The global Asset Performance Management Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
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, according to a new report by Million Insights. 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.
Key Players:
- ABB
- Aspen Technology, Inc.
- AVEVA Group plc
- Bentley Systems, Incorporated
- DNV GL AS
- General Electric
- IBM Corporation
- SAP
- SAS Institute Inc.
- Siemens
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Growth Drivers:
An asset management system helps manufacturers to address the problems such as environmental risks, rising operational costs, labor risks, and decision making. Moreover, the growing trend of digital performance management systems with the integration of the Industrial Internet of Things (IIoT) is gaining popularity. The IIoT solutions help to increase the reliability of the equipment. Furthermore, integrations of these systems with geographical information systems (GIS) and mobile solutions increase the efficiency of operational assets, which are projected to surge the market growth.
The growing adoption of digital twin technologies is also expected to increase the demand for asset management solutions. Digital twin provides digital analysis of systems and machinery. This technology analyzes the harmful and critical operating conditions through simulation, which helps to avoid damages to equipment or assets.
Vertical Outlook:
- Energy & Utilities
- Oil & Gas
- Manufacturing
- Mining & Metal
- Government & Public Sector
- Transportation
- Chemicals & Pharmaceutical
Regional Outlook:
In 2018, North America held the major share of over 30.0% in the overall market. The increasing number of R&D activities in IIoT technology is mainly attributed to the rising demand for asset management solutions.
Europe is projected to grow at a significant CAGR, during the forecasted period. Growing demand for the asset tracking solution and growing focus on digital transformation across countries such as Germany and the U.K. are driving regional growth. Asia Pacific is projected to expand at the CAGR of 10.11% over the forecasted period. This growth is constituted by high demand from the growing industrial sector especially in countries like India, South Korea, and China.
Impact of COVID-19
COVID-19 has opened multifaceted challenges to asset performance management across various industries such as infrastructure, real estate, manufacturing, and other sectors. The transportation sector is facing a huge impact due to the loss of revenues. Thus, asset management is now becoming critical during pandemic situations, as carrying out capital maintenance, repair when the asset's utility is low.
Various factors such as reduced productivity, and supply chain disruption are affecting the growth of the industry. However, rising cyber security concerns and the growing need for risk mitigation are projected to positively impact market growth.
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