Global Asset Performance Management Market to Witness Rapid Expansion: Projected CAGR of 9.9% Driven by Efficiency Demands and Regulatory Compliance

DUBLIN, Aug. 31, 2023 /PRNewswire/ -- The "Global Asset Performance Management Market by Component (Solutions (Asset Strategy, Asset Reliability, and Predictive Asset Management) and Services), Deployment Type, Organization Size, Vertical, and Region - Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The asset performance management market is poised for growth, projected to expand from USD 2.9 billion in 2023 to USD 4.7 billion by 2028, with a robust CAGR of 9.9% during the forecast period.

The adoption of advanced technologies to extend the lifespan of assets and the integration of Industry 4.0 for a new approach to asset performance management are key drivers for the market's growth. However, challenges related to a lack of skilled workforce and poor management skills pose significant obstacles to market expansion.

Premium Insights:

• Need for Simplifying Information Technology Operations Workflow to Drive Adoption
• Asset Strategy Management Segment to Account for Largest Market Share During Forecast Period
• On-Premises Segment Accounts for Major Share of Market in 2023
• Large Enterprises Segment Accounts for Dominant Market Share in 2023
• Energy & Utilities Vertical to be Largest End-user During Forecast Period
• Asia-Pacific to Register Highest CAGR During Forecast Period

Segmentation Analysis:

Services:

• Professional Services
• Managed Services

Deployment Type:

• On-Premises (larger market share in 2023)
• Cloud

Organization Size:

• SMEs (higher CAGR during forecast period)
• Large Enterprises

Regional Insights:

• Asia-Pacific (APAC) is projected to register the highest CAGR during the forecast period. The region's growing inclination toward adopting new asset performance management approaches aligned with Industry 4.0, as well as opportunities presented by advanced technologies, are expected to drive this growth.

Market Dynamics:

Drivers:

• Need to Meet Regulatory Compliance and Reporting Standards Across Asset-Centric Organizations
• Growing Need to Manage Assets Efficiency and Sustainability and Optimize Total Cost of Ownership
• Demand for Making Informed Business Decisions with Predictive Asset Maintenance
• Increased Digital Workforce and Reliability Culture
• Growing Need to Optimize Asset Performance Management Strategy with 360-Degree View of Asset Performance

Restraints:

• Concerns Over Data Security and Confidentiality
• Stringent Government Rules and Regulations

Opportunities:

• Requirement to Extend Life Span of Assets with Help of Advanced Technologies
• Growing Inclination Toward Adoption of New Approach to Asset Performance Management with Industry 4.0
• Rising Trend of Proactive Asset Performance Management with IIoT, Predictive, and Prescriptive Analytics
• Adoption of Digital Twin Solutions for Asset Performance Management to Drive Better Return on Assets
• Inclination of Organizations Toward Cloud-Based Deployments to Overcome On-Premises Limitations

Challenges:

• Lack of Skilled Workforce and Poor Management Skills
• Difficulties with Integration and Implementation of Asset Performance Management with Existing Applications

Case Study Analysis:

• Case Study 1: Aveva Aids Tata Power Towards Efficient Operations
• Case Study 2: Reducing Human Error while Improving Resource Effectiveness
• Case Study 3: Enhancing Nova Scotia Power's Functioning and Asset Management, Monitoring Asset Health

Key Companies Mentioned:

• ABB
• ARMS Reliability
• AVEVA
• Bentley Systems
• Detechtion Technologies
• DNV
• Emerson
• Fluke
• Fracttal
• GE Digital
• Hexagon
• Honeywell
• IBM
• IPS Intelligent Process Solutions
• MaintainX
• MetoraPM
• MicroAI (Formerly One Tech)
• Nexus Global
• Operational Sustainability
• Oracle
• Plasma
• Prometheus Group
• Qualer
• Rockwell Automation
• SAP
• SAS
• Siemens Energy
• Synopsys
• UpKeep
• VROC
• Yokogawa

Key Attributes:

For more information about this report visit https://www.researchandmarkets.com/r/c7r3z5

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