Pune, India, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The advent and widespread adoption of Internet of Things are expected to boost the global asset performance management market in the coming years. Prominent companies operating in power and utilities, oil, mining, and other industries are investing significantly in digitization. This is anticipated to propel the global asset performance management market growth during the forecast period.
Key Industry Developments
February 2017: Ras Gas Company Limited and e-Digital collaborated to deploy GE’s Predix Platform and Predix APM in their business oil and gas segment. This collaboration would provide a holistic understanding of assets, helps to analyse data, share it across systems, and identify segments for development.
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The report classifies the global asset performance management market on the bases of three segments, namely, by industry vertical, by product category, and by geography. By industry vertical, the market is further divided into pharmaceutical, oil and gas, chemical, energy and power, pulp and paper, manufacturing, food and beverages, and others. In terms of product category, the market is grouped into enterprise asset management, plant asset management, asset integrity management, field service management, and asset reliability.
Growing Use of Virtual Technologies to Propel Market Growth
The emergence of the COVID-19 pandemic has had a significant impact on the Asset Performance Management Market growth. Most companies supported remote work, thereby boosting the requirement for virtual training, meetings, and conferences. In addition, the flexibility offered by the extended reality platforms in the field of education during outbreaks gives students a chance to grasp visuals and absorb lessons more practically at a lower cost.
| Segmentation | By Product Category
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By Industry Vertical
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By Geography
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Regional Insights
Persistently Rising Adoption of Asset Performance Management Systems to Favor Growth in Latin America
Geographically, the global asset performance management market is divided into Latin America, North America, Europe, the Middle East and Africa, and Asia Pacific. Amongst these, North America is anticipated to hold the largest share of the global asset performance management market in terms of revenue during the forecast period. This will occur because there is a presence of numerous key market players such as, Schneider Electric Software, General Electrics, and others in the region. Fortune Business Insights predicts that the asset performance management market in Latin America is likely to develop and exhibit a noteworthy CAGR in the coming years. A rise in the adoption of asset performance management systems and solutions by various industries is projected to favor growth in this region. The adoptions are resulting in saving millions of dollars. Vale Fertilizantes, a fertilizer company based in Brazil, for instance, saved $1.4 million in 2018 in production losses. This occurred due to the usage of General Electrics’ Predix asset performance management system.
Competitive Landscape
RasGas Company Limited, AVEVA Group plc., and Other Key Players Prioritize Strategic Collaborations to Propel Growth
RasGas Company Limited, a liquefied gas producing company based in Qatar, collaborated with e-Digital, a patent monetization company headquartered in California, in February 2017. The collaboration took place to deploy two software platforms in their gas and oil segment, namely, General Electric’s Predix, a data collection software platform and Predix asset performance management, a suite of software tools that are used to optimize the performance of a company’s assets. The collaboration would aid in providing an overall understanding of assets, identifying segments for development, and it would also help in analyzing data and then sharing it across all the system. Recently, in March 2018, AVEVA Group plc, a multinational information technology company, based in the U.K, teamed up with Schneider Electric SE, a French multinational corporation. It was conducted to drive the digital transformation of asset and operational life cycle for industries to increase returns on capitals.
List of Key Players Mentioned in the Report:
- General Electric Co.
- Schneider Electric Software
- Bentley Systems, Inc. LLC
- Prevas AB
- IBM Corporation
- ARC Advisory Group
- Nexus Global Business Solutions Inc.
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