Canada EAM market is estimated to grow significantly at a CAGR of around 7.8% during the forecast period. The market in Canada is primarily driven by the increasing number of enterprises coupled with increased penetration of cloud-based services in the country. EAM solutions are implemented by an organization to handle critical asset information as well as to manage assets. By doing this, an organization aims to improve its efficiency and operational capability. A significant demand for EAM solutions by various industry verticals can be observed in the country. Major verticals that influences the market growth within the country include energy & utility, BFSI, retail, healthcare, IT & telecom, and manufacturing among others. These industry verticals are comprised of several companies that hold assets valuing million dollars, hence creating opportunities for the adoption of EAM solutions.
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The companies which are contributing to the growth of the Canada EAM market include IBM Corp., Oracle Corp., Microsoft Corp., Infor, Nuvolo, AssetWorks, LLC and others.
The Canada EAM market is segmented on the basis of deployment and vertical. Based on deployment, the market is bifurcated into on-premise and cloud-based EAM solutions. Among these, on-premise EAM solutions held the highest market share in 2019. Energy and utilities, government and defense, manufacturing, transportation, and logistics industry mostly prefer on-premise EAM solutions as this solution is more customizable as compared to cloud-based EAM, thus, it fulfills the requirements of all end-users. Further, on-premise EAM solutions may also be less vulnerable to global cyber threats as on-premise EAM set-up is support by experienced IT professionals, hence, the data security can be handled internally.
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Based on vertical, the market is segmented into BFSI, retail, energy and utility, healthcare, government, IT & telecom, and others (manufacturing, transportation, metal and mining, machinery, and construction). The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.
Canada EAM Market by Deployment
Canada EAM Market by Verticals
• Banking, Financial Services and Insurance (BFSI)
• Energy & Power
• Government & Utilities
• IT & Telecom
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