some of the key players operating in the South America enterprise asset management market are Schneider Electric SE, Oracle Corporation, IBM Corporation, SAP SE, ABB Ltd., Industrial and Financial Systems (IFS) AB, MRI Software LLC, CGI Group Inc., and Infor Inc.
