According
to a research report "Asset
Performance Management Market 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.
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.
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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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