Asset Performance Management Solutions Market: Introduction
According to a new market report pertaining to the global asset performance management solutions market published by Transparency Market Research the global asset performance management solutions market is anticipated to reach US$ 250 Bn by 2030. The asset performance management solutions market is projected to expand at a CAGR of ~14% from 2020 to 2030 in terms of revenue. According to the report, North America was a significant contributor to the asset performance management solutions market in terms of revenue in 2019. The prominent market share of the region is due to the high adoption of cloud technology, and technological advancements in the field of asset performance management solutions, especially in the U.S. and Canada. The asset performance management solutions market in Asia Pacific is expected to expand at a higher CAGR during the forecast period.
Increasing Awareness Related to Optimum Utilization of Assets and Cost Reduction Driving Asset Performance Management Solutions Market
The global asset performance management solutions market is currently driven by advancement in technologies such as Industrial IoT (IIoT), Artificial Intelligence, and Big Data and analytics. An asset performance management solution helps organizations to view real-time health of assets. Increasing unplanned downtime of assets especially in the oil & gas industry is a major reason for increasing demand for asset performance management solutions.
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Many industry and government regulations and standards are being designed to protect the operations of assets. Some of these regulations include ISO 55000, which is an international standard covering management of assets of any kind. ISO 55000, 55001, and 55002 are the three international standards of ISO. These standards represent a global consensus on asset management. Growing adoption of such regulations by several industries and government entities to safeguard assets are anticipated to boost the adoption of asset performance management solutions in the coming years.
Asset Performance Management Solutions Market: Segmentation
The global asset performance management solutions market has been segmented in terms of component, deployment, enterprise size, industry, and region. Based on component, the asset performance management solutions market has been classified into software/platform and services. Software segment dominated the global asset performance management solutions market in 2019 and is expected to maintain its dominance during the forecast period. The software segment has been sub-classified into condition monitoring, predictive maintenance, asset integrity and reliability management, asset health management, and others (asset optimization and supervision etc.). Services has been sub-classified into professional and managed. Professional services are further sub-classified into integration & consulting, and support & maintenance. Based on deployment, the asset performance management solutions market has been classified into on-premise and cloud.
Performance Asset Management MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Performance Asset Management Market.
The growth sectors of the Performance Asset Management Market are identified with precision for a better growth perspective.The global asset performance management market is awaited to reach the approximate valuation of 18,765.1 million in 2025, claims Market Research Future (MRFR), by attaining a CAGR of 10.7% during the forecast period (2017-2023).Top Drivers and Key BarriersThe rising applications in IT (Information Technology) and OT (Operational Technology) in the manufacturing sector, as well as high demand for improving machine efficiency, are taking the market towards growth.
Mounting need for productively and enhanced performance has also led to the development of asset performance management in the past couple of years.The beneficiaries offered by the asset performance management, such as reliability and availability with happens with the help of asset performance management software has also contributed largely to the global market growth of asset performance management.
At the same time, as per the study, the asset performance management will also witness considerable growth during the forecast period is the surging number of large-sized facilities and necessities.
These are counted among the essential factor in the market growth in almost every region of the world.On the flip side, the factor of the high cost of implementing such solutions is resulting in limited deployment among SMEs, which could hinder the growth of global market for asset performance management in the future.Market SegmentationThe worldwide asset performance management market, as per the study, has been segmented by the elements of offering, deployment mode, and vertical.With respect to offering: Software types and services are the segments.
Wherein, the software type segment has been categorized among data management software, predictive asset analytics tools, enterprise asset management software, and pattern recognition software.
A 10.7 % CAGR is estimated to guide the market worth to USD 18,765.1 million by 2025.The energy & utility segment requires constant monitoring, and this is projected to guide the asset performance management market size around the world.
The aspects of lowering functioning costs and diminishing risk factors in the business are estimated to bolster the asset performance management market.COVID-19 Analysis:The business impact of SARS-CoV-2 has been felt across diverse sections of the information technology industry, albeit at different levels.
Novel coronavirus has Performance Asset Management Market to open new avenues for those firms that are on the lookout for solutions that are reliable, efficiently managed, scalable, and are subscription-based, to remain more focused on the core business.
The Performance Asset Management Market Market is bearing lesser impact of the COVID-19 outbreak compared to most other segments of the tech world.In a nutshell, COVID-19 impact on managed services has been fruitful, with the market growth enhanced than before.
Given the prevalent lockdown situation, managed services vendors are now investing heavily in remote-centric worker solutions, which can make the market highly resilient in the coming years, even as the world is currently rushing to achieve a COVID-19 breakthrough.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/8149Competitive Outlook: The prominent contenders operating in the asset performance management market are AVEVA Group PLC (UK), Bentley Systems, Incorporated (US), Detechtion Technologies (Canada), IBM Corporation (US), Operational Sustainability, LLC (US), Aspen Technology (US), SAP SE (Germany), ARMS Reliability (Australia), Siemens (Germany) Rockwell Automation (US), SAP SE (Germany), SAS Institute Inc. (US), and Schneider Electric (France), ABB (Switzerland), DNV GL (Norway), GE Digital (US), IPS (Germany), and Uptake Technologies Inc. (US) to name a few.
Based on the regions, the asset performance management market has been segmented into Europe, the Middle East, Asia Pacific, Africa, North America, and South America.Regional Analysis:The regional study of the asset performance management market includes regions such as Europe, the Middle East, Asia Pacific, Africa, North America, and South America.
Global Asset Performance Management Market Research Report — by Offering {Software Type(Data Management Software, Predictive Asset Analytics Tools, Enterprise Asset Management Software, and Pattern Recognition Software) Services(Managed Services And Professional Services)}, Deployment Mode (Cloud, On-Premise), Vertical (Manufacturing, Oil & Gas, Energy & Utility, Healthcare, IT & Telecommunication), and by Region {North America (US, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, Rest of Asia Pacific, and India), the Middle East & Africa, and South America} — Forecast till 2025Asset Performance Management Market OverviewThe global asset performance management (APM) market is expected to reach 18,765.1 million by 2025, growing at a CAGR of 10.7% during the forecast period (2018–2025).
In this report, Market Research Future (MRFR) includes market segmentation and market dynamics to offer a better glimpse of the market in the coming years.Applications of IT(Information Technology) and OT(Operational Technology) in the manufacturing sector is expected to drive the growth of asset performance management during the forecast period.
The convergence of IT and OT is used to monitor events, processes, and devices and adjust enterprise and industrial operations.
IoT solutions customized for asset performance management allow manufacturing firms to plan and optimize present asset requirements, predict asset failure for zero downtime through repairs and replacement of stressed assets, and ensure seamless operations.
As such, asset performance management systems help improve the efficiency, productivity, and performance of assets.
APM solutions automate tasks, such as maintenance planning, thereby reducing unplanned downtime and increasing asset availability.
