Global Asset Performance Management Market was valued US$ 3.10 Bn in 2019 and is expected to reach US$ 8.80 Bn by 2027, at a CAGR of 16.07 % during a forecast period.
Global Asset Performance Management Market
The report study has analyzed revenue impact of the COVID-19 pandemic on the sales revenue of the market leader, market followers and market disrupters in the report and same is reflected in our analysis.
Asset Performance Management (APM) portfolio enables companies to reduce unscheduled downtime, prevent equipment failures, reduce maintenance costs, increase asset utilization, extend equipment life and identifies underperforming assets. It involves information sharing and application integration among operations and maintenance to deliver a comprehensive view of production, asset performance, and product quality.It also helps to enhance integration between production management and asset management.
Global Asset Performance Management Market, Dynamics:
Industrial organizations are investing in an APM solution to reduce unplanned downtime, increase asset availability, minimize maintenance costs, and reduce risk of failure for critical assets. The change in market conditions and shifting technology landscapes are putting pressure on industrial businesses. The technology triggers like the Industrial Internet of Things, big data analytics, mobility and workforce collaboration are representing new opportunities for significant reliability, efficiency and safety improvements. In addition, an aging infrastructure and workforce is increasing the demand for asset renewal prioritization and knowledge capture. Many Asset-intensive organizations, particularly in the mining, power & Utilities, oil and gas, and chemical industries have turned to industrial internet of things and cognitive technologies to increase critical area of their business.
However, lack of awareness with respect to cyber security and selecting solutions that align with organizational business requirements are expected to limit the growth in the global asset performance management market.
Global Asset Performance Management Market, Segment Analysis:
The on-premises segment held the more than 50% of the total market share in 2019 and is expected to continue dominating the global asset performance management market during the forecast period. The demand for on-premises asset performance management systems are increasing because of different types of machines and equipment installed in asset-intensive industrial facilities that require customized asset performance management systems. However, the development of various secured protocols is assisting in annulling the security concerns related with cloud-based systems. The end-user industries like chemical and oil & gas, are adopting cloud-based asset performance management systems to expand their product portfolios. It also offers various additional benefits like easier upgrades, reduction in the required infrastructure resources, and affordable deployment costs.
The predictive asset management segment is expected to contribute XX% share in the global asset performance management market. The predictive asset management solutions contains various state-of-the-art computing tools and processes like risk-based inspection tools, neural networks, machine learning, safety integrity level analysis tools, statistical modeling tools, root cause failure analysis, and algorithms that are used to derive the helpful insights.
Global Asset Performance Management Market, Regional Analysis:
North America held the dominant position in 2019 and it is projected to continue its dominant position in the global asset performance management market. The dominant position in the market is attributed to the presence of the prominent key players like Aspen Technology, Inc., Bentley Systems, Incorporated, Detechtion Technologies, and IBM Corporation. The rapid adoption of advanced technologies is expected to boost growth of the asset performance management market in the region.
Global Asset Performance Management Market, Competitive Analysis:
Some of the prominent key players are expanding capabilities of asset performance management systems by integrating various complementary technologies like artificial intelligence (AI), machine learning, mobility, GIS, augmented reality (AR), and virtual reality (VR). The leading key players operating in the market are focusing on new product development, mergers and acquisitions, strategic partnerships, and business expansions to form robust footprint across the globe. For instance, in 2019, AVEVA announced its APM portfolio with the acquisition of the software assets of MaxGrip, a software company which works to optimize asset performance with reliability-centered maintenance (RCM) solutions
The objective of the report is to present a comprehensive analysis of the Global Asset Performance Management Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Asset Performance Management Market dynamics, structure by analyzing the market segments and projects the Global Asset Performance Management Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Asset Performance Management Market make the report investor’s guide.
Scope of the Global Asset Performance Management Market
Global Asset Performance Management Market, By Component
o Asset Strategy Management
o Asset Reliability Management
o Predictive Asset Management
o Professional Services
Implementation and Integration
Support and Maintenance
o Managed Services
Global Asset Performance Management Market, By Deployment Model
Global Asset Performance Management Market, By Organization Size
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
Global Asset Performance Management Market, By End User
• Energy and Utilities
• Oil and Gas
• Mining and Metals
• Healthcare and Life Sciences
• Chemical and Pharmaceuticals
• Government and Defense
• Information Technology (IT) and Telecom
• Food and Beverages
• Others (Real Estate, Transport and Logistics)
Global Asset Performance Management Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Asset Performance Management Market
• Ge Digital
• Bentley Systems
• Dnv Gl
• Nexus Global
• Operational Sustainability
• Rockwell Automation
• Arms Reliability
• Intelligent Process Solutions
• Uptake Technologies
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
Organization: Maximize Market Research Pvt.Ltd.Pune
Email: [email protected]
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