Global Asset Performance Management Market (2021-2027) by Component, Organization Size, Deployment, Industry, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis
The Global Asset Performance Management Market is estimated to be USD 3.8 Bn in 2021 and is expected to reach USD 7.3 Bn by 2027, growing at a CAGR of 11.5%.
Key factors contributing to the growth of the asset performance market are the rising need for risk-based maintenance devices in asset-intensive industries. Such solutions can be helpful in delivering critical insights into the productivity of the assets in the organization. Also, there have been rising investments in cloud-based applications such as augmented reality applications, which can be a growth driver to the Asset Performance Management (AFM) market. Application of IT and OT (Operational Technology) in the manufacturing industries and rising demand for improving machine efficiency, productivity, and performance are factors driving the growth of the market.
The cost of implementing these solutions is comparatively high. Thus, it has resulted in less deployment among SMEs. Also, a lack of awareness about cybersecurity is likely to hamper the growth of the market.
- Rising Need for Risk-Based Maintenance
- Need to Maximize Economic Return on Assets
- Rising Investments in Cloud-Based Applications
- High Cost of Implementation
- Lack of Awareness about the Cybersecurity Issues
- 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 Amidst Environmental Concerns
- Lack of Industry Expertise
By Component, the market is classified as solutions and services. Amongst the two, the Solutions segment holds the highest market share as most of the organizations have been adopting Asset Performance Management (APM) software for managing their needs relating to asset maintenance and management. Also, amongst the solutions, the predictive asset management solutions have various tools and processes like risk-based inspection tools and other advanced algorithms that are helpful in deriving insight.
By Organization Size, the 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 focussing on business-critical assets.
By Deployment, the market is classified as on-premises and cloud-based. The On-Premise market segment holds the highest market share in the forecast period. It is mainly attributed to the high adoption of on-premise asset performance management software in PSUs and the aerospace industry. There are different equipment and machines installed in asset-intensive industrial facilities. This calls for customized APM solutions. Moreover, the increased adoption of on-premise solutions is also due to the concerns related to the safety and security of cloud-based systems. These solutions also allow the organizations for higher control over security, thus improving speed and reliability for an organization. However, cloud-based deployment holds lows capital costs and thus can be cost-effective for SMEs in deploying the APM software.
By Vertical, the Energy And Utilities hold the highest market share as they bring about scalability and cost performance in wind and solar power generation projects. These solutions are targeted at reducing environmental risks. Besides, the adoption of APM solutions helps improve the facilities' performance, reduce the operational failures, and derive more out of the assets to serve the customers.
By Geography, North America is anticipated to lead the market during the forecast period. The factors attributed to the technological advancements with the high adoption of Industrial IoT, growing use of Artificial Intelligence (AI) in the manufacturing sector. This has increased the demand for data centers with the growing popularity of technology. Besides, the region witnesses the presence of established market players like GE Digital, IBM, and Oracle, offering APM solutions, further benefiting the growth of the market.
The Global Asset Performance Management Market is segmented further based on Component, Organization Size, Deployment, Industry, and GeographyGlobal Asset Performance Management Market, By Component
Global Asset Performance Management Market, By Organization Size
- Asset Strategy Management
- Asset Reliability Management
- Predictive Asset Management
- Professional Services
- Implementation and Integration
- Support and Maintenance
- Managed Services
Global Asset Performance Management Market, By Deployment
- Large Enterprises
- Small and Medium-Sized Enterprises
Global Asset Performance Management Market, By Vertical
Global Asset Performance Management Market, By Geography
- Energy and Utilities
- Oil and Gas
- Mining and Metals
- Healthcare and Life Sciences
- Chemical and Pharmaceuticals
- Government and Defense
- Information Technology (IT) and Telecom
- Food and Beverages
- Others (Real Estate, Transport and Logistics)
- North America
- South America
- Asia Pacific
- Rest of the World
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.IGR Competitive Quadrant
The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.Why buy this report?
The report offers a comprehensive evaluation of the Global Asset Performance Management Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
The report also contains the competitive analysis using IGR Positioning Quadrants, Infogence’s Proprietary competitive positioning tool.Report Highlights:
- A complete analysis of the market including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market