April 23, 2020
According to the research report titled ‘Global Asset performance management Market Size study, by Deployment Mode: ( On-Premises, Hosted), Vertical ( Energy & Utilities, Oil & Gas, Manufacturing, Mining & Metal Government & Public Sector, Transportation, Chemicals & Pharmaceutical, Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global asset performance management market was worth USD 13.2 billion in 2018 and is presumed to expand with a CAGR of 9% during 2019-2026.
Notably, APM (asset performance management) systems are used to improve the accessibility and consistency of physical assets, which further helps in reducing operating costs and eliminating potential risks. The bundle of solutions included in APM are analytics, asset health data collection, visualization, reliability-centered maintenance, predictive maintenance, asset integrity and condition monitoring. Moreover, the technology reduces EH&S risks, maintenance costs and lowers unplanned downtime.
Digitalization across various industries such as aviation, manufacturing, oil & gas and chemical in order to maintain the performance of their respective assets is a major factor driving the growth of worldwide asset performance management market. In July 2018 for instance, COLAF (Colombia Air Force) collaborated with GE aviation to offer digital asset performance management systems for their armada of military aircrafts.
Growing inclination towards cloud-based asset performance management solutions and rising concerns regarding data security are also stimulating the industry outlook. Incorporation of Industry 4.0 and IIoT (Industrial IoT) in order to enhance business performance is creating lucrative growth avenues for the overall market. However, high costs associated with asset performance management deployment may act as a hindering factor to market size.
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Considering the geographical landscape, North America holds significant position in global asset performance management industry, primarily due to technological advancements in industrial processes and high adoption rates of APM across various industry verticals.
Meanwhile, Asia-Pacific market is projected to showcase a momentous growth through 2026. Factors such as growing demand for efficient solutions for managing industrial plants and robust developments in digital technology are positively swaying the business dynamics in Asia-Pacific.
The prominent companies operating in asset performance management market are Siemens AG, SAP ERP SAS Institute, IBM Corp., General Electric, DNV