According to a research report "Asset Performance Management Market with COVID-19 Impact, by Component (Solutions (Asset Strategy, Asset Reliability, and Predictive Asset Management) and Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets, size is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period, to reach USD 4.0 billion by 2026 from USD 2.5 billion in 2021. Key factors that are expected to drive the growth of the market are the rising demand to meet regulatory compliance and reporting standards across asset-centric organizations, growing need to manage assets efficiency, manage assets sustainability, and optimize total cost of ownership (TCO). These factors are driving the demand for asset performance management.
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Services segment to hold a larger market size
during the forecast period
Based on services, the
asset performance management market is segmented into two categories: professional
and managed services. These services assist in building, assessing, and
leveraging asset performance management environments to avoid time wastage and
effort on a failed implementation. Enterprises need active support from skilled
professionals to minimize their downtime during the pre-and post-installation
of asset performance management solutions. These services provide the necessary
support to uphold the efficiency of business processes, increase enterprise
growth, and reduce unwanted operational expenses.
SMEs segment to grow at the highest CAGR
during the forecast period
SMEs are defined as organizations with
an employee strength ranging from 1 to 1,000. SMEs have a low marketing budget
and often lack the resources and capabilities for effective marketing
orchestration. These enterprises face greater challenges of limited budget as
compared to large enterprises and require better methods to resolve
complexities for improving the cost optimization of their business processes.
However, the SMEs segment is expected to grow at a higher CAGR during the
forecast period. Asset Performance Management solutions monitor every asset and
generates data. The generated data can allow technicians to perform more
accurate root cause analysis. In this way, teams throughout the organization
can understand the process parameters that can lead to failures or reduced
asset performance, enabling them to align more effectively across the supply
network; improving planning; and reducing inventory, loss-of-market, and
logistics costs. These factors are also expected to encourage SMEs to adopt
asset performance management solutions and services at a rapid pace.
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North
America to account for the highest market share during the forecast period
The asset performance management market is segmented into
five regions: North America, Europe, APAC, MEA, and Latin America. The asset
performance management report provides insights into these regional markets in
terms of market size, growth rates, future trends, market drivers, and COVID-19
impact. North America is expected to hold the highest market share in the
overall asset performance management market during the forecast period.
Following North America, Europe is expected to hold the second-highest market
share during the forecast period. High need to streamline operational processes
and adoption of predictive analytics for monitoring equipment health and
receive early warnings is expected to drive the North American and Europe
markets. APAC and MEA are also expected to witness high growth rates during the
forecast period.
The asset performance management market comprises major
providers, such as AVEVA (UK), AspenTech (US), Bentley Systems (US), GE Digital
(US), SAP (Germany), IBM (US), Detechtion Technologies (US), ARMS Reliability
(US), ABB (Switzerland), Uptake (US), DNV (Norway), SAS (US), Siemens Energy
(Germany), Oracle (US), Infor (US), Nexus Global (US), BISTel (South Korea),
Operational Sustainability (US), Rockwell Automation (US), IPS Intelligent
Process Solutions (Germany), Yokogawa (Japan), Honeywell (US), Emerson (US),
GrayMatter (US), and Plasma (US). The study includes an in-depth competitive
analysis of key players in the asset performance management market with their
company profiles, recent developments, COVID-19 developments, and key market
strategies.
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