New York, US, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Market Analysis:
According to a comprehensive research report by Market Research Future (MRFR), Asset Performance Management Market Information by Offering, by Services, by Deployment Mode, by Vertical by Region - Forecast till 2027, market size can reach USD 18.765.1 million by 2025. It can exhibit 10.7% CAGR over the forecast period.
Market Scope:
The report on the global asset performance management market by Market Research Future (MRFR) outlines the scope for the forecast period (2020-2027) owing to digital transformation of processes. The effects of the COVID-19 pandemic on the market growth and revenue are explained in high detail.
Competitive Analysis:
- Operational Sustainability
- LLC, Detechtion Technologies
- Schneider Electric
- Bentley Systems
- Incorporated
- Aspen Technology
- Rockwell Automation
- SAP SE
- SAS Institute Inc
- AVEVA Group PLC
- IBM Corporation
- ARMS Reliability
- Siemens
- AP SE
- DNV GL
- IPS, Uptake Technologies Inc
- ABB
- GE Digital
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Market USP Exclusively Encompassed:
Market Drivers
Convergence of OT and IT to Drive Market Demand:
The convergence of operational technology and information technology for improving machine performance and productivity can drive the demand for APM. Emergence of industry 4.0 and shift towards industrial automation by various sectors can bode well for the market. The COVID-19 pandemic has acted as a catalyst for many industry players to digitize their assets and embrace remote monitoring. IoT solutions can monitor downtime, predict asset failure, present requirements, and time their maintenance annually.
Digital Twins Technology to Provide Opportunities:
Digital twins support virtualization of physical assets and based on OT streams. It can complement asset performance technology and simulate its behavior to prevent untimely failure of machines of equipment. Management of these assets to achieve excellence can be leveraged by key players of the market.
High Implementation Costs to Restrict Market Growth:
But high costs of implementation of the software can hamper market growth.
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Segmentation Analysis:
Services to Fetch Huge Revenues for Global APM Market:
By offering, the APM market has been segmented into software type and services. The software type segment has been further categorized into enterprise asset management software, pattern recognition software, data management software, and predictive asset analytics tools. Out of the software, the enterprise asset management software segment accounted for the largest market share in 2018 and is expected to register a CAGR of 8.5% during the forecast period. However, the predictive asset analytics tools segment is expected to register the highest CAGR. On the other hand, the services segment has been divided into managed services and professional services. The professional services segment is expected to register a CAGR of 11.2% during the forecast period. This is attributed to need for asset performance management to improve productivity and efficiency.
On-premise Deployment to Rule Market:
Based on deployment mode, the APM market has been segmented into cloud and on-premise. On-premise deployment accounted for a relatively larger market share of 63.3% in 2018 and expects to register a CAGR of 9.5% during the forecast period. This is credited to customized asset performance management systems and their preference in handling machines and equipment in factories. Whereas, the cloud-based mode is expected to register a remarkable CAGR during the forecast period. Rising popularity of cloud, subscription models of cloud, and benefits such as easy updates, low utilization of infrastructure resources, and economical prices can drive the segment growth.
Oil & Gas Vertical to Dominate Market Revenues:
Verticals of the APM market covers healthcare, IT & telecommunication, manufacturing, oil & gas, energy & utility, and others. The oil & gas segment accounted for the largest market share in 2018 and expects to register a CAGR of 11.2% during the forecast period. This is attributed to proactiveness of oil & gas companies to invest in predictive maintenance to lower operational costs. On the other hand, the energy & utility sector is projected to register the highest CAGR during the forecast period. This is attributed to investments of companies for managing the physical performance of assets.
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Regional Analysis:
North America to Lead Global Asset Performance Management Market:
North America is expected to lead the global market owing to integration of advanced technologies and breakthroughs in industrial technology. Presence of key players and investments in industrial internet of things (IIoT) can bode well for the asset performance management market.
COVID-19 Impact:
The COVID-19 outbreak has accelerated the need for risk-based maintenance by various industry verticals. Asset performance management is adopted to overlook and monitor various steps in the operation. Implementation of software and digital transformation of businesses can drive the market demand significantly.
Industry Update:
Hexagon AB has acquired Infor’s enterprise asset management division that includes asset performance solutions. This move can increase the solution strength of the company and enable clients to track and monitor assets remotely.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
