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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=72801714
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.
Chemicals industry vertical to grow at the
highest CAGR during the forecast period
Chemicals is one of the
fastest-growing verticals with respect to the adoption of advanced technologies
and services due to high maintenance and repair costs charged because of
caustic substances and safety issues around hazardous chemical inventory. The
continual expense of maintenance and the rising costs of materials have pushed
various chemicals manufacturers into the process of finding bleeding-edge
technology to control, maintain, and improve production. Asset performance
management solutions prioritize works orders, automate inventory control,
improve safety and compliance throughout the production plant, and build
cost-saving preventive maintenance. In terms of a chemical plant, engineers
will know when a component inside a reactor is wearing down before it fails.
Request a Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=72801714
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.
Related
Reports:
Lease
Management Market Growth Insight, Share, Trends,
Industry Key Players, Regional Forecast to 2025
Network
Automation Market
Size, Price, Future Analysis, Regional Outlook to 2025
About
MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth
niche opportunities/threats which will impact 70% to 80% of worldwide
companies’ revenues. Currently servicing 7500 customers worldwide including 80%
of global Fortune 1000 companies as clients. Almost 75,000 top officers across
eight industries worldwide approach MarketsandMarkets™ for their painpoints
around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking
global high growth markets following the "Growth Engagement Model –
GEM". The GEM aims at proactive collaboration with the clients to identify
new opportunities, identify most important customers, write "Attack, avoid
and defend" strategies, identify sources of incremental revenues for both
the company and its competitors. MarketsandMarkets™ now coming up with 1,500
MicroQuadrants (Positioning top players across leaders, emerging companies,
innovators, strategic players) annually in high growth emerging segments.
MarketsandMarkets™ is determined to benefit more than 10,000 companies this
year for their revenue planning and help them take their
innovations/disruptions early to the market by providing them research ahead of
the curve.
MarketsandMarkets’s flagship competitive intelligence and market research
platform, "Knowledge Store" connects over 200,000 markets and entire
value chains for deeper understanding of the unmet insights along with market
sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
No comments:
Post a Comment