The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Asset Performance Management Market. The growth sectors of the Asset Performance Management Market are identified with precision for a better growth perspective.
The global asset performance management market is awaited to reach the approximate valuation of 18,765.1 million in 2025, claims Market Research Future (MRFR), by attaining a CAGR of 10.7% during the forecast period (2017-2023).
Top Drivers and Key Barriers
The rising applications in IT (Information Technology) and OT (Operational Technology) in the manufacturing sector, as well as high demand for improving machine efficiency, are taking the market towards growth. Mounting need for productively and enhanced performance has also led to the development of asset performance management in the past couple of years.
The beneficiaries offered by the asset performance management, such as reliability and availability with happens with the help of asset performance management software has also contributed largely to the global market growth of asset performance management. At the same time, as per the study, the asset performance management will also witness considerable growth during the forecast period is the surging number of large-sized facilities and necessities. These are counted among the essential factor in the market growth in almost every region of the world.
On the flip side, the factor of the high cost of implementing such solutions is resulting in limited deployment among SMEs, which could hinder the growth of global market for asset performance management in the future.
The worldwide asset performance management market, as per the study, has been segmented by the elements of offering, deployment mode, and vertical.
With respect to offering: Software types and services are the segments. Wherein, the software type segment has been categorized among data management software, predictive asset analytics tools, enterprise asset management software, and pattern recognition software. Among these, the enterprise asset management software segment accounted for the largest market share in 2018 and is now anticipated to record a CAGR of 8.5% during the assessment period.
In terms of deployment: Cloud and on-premise are the segments. Wherein, the on-premise deployment segment occupied a relatively more significant market share of 63.3% in 2018, and now it is touted to register a CAGR of 9.5% during the forecast period.
Vertical based segmentation of the market comprises of manufacturing, oil & gas, energy & utility, healthcare, IT & telecommunication, and more. Among these, the oil & gas segment occupied the largest market share in 2018; and now it is probable to record a CAGR of 11.2% during the review period.
Geographically, the study of global asset performance management market has been done among the key regions of Asia-Pacific, North America, Europe, and the Middle East & Africa, and South America.
Among these, North America is likely to lead the asset performance management market and can retain its share during the forecast period. The advances in industrial technology and the rapid adoption of advanced technologies such as assets on the go are some of the essential factors responsible for the growth of the market in the region. With this, the presence of established players such as Aspen Technology, Inc., Bentley Systems, Incorporated, Detechtion Technologies, and IBM Corporation, is also one of the driving factors influencing the growth of the asset performance management market in this region.
The market in Asia-Pacific has been categorized among countries such as China, Japan, and India. The market in these countries is likely to gain a share of 20% in 2018. China could be the leading at the country-level market with registering 12.2% CAGR followed by Japan with 11.3%; India can also be the fastest-growing country-level market by recording the highest CAGR in the coming years. Governments of China, Japan, and India are intensely focusing on the development of their manufacturing and oil & gas industries and advances in digital technology, which have the possibility to boost the growth of the market during the assessment period.
Key Market Players
The well-known players of the global asset performance management market are listed as AVEVA Group PLC (UK), Bentley Systems, Incorporated (US), Aspen Technology (US), IBM Corporation (US), Operational Sustainability, LLC (US), Detechtion Technologies (Canada), SAP SE (Germany), SAS Institute Inc. (US), Rockwell Automation (US), and Schneider Electric (France). Other than these, other companies that have a significant market share also include ARMS Reliability (Australia), ABB (Switzerland), GE Digital (US), IPS (Germany), SAP SE (Germany), Siemens (Germany), DNV GL (Norway), and Uptake Technologies Inc. (US).
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