The global asset performance management market size is anticipated to reach USD 24,401.62 million, by 2025, and is projected to grow at a CAGR of 9.15% from 2019 to 2025, according to a new report by Million Insights. The growing demand for a dedicated system in maintaining assets of the company is projected to spur market growth. Asset management solutions offer optimized performance and reduce operational costs. Moreover, it helps in tracking the performance of heavy equipment, turbine engines and machinery in industrial operations.
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Market Synopsis of Asset Performance Management Market:
Asset management includes asset risk and strategy management, asset reliability management, and predictive asset management tools. Increasing usage of these solutions in manufacturing, energy and utilities, mining, and transportation sector is contributing to market growth. In 2018, the manufacturing segment dominated the market with the largest market share. The small and medium manufacturers across the world are opting for these solutions to manage their assets in the manufacturing unit.
Energy and utilities vertical held the highest market share in 2018. This growth is constituted by the increasing adoption of asset management tools in the energy sector to manage their assets. For example, Tata power uses the AVEVA group’s PRISM predictive asset analytics to manage the performance of its assets. This solution helps in enhancing the performance and increasing the reliability of its assets.
Companies are reluctant to tackle unplanned downtime from asset failure. Asset management tools helps in monitoring assets performance, and avoiding failure risks. The inability to maintain assets and ineffective maintenance can lead to a decline in the sales of the company. Cloud-based solutions helps in managing the efficiency of assets and maintenance costs. Furthermore, the development of Industrial IoT platforms especially in cloud-based applications is anticipated to be a key factor proliferating the demand for asset management solutions.
Key manufacturers in the asset performance management market include ARMS Reliability; Aspen Technology Inc.; ABB; Bentley Systems Incorporated; IBM Corporation and General Electric.
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Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Asset Performance Management: Market Variables, Trends & Scope
Chapter 4 Asset Performance Management: Product Estimates & Trend Analysis
Chapter 5 Asset Performance Management: Application Estimates & Trend Analysis
Chapter 6 Asset Performance Management: End-use Estimates & Trend Analysis
Chapter 7 Asset Performance Management: Industrial End-use Estimates & Trend Analysis
Chapter 8 Asset Performance Management: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Asset Performance Management: Manufacturers Company Profiles
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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.
These technological changes in the manufacturing sector are fueling the adoption and implementation of asset performance management solutions.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/8149Segmental AnalysisThe global APM market has been segmented on the basis of offering, deployment mode, vertical, and region.Based on the offering, the asset performance management market has been segmented into software type and services.
The predictive asset analytics tools enable industries to gain profits on critical assets using predictive maintenance (PdM) programs that support the early detection of equipment failures.The service segment has been segmented into professional and managed services.
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.
Asset Performance Management Market OverviewThe Global APM Market is expected to expand at 10.7% CAGR to reach a market value of 18,765.1 million in 2025.FREE Sample@ https://www.marketresearchfuture.com/sample_request/8149High demand for improving machine efficiency, productivity, and performance is a primary factor driving the growth of the market during the forecast period.
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.
APM can be used to optimize various processes, such as operations, maintenance, and quality management.
This approach helps improving key metrics such as uptime, mean time to repair (MTTR), asset longevity, cost, quality/yield, and safety.
Successful implementation of these metrics helps improve crucial key performance indicators (KPIs) such as margins, revenue, and customer satisfaction.Segmental AnalysisThe APM market segment has been categorized on the basis of offering, deployment mode, vertical, and region.Based on offering, the APM market has been segmented into software type (data management software, predictive asset analytics tools, enterprise asset management software, and pattern recognition software) and services (professional and managed)Based on deployment mode, the APM market comprises on-premise and cloud.By vertical — manufacturing, oil & gas, energy & utility, healthcare, IT & telecommunication, and others.Regional AnalysisAsia-Pacific is expected to register the highest CAGR during the forecast period.
