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.
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.
Assets maintenance, repair, and operations (MRO) is predicted to demonstrate the highest growth in the future. When industry is taken into consideration, the North American enterprise asset management market is categorized into oil and gas, government, healthcare, manufacturing, transportation and logistics, and energy and utilities. Amongst these, the healthcare category is predicted to exhibit the fastest growth in the market in the upcoming years, on account of the rising requirement for asset tracking and medical equipment management in healthcare facilities.
The North American enterprise asset management market is predicted to register the highest CAGR in Mexico in the forthcoming years. This would be because of the rapid expansion of various asset-intensive industries such as manufacturing, oil and gas, and transportation and logistics in the country. In 2017, the oil industry in Mexico accounted for over 30% of the total government revenues. EAM solutions allow the efficient management and planning during production and drilling.
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.
With the traditional Machine-to-Machine (M2M) technology many advantages like incremental Network traffic, system integration for IT and asset efficiency played major role in the success of the technology.
M2M is the foundation of IoT but at the same side M2M and IoT are not same.
M2M is independent of IoT but IoT depends on M2M.
IoT took M2M to a different and an advanced level such that it brought together the distributed system at one large connected system.
As the technology touched every life, there came IoT where huge no.
of devices were there but “connected to internet.” From the recent research it has been known that there will be 30 billion devices by 2020 connected to each other with the help of internet.
As technological developments are boosting up the businesses to scale up their IoT Development solutions.
Today as IoT based developments are surging the demands for not just the IT based developments but to provide the boost to various businesses across domains by allowing them to work on the latest technological advancements.
The Internet of things is empowering businesses to scale up with solutions that boost the developments which integrate well with the Internet based services.
Today as mobile technology is advancing its reach along with blockchain development, Artificial intelligence development it all accounts for the integrated development under IoT.
Home Devices, Smart Gadgets are also a part of the surging IoT development.
Many companies are looking to develop customised solutions for their services as well as some look to upgrade their already existing solutions.
Industrial IoT solution providers are the smart approach for any enterprises to take their business digitally.
Here is some useful step by step guide on choosing the right industrial IoT solution providers.Below are the detailed factors about the guidance.Proactive ApproachThe first step is to determine what you would like to achieve out of the IoT mobile application.
Need to be clear about the goal of the IoT app.Proactive ResearchThere are many IoT software and app development companies are available that are known for their reputed services.
However, you need to do some research they are suitable for your requirements or not.Experience and ExpertiseWhen choosing the right IoT app development services for your company, consider their experience and expertise.
Check the developers have experience in the latest technology and worked similarly to your requirements, etc.Client’s Feedback and ReviewWhile choosing an IoT service company, you can have a look at the testimonials given by the clients and also ask for a list of the applications developed by the IoT development company.Check out the detailed information about trusted industrial IoT service providers
