Global Asset Performance Management Industry to 2026
Dublin, Oct. 25, 2021 (GLOBE NEWSWIRE) — The “Global Asset Performance Management Market (2021-2026) by Component, Organization Size, Deployment, Industry, Geography, Competitive Analysis and COVID Impact -19 with Ansoff analysis” report has been added to from ResearchAndMarkets.com offer.
The global Asset Performance Management Market is estimated to be worth USD 3.8 Billion in 2021 and is projected to reach USD 6.6 Billion by 2026, growing at a CAGR of 11.5%.
The major factors contributing to the growth of the asset performance market are the growing need for risk-based maintenance devices in asset-intensive industries. Such solutions can be useful in providing essential information about the productivity of the organization’s assets. Additionally, investments in cloud-based applications such as augmented reality applications have increased, which may be a growth driver for the Asset Performance Management (AFM) market. The application of IT and OT (Operational Technology) in manufacturing industries and the growing demand for improved efficiency, productivity, and machine performance are factors driving the growth of the market.
The cost of implementing these solutions is relatively high. Thus, this resulted in less deployment in SMEs. Additionally, a lack of cybersecurity awareness is likely to hamper the growth of the market.
Growing need for risk-based maintenance
Need to maximize the economic return on assets
Growing investments in cloud-based applications
Implications of Industry 4.0 and Iiot in asset-intensive industries
Growing use of analytics among asset performance management solutions
Government regulations for manufacturing plants amid environmental concerns
By component, the market is categorized into solutions and services. Among the two, the Solutions segment holds the highest market share as most organizations have adopted Asset Performance Management (APM) software to manage their asset maintenance and management related needs. Moreover, among the solutions, predictive asset management solutions have various tools and processes such as risk-based inspection tools and other advanced algorithms that are helpful in gaining insights.
By organization size, large enterprises hold the highest market share. Large enterprises are likely to adopt asset performance management solutions for proactive maintenance of their assets. These solutions help organizations reduce costs, reduce unplanned downtime, and ensure better productivity for an organization by focusing on critical business assets.
By deployment, the market is categorized as on-premises and cloud-based. The on-premises market segment holds the highest market share during the forecast period. This is primarily attributed to the high adoption of on-premises asset performance management software in the power supplies and aerospace industry. There are different equipments and machines installed in asset-intensive industrial facilities. This requires custom APM solutions. Additionally, the increased adoption of on-premises solutions is also driven by concerns related to the safety and security of cloud-based systems. These solutions also allow organizations to better control security, thereby improving the speed and reliability of an organization. However, cloud-based deployment reduces capital costs and therefore can be cost-effective for SMBs when deploying APM software.
By vertical, energy and utilities hold the highest market share as they bring scalability and cost performance in wind and solar power generation projects. These solutions aim to reduce environmental risks. Additionally, adopting APM solutions helps improve plant performance, reduce operational failures, and get the most out of assets to serve customers.
By geography, North America is expected to dominate the market over the forecast period. Factors attributed to technological advancements with high adoption of industrial IoT, increasing use of artificial intelligence (AI) in manufacturing. This has increased the demand for data centers with the growing popularity of the technology. Furthermore, the region witnesses the presence of established players in the market such as GE Digital, IBM, and Oracle, offering APM solutions, further benefiting the growth of the market.
Some of the companies covered in this report are ABB, Aspen Technology Inc., Bentley Systems Incorporated, General Electric, Osisoft, Prevas AB, Infor Inc, Siemens AG, SAP SE, GE Digital, and IBM Corporation, etc.
The report includes a Competitive Quadrant, a proprietary tool to analyze and assess the position of companies based on their industry position score and market performance score. The tool uses various factors to classify players into four categories. Some of these factors considered for analysis are financial performance over the past 3 years, growth strategies, innovation score, new product launches, investments, market share growth, etc
Why buy this report?
The report offers a comprehensive assessment of the global Asset Performance Management market.
The report includes in-depth qualitative analysis, verifiable data from authentic sources, and market size projections. Projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The main research is done through interviews, surveys and observations of renowned personnel in the industry.
The report includes an in-depth analysis of the market using Porter’s 5 forces model and Ansoff’s matrix. The impact of Covid-19 on the market is also presented in the report.
The report also contains competitive analysis using the Competitive Quadrant, the analyst’s proprietary competitive positioning tool.
A comprehensive analysis of the market, including the parent industry
Important market dynamics and trends
Historical, current and projected market size based on value and volume
Market shares and strategies of the main players
Recommendations for companies to strengthen their presence in the market
Main topics covered:
1 Description of the report
2 Research methodology
3 Executive Summary
4 Market Overview
4.2 Market Dynamics
5 Market Analysis
5.1 Porter’s Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff matrix analysis
6 Global Asset Performance Management Market, By Component
6.2.1 Asset Strategy Management
6.2.2 Asset Reliability Management
6.2.3 Predictive asset management
6.3.1 Professional services
18.104.22.168 Implementation and integration
22.214.171.124 Support and maintenance
6.3.2 Managed Services
7 Global Asset Performance Management Market, By Organization Size
7.2 Large companies
7.3 Small and medium enterprises
8 Global Asset Performance Management Market, By Deployment
9 Global Asset Performance Management Market, By Vertical
9.2 Energy and utilities
9.3 Oil and gas
9.5 Mining and metals
9.6 Health and Life Sciences
9.7 Chemicals and pharmaceuticals
9.8 Government and Defense
9.9 Information technology (IT) and telecommunications
9.10 Food and drink
9.11 Other (Real Estate, Transport and Logistics)
10 Global Asset Performance Management Market, By Geography
11 Competitive landscape
11.1 Competitive Quadrants
11.2 Market Share Analysis
11.3 Competitive Scenario
11.3.1 Mergers and Acquisitions
11.3.2 Agreements, collaborations and partnerships
11.3.3 New Product Launches and Improvements
11.3.4 Investments & Financing
12 company profiles
12.2 Aspen Technology, Inc.
12.3 AVEVA SA Group
12.4 BENTLEY Systems, Incorporated
12.5 DNV GL AS
12.6 digital GE
12.7 IBM Corporation
12.8 SAP OS
12.9 SAS Institute Inc.
12.10 Siemens AG
12.11 Oracle Corporation
12.12 Infor Inc.
12.13 Schneider Electric
12.14 Prevas Ab
12.15 Bow Advisory Group
12.16 Nexus Global Business Solutions
12.21 Rockwell Automation
12.22 Weapon Reliability
12.23 Smart Process Solutions
12.24 Adoption Technologies
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