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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 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 AnalysisThe 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:
Chapter 1 Methodology and Scope