The global asset performance management market 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.
The COVID-19 Impact on the global asset performance management tools market The pandemic has had a positive impact on the asset performance management market.The COVID-19 pandemic and the proliferation of remote work environments have created new complex barriers for businesses to overcome.
The COVID-19 pandemic has reinforced the need for companies in the industrial sector to implement digital technologies and harness the power of data to ensure they remain operational. Asset performance management solutions integrate data about online and offline equipment to help organizations visualize plant performance, enhance workforce efficiency, and apply AI for predictive maintenance and resolution.
The services segment is expected to grow at a higher CAGR 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.
Chemicals industry vertical to hold the highest market share in 2021 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.
APAC to grow at the highest CAGR during the forecast period Asia Pacific has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period.In addition, the IT spending across organizations in the region is gradually increasing, which is projected to lead to a surge in the adoption of asset performance management software solutions.
China, Japan, and India are the leading countries in terms of the adoption of asset performance management software solutions and services in the region.While the expenditure on technology solutions in APAC has increased, a setback is witnessed due to the recent COVID-19 pandemic.
The COVID-19 pandemic makes it more urgent for business leaders across APAC to increase their rate of cloud adoption and digital transformation. Also, the current pandemic has forced the government and public sector across APAC to shift toward digital innovation and meet regulatory compliance standards, which is driving huge market opportunities for asset performance management vendors. • By Company: Tier 1–34%, Tier 2–43%, and Tier 3–23% • By Designation: C-Level Executives–50%, Director Level–30%, and Others–20% • By Region: North America–30%, Europe–30%, APAC–25%, MEA – 10%, and Latin America – 5%
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.
Research Coverage The report segments the global asset performance management market by component into two categories: solutions and services.By vertical, the asset performance management market has been classified into energy and utilities, manufacturing, government and defense, chemicals, healthcare and pharmaceuticals, telecommunications, consumer goods and food and beverages, and others (real estate, and transportation and logistics). • By region, the market has been segmented into North America, Europe, APAC, MEA, and Latin America.
Key benefits of the report The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall asset performance management market and the subsegments.This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
The report would help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, opportunities, and COVID-19 impact.
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Gross Domestic Product
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