Asset performance management (APM) systems are used for enhancing the consistency & accessibility of the physical assets to reduce the risk and the overall operating costs. The asset performance management comprises of condition monitoring, asset integrity management, predictive maintenance, reliability-centered maintenance, and often including the technologies such as visualization, asset health data collection, and analytics. It is a proven methodology to decrease the unplanned downtime, reducing the maintenance costs, and EH&S risks reduction. The market is further registering a significant growth since the occupants from different industries, such as chemical, oil & gas, manufacturing, aviation opted the digital solutions for managing the overall performance of their assets as a part of efforts to decrease the operating expenses.
According to study, “Global Asset performance management Market to reach USD 26.3 billion by 2026” the key companies operating in the global asset performance management market are ABB, Aspen Technology, Inc., AVEVA Group plc, Bentley Systems, Inc., Inc., DNV GL AS, General Electric, IBM Corporation, SAP ERPSAS Institute, Siemens AG. The leading market players are now focusing towards the new product development, mergers & acquisitions, strategic partnerships, and business expansions to defend the market share.
Based on the category, the asset performance management is categorized over the predictive asset management, asset reliability management, asset strategy management, and many others. The asset reliability management held the largest share owing to the extensive reliability management offerings from the numerous market players. The predictive asset management solutions that include various state-of-the-art computing tools and processes, such as risk-based inspection tools, neural networks, machine learning, safety integrity level analysis tools, statistical modeling tools, root cause failure analysis, and algorithms, among others, Based on the offering, asset performance management market has been segmented into software type and services. The software type segment has been further categorized as data management software, predictive asset analytics tools, enterprise asset management software, and pattern recognition software. The services segment market is categorized into managed services and professional services. Based on the deployment mode, market segmented into on-premises and hosted. The hosted segment has been further segmented into public cloud and private cloud. The asset performance management market is driven by increase in need to maximize economic return on assets, followed by rise in need for risk-based maintenance and growth in adoption of cloud-based applications.
Based on geography, the North-American region holds major share in global asset performance management market owing to advances in industrial technology and higher adoption of asset performance management by the different industry verticals in the region. Whereas, the European and Asian-Pacific regions are anticipated to exhibit highest growth rate due to advances in digital technology over the forecast period. In upcoming years, it is estimated that future of the market will be optimistic as a result of dries in demand for better solutions to manage industrial plants during the forecast period. It is anticipated that the global asset performance management market will be reached at US $26.3 billion by 2026.
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Ankur Gupta, Head Marketing & Communications