$6.7 Bn Asset Performance Management Market Outlook, 2020-2025 - Impact of COVID-19, Use Cases of Ameren Illinois, Tata Power and Wacker Chemical Corporation
DUBLIN, May 14, 2020 /PRNewswire/ -- The "Asset Performance Management Market by Component (Solutions and Services), Solution (Asset Strategy Management, Asset Reliability Management, Predictive Asset Management), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global Asset Performance Management (APM) market size is expected to grow from USD 3.3 billion in 2020 to USD 6.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period. The major factors driving the growth of the market include the rising need for risk-based maintenance, need to maximize economic return on assets, and increasing adoption of cloud-based applications.
Predictive asset management segment to grow at the highest CAGR during the forecast period
Predictive maintenance is a type of maintenance that monitors the condition of assets using sensors. These sensors supply data in real time, which is used to predict when the asset will require maintenance and prevent equipment failure. Predictive maintenance allows the maintenance frequency to be as low as possible and prevents unplanned reactive maintenance, without incurring costs associated with undertaking several preventive maintenance measures. Predictive maintenance offers benefits, such as minimizing the time the equipment is being maintained and minimizing the production hours lost to maintenance.
Energy and utilities vertical to account for the largest market size in 2020
Energy and utility companies have been challenged repeatedly by changes that have been brought on by globalization, and new environmental policies. Among utility and energy companies, operational excellence means getting more from the assets that serve their customers. Many companies believe that systems offering flexibility, scalability, and open integration standards will improve their overall productivity. APM solutions help reduce environmental risks, improve the performance of treatment facilities, and reduce equipment and operational failures.
Small and medium-sized enterprises segment to record a higher growth rate during the forecast period
The adoption of APM solutions among Small and Medium-sized Enterprises (SMEs) is estimated to grow at the highest CAGR during the forecast period. These enterprises face the greater challenge of limited budgets as compared to large enterprises, and require better methods to resolve complexities and optimize the cost of their business processes. There are APM solutions that can scale based on budget and resource requirements. APM solutions are cost-effective and improve the overall productivity. The main focus of SMEs is to increase the Return on Assets (ROA), which is possible with APM solutions.
North America to account for the highest market share during the forecast period
North America is estimated to dominate the global APM market due to the presence of a large number of data centers in the region and a rise in the popularity of technology. Asset performance and the quality of the organization's products and services are impacted by the reliability of the asset or equipment. Thus, enterprises need to adhere to industry compliances for managing their assets. APM solutions help organizations manage and maintain their assets efficiently and reduce downtime and failure. North America being home to many huge organizations, has witnessed an increase in the awareness for proactive maintenance.
The presence of economically and technologically advanced countries, such as the US and Canada, the adoption of Industry 4.0, and strong financial position are some of the major factors that help organizations in North America have a competitive edge over others. The region is also home to many technological innovators, most of the major players, such as GE Digital, IBM, and Oracle, offering APM solutions have their headquarters in this region.
Some prominent players across all service types profiled in the APM market study include ABB (Switzerland), SAP (Germany), GE Digital (US), IBM (US), AVEVA (UK), OSIsoft (US), Bentley Systems (US), Siemens (Germany), Oracle (US), Infor (US), AspenTech (US), DNV GL (Norway), eMaint (US), Nexus Global (US), Accruent (US), Aptean (US), Operational Sustainability (US), Rockwell Automation (US), ARMS Reliability (Australia), IPS (Germany) and Uptake Technologies (US).
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Market
4.2 Asset Performance Management Market, by Solution (2020 vs. 2025)
4.3 Asset Performance Management Market, by Vertical (2020 vs. 2025)
4.4 Market Investment Scenario
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Need for Risk-Based Maintenance
5.2.1.2 Need to Maximize Economic Return on Assets
5.2.1.3 Increasing Adoption of Cloud-Based Applications
5.2.2 Restraints
5.2.2.1 Lack of Awareness with Respect to Cybersecurity
5.2.2.2 Selecting Solutions that Align with Organizational Business Needs
5.2.3 Opportunities
5.2.3.1 Increasing Impact of Industry 4.0 and IIoT
5.2.3.2 Growing Use of Analytics Among Asset Performance Management Solutions
5.2.4 Challenges
5.2.4.1 Lack of Industry Expertise
5.2.4.2 Outbreak of Pandemic/Epidemic Diseases
5.3 Use Cases
5.3.1 Use Case 1: Ameren Illinois
5.3.2 Use Case 2: Tata Power
5.3.3 Use Case 3: Wacker Chemical Corporation
5.4 COVID-19 Impacting the Market
6 Asset Performance Management Market, by Component
6.1 Introduction
6.1.1 Component: Market Drivers
6.2 Solutions
6.2.1 Asset Strategy Management
6.2.2 Asset Reliability Management
6.2.3 Predictive Asset Management
6.2.4 Others
6.3 Services
6.3.1 Professional Services
6.3.1.1 Support and Maintenance
6.3.1.2 Implementation and Integration
6.3.1.3 Consulting
6.3.2 Managed Services
7 Asset Performance Management Market, by Deployment Type
7.1 Introduction
7.2 Cloud
7.3 On-Premises
8 Asset Performance Management Market, by Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.3 Large Enterprises
9 Asset Performance Management Market, by Vertical
9.1 Introduction
9.2 Energy and Utilities
9.3 Oil and Gas
9.4 Manufacturing
9.5 Mining and Metals
9.6 Government and Defense
9.7 Chemicals and Pharmaceuticals
9.8 Food and Beverages
9.9 IT and Telecom
9.10 Healthcare and Lifesciences
9.11 Other Verticals
10 Asset Performance Management Market, by Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia-Pacific
10.5 Rest of the World
11 Competitive Landscape
11.1 Competitive Leadership Mapping
11.1.1 Visionary Leaders
11.1.2 Dynamic Differentiators
11.1.3 Innovators
11.1.4 Emerging Companies
12 Company Profiles
12.1 Introduction
12.2 ABB
12.3 SAP
12.4 GE Digital
12.5 IBM
12.6 Aveva
12.7 Osisoft
12.8 Bentley Systems
12.9 Siemens
12.10 Oracle
12.11 Infor
12.12 Aspentech
12.13 DNV GL
12.14 Emaint
12.15 Nexus Global
12.16 Accruent
12.17 Aptean
12.18 Operational Sustainability
12.19 Rockwell Automation
12.20 Arms Reliability
12.21 Intelligent Process Solutions
12.22 Uptake Technologies
12.23 Right-To-Win
For more information about this report visit https://www.researchandmarkets.com/r/u6o7xa
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