Growing Inclination Towards Adoption of Modern Approach with Industry 4.0 to Fuel Growth of Asset Performance Management Market
Asset performance management (APM) involves people, processes, and technologies to improve the uptime with higher revenue and longevity of physical assets to conserve cash while reducing operating costs, and business risk. APM leads to improvements in executive metrics like revenue, margin, customer satisfaction, work-in-process (WIP) inventory, and return on assets (ROA). The growing trend of adopting a new approach to asset performance management with Industry 4.0 is driving the progress of global asset performance management market. It introduces a new technology, leading to a paradigm shift in industrial productivity—a new attitude that can be applied to asset performance management. Operational AI makes some of the most powerful but difficult-to-use components of Industry 4.0 that are available to reliability, and operations teams. Industry 4.0 delivers the capabilities required for a sophisticated asset performance management approach.
The global asset performance management market is rising with the growing demand to achieve a maximum economic return on assets, and the growing requirement for asset maintenance based on risk, which are propelling the asset performance management software market forward. Furthermore, factors such as the growing popularity of cloud based APM software among end-users are fuelling the worldwide APM market expansion. The advent of technology such as the Industrial Internet of Things (IIoT), and the growing need for Big Data Analytics in the industrial vertical will provide a lucrative opportunity in the worldwide asset performance management market. According to Statista, in 2020, global IIoT industry was valued at around 216.13 billion dollars, and in 2021, it was valued at 263 billion dollars. In the following years, the industry is predicted to rise in size, reaching 1.11 trillion dollars by 2028.
The introduction of advanced asset management solutions by major players during the pandemic assists organisations in improving their performance management and lowering maintenance costs, which promotes the growth of asset performance management market. In October 2020, Siemens Energy and Bentley Systems cooperated to create a performance management solution for oil and gas companies. This solution combines Bentley Systems Inc.'s asset performance software capabilities with Siemens Energy's oil and gas equipment knowledge. The technology will assist businesses throughout the oil and gas industry in increasing equipment uptime, and reliability while lowering safety risks, and maintenance expenses.
Growing Advanced Technology in Organisational Process to Drive Energy and Utilities Sector in Asset Performance Management Market
The energy and utility sector held the greatest share of the market. The segment's growth is expected to be fuelled by the increasing importance of re-evaluating strategy and incorporating advanced technology into organizational processes. Furthermore, the growing need to meet rising needs for reliable energy services has enabled managers and other officials to use asset performance management solutions to track asset performance and conditions to meet rising demands. Furthermore, firms' increasing attention to predictive maintenance techniques for their assets is thought to be fuelling segment growth. Moreover, the government and public sector segment is expected to witness rapid growth over the forecast period. Various businesses are expanding their operations to reach more customers. As a result, enterprises are turning to cloud-based solutions and services to give answers to their customers more efficiently. Additionally, the increased digitization of public sector organizations to provide a better customer experience is likely to fuel demand for asset performance management in this sector.
Advancement in Industrial Technology in North America to Drive Growth of Asset Performance Management Market
North America is expected to dominate the global Asset performance management market over the forecast period. The fast use of modern technologies such as assets on the go, as well as advances in industrial technology, are some of the reasons driving the asset performance management market in the area. Furthermore, established players such as Aspen Technology, Inc., Bentley Systems, Incorporated, Detechtion Technologies, and IBM Corporation are pushing the asset performance management market in this area. The growing demand for high-speed data networks, as well as the significant presence of software vendors in the region, are driving regional market expansion. Furthermore, increasing investments by enterprises in IT infrastructure, specifically for cloud infrastructure research and development, are fuelling regional market expansion. Companies in North America are experiencing good business conditions and supportive government policies, allowing them to create and offer superior cloud platforms, resulting in increased market acceptance of asset performance management. In Canada, many computer scientists, data analysts, and software engineers use cloud-based solutions and services. This contributes to the expansion of the North American regional market.
The United States is predicted to contribute the most to the regional market's growth. One of the important reasons driving the regional market is the presence of several significant players in the industry in the United States. In May 2021, AspenTech, a well-known player in the United States, presented an AI Workbench solution. It enables operations and data scientists to work together to meet business needs. AspenTech users can count on secure dividends, efficiency, and dependability because of the combination of industry-specific application knowledge and asset optimization skills. As a result of such measures, the North American market is expected to grow significantly throughout the assessment period.
Europe is likely to have a significant market value and increase at a significant rate throughout the projection period. The quick adoption of asset performance management systems across numerous industrial realms can be ascribed to the rise. In addition, the region is home to a number of well-known businesses that are taking steps to expand their market positions, thereby bolstering the asset performance management industry. In January 2020, AVEVA's asset performance management portfolio, which includes AVEVA AMP Assessment, AVEVA Asset Strategy Optimization, and AVEVA Asset Strategy Library, was renewed. Users may now manage their capital assets with better confidence, safety, and efficiency.
Global Asset Performance Management Market: Competitive Landscape
In April 2021, GE Digital has released upgrades to its SmartSignal predictive maintenance software, which assists industrial firms in proactively predicting, diagnosing, forecasting, and preventing equipment faults. SmartSignal is available as a separate software product or as part of the GE Digital asset performance management software solution. On the other hand, in April 2021, Bentley Systems said that it is developing apps for photorealistic, real-time visualization, and simulation of digital twins of large-scale industrial and civil infrastructure projects using the NVIDIA Omniverse platform. It will provide real-time, immersive 3D/4D experiences, enabling the physics-based simulation of even the largest and most complex infrastructure assets.
A few of the players in the Asset Performance Management market include 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).
Global Asset Performance Management Market is Segmented as Below:
By Deployment Type
By Organization Size
Key Elements Included In The Study: Global Asset Performance Management Market
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