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. 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.
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.
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Impact of COVID-19
COVID-19 has opened multifaceted challenges to asset performance management across the various industries such as infrastructure, real estate, manufacturing, and other sectors. Transportation sector is facing huge impact due to loss of revenues. Thus, asset management is now becoming critical during pandemic situation, as the carrying out capital maintenance, repair when the assets utility is low.
Various factors such as reduced productivity, and supply chain disruption is affecting the growth of the industry. However, rising cyber security concerns and growing need for risk mitigation are projected to positively impact on market growth.
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.
Further key findings from the report suggest:
• Growing trend of digitalization in industrial operations for maintenance and asset tracking is influencing companies to look after asset management solutions.
• Predictive asset management solutions are growing in popularity due to the usage of advanced tools, neural analysis, and simulation techniques.
• Depending on the deployment mode, on-premise systems held the largest market share in the overall market.
• Hosted type deployment is anticipated to grow at a CAGR of over 11.0%over the forecasted period.
• Public cloud type dominated the market with share of over 60.0% in 2018.
Global Asset Performance Management Market: Key Players
ARMS Reliability; Aspen Technology Inc.; ABB; Bentley Systems Incorporated; IBM Corporation and General Electric.
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