Global Asset Performance Management Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, And Growth Forecast To 2029

                                          
Global Asset Performance Management Market 2021: By Deployment (On-Premises, Hosted, Public Cloud, Private Cloud), By Category (Predictive Asset Management, Asset Reliability Management, Asset Strategy Management, Others), By Vertical (Energy & Utilities, Oil & Gas, Manufacturing, Mining & Metal, Government & Public Sector, Transportation, Chemicals & Pharmaceutical, Others)

Global Asset Performance Management Market is an upcoming report by Trusted Business Insights. The global asset performance management market segmentation allows for deeper understanding and thought, to decisively assess, analyze, and study. Besides revenues for segments, global, regional, and country-wise, market revenue segmentation will be compiled in a fastidious manner for clear flow and understanding. The analysis will be conducted using expert opinions and inputs, as well as comprehensive primary and secondary research efforts to establish various aspects of the asset performance management market.

Overview:

Asset performance management (APM) encompasses the capabilities of data capture, integration, visualization and analytics tied together for the explicit purpose of improving reliability and availability of physical assets. It is an ideal system for managing asset performance, and uses sensors in order to obtain relevant data from the machinery, equipment, and other industrial assets, and then builds data analytics to offer a complete view of all operational assets of the industrial facility.

The Global Asset Performance Management market size was valued at USD $7.04 Billion in 2020, USD $7.87 Billion in 2021, forecasted to reach  USD $8.8 Billion in 2022, and is projected to reach USD $19.17 Billion by 2030, and is anticipated to expand at a CAGR of 11.77% over the forecast period from 2020 to 2030.

Dynamics:

Asset performance management systems are useful in making informed decisions related to asset divestment and to plan strategies for asset maintenance. They can offer insights on a course of action to annul equipment failure risks, increase the life of assets, lower the equipment maintenance costs, avoid outages, and downtime. These management systems allow companies to address issues surrounding environmental risks, workforce safety risks, inefficient decision-making, and rising maintenance & operational costs.

These overall benefits coupled with integration of Industrial Internet of Things, digital-twin technology, and the increasing popularity of digital asset performance management solutions are projected to contribute to market growth over the next ten years. Digital-twin technology can increase efficiency of performance management systems by simulating behavior of the assets to predict potentially harmful and critical operating conditions and avoid any unforeseen damages to assets.

In terms of deployment mode segments, the market is segmented as on premise and hosted. The hosted deployment mode segment is further categorized into public and private. Among the two main segments, the on-premise segment is expected to account for a majority revenue share and is projected to expand at a high CAGR over the next ten years.

With respect to category, the market is segmented as asset strategy management, predictive asset management, asset reliability management, and others. The asset reliability management segment accounted for a majority revenue share in 2018 and will continue to hold its dominant position in the foreseeable future.

The predictive asset management segment is projected to index highest CAGR in the coming future. They include several processes and tools such as machine learning, inspection tools, tools for Safety Integrity Level (SIL) analysis, neural networks, statistical modelling tools, and Root Cause Failure Analysis (RCFA), among others.

With regard to vertical insights, the market can be further segregated into oil and gas, energy & utilities, manufacturing, government and public sectors, mining & metal, chemicals & pharmaceuticals, and transportation among others. The energy and utilities segment accounted for a majority revenue share in 2018 and is expected to continue to do so owing to the wind cost performance and solar power projects and Year-on-Year improvement in scalability. The government and public segment is projected to index highest CAGR during the forecast period.

Regional Analysis

The North America market accounted for a majority revenue share in 2018 due to its number of prominent industry players and its advanced R&D activities, particularly in the IIoT field. Europe also accounted for a considerable revenue share due to demand for asset performance management systems in several industrial sectors. Nevertheless, the Asia Pacific market is projected to experience substantial market growth and index highest CAGR over the next ten years due to the demand and requirement for innovative solutions to manage industrial units.

Below are the leading companies profiled in this Asset Performance Management Market Report:

  
ABB (Switzerland)
  
Accruent
  
Aptean
  
ARMS Reliability (US)
  
Aspen Technology Inc.
  
AspenTech (US)
  
AVEVA (UK)
  
Bentley Systems Inc. (The U.S.)
  
BISTel (South Korea)
  
Detechtion Technologies (US)
  
DNV (Norway)
  
Emaint
  
Emerson (US)
  
GE Digital (US)
  
General Electric Co. (The U.S.)
  
GrayMatter (US)
  
Honeywell (US)
  
IBM Corporation (The U.S.)
  
Infor (US)
  
Intelligent Process Solutions
  
IPS Intelligent Process Solutions (Germany)
  
Nexus Global (US)
  
Nexus Global Business Solutions Inc. (The U.S)
  
Operational Sustainability (US)
  
Oracle (US)
  
Osisoft
  
Plasma (US).
  
Prevas AB (Sweden)
  
Rockwell Automation (US)
  
SAS Institute Inc.
  
Schneider Electric Software
  
Siemens Energy (Germany)
  
Uptake Technologies
  
Yokogawa (Japan)

Global Asset Performance Management Market Segmentation:

By Deployment

  
On-Premises
  
Hosted
  
Public Cloud
  
Private Cloud

By Category

  
Predictive Asset Management
  
Asset Reliability Management
  
Asset Strategy Management
  
Others

By Vertical:

  
Energy & Utilities
  
Oil & Gas
  
Manufacturing
  
Mining & Metal
  
Government & Public Sector
  
Transportation
  
Chemicals & Pharmaceutical
  
Others
This research comprehensively answers the following 9 important questions:

  
Q.1. What are some of the most promising growth trends in the Asset Performance Management market worldwide?
  
Q.2.Which segments and sub-segments will grow at a faster pace and why? Which segment is nearing the peak and demand saturation?
  
Q.3.Which region will witness a higher growth rate and why? Which region might see a slower or negative growth region?
  
Q.4.What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in Asset Performance Management market?
  
Q.5.What are the business risks and who pose challenges to the global leaders and are competitive threats in this Asset Performance Management market?
  
Q.6.What are the emerging trends post COVID-19 reshuffle in this Asset Performance Management market and the what are reasons behind these trends and do they translate in global exploration?
  
Q.7. Who are the major global and regional players in the Asset Performance Management market? Which are the strategic initiatives key players are pursuing for business growth?
  
Q.8.Which are the competing products in Asset Performance Management market and how big of a threat do they pose for loss of market share by material or product substitution?
  
Q.9.What M & A activity has occurred in the last 5 years and what is its impact on the Asset Performance Management industry?