12 May 2021
Visiongain has published a new report on Asset Performance Management (APM) Market Report to 2031: Forecasts by component (Solutions, Services), by deployment mode (On-premises, Hosted), by offering type (Data Management Software, Predictive Asset Analytics Tool, Pattern Recognition Software, Others), by industry vertical (Oil & Gas, Manufacturing, Energy & Utility, Chemical &, Pharmaceuticals, Healthcare, Others). PLUS Profiles of Leading Asset Performance Management Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Asset performance management market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Asset performance management (APM) is an integrated solution which includes a set of software tools & applications. In addition, it helps in enhancing the reliability & accessibility of physical assets in an enterprise’s operation process. Furthermore, due to increased availability of huge amounts of asset data, the demand for performance management via advance technologies is continuing to rise in the market.
Factors such as increased investment in APM solution and massive development due to advancements in technology are some of the major factors driving the market growth. Conversely, rapid growth of small- and mid-sized enterprises (SMEs) and increased advancements in technologies are becoming major factors expected to create lucrative opportunities to the market in the upcoming years.
COVID-19 Impact on Asset Performance Management Market
With becoming large scale implementation across numerous industries, asset performance management market has severely impacted due to COVID-19 outbreak. Due to complete business lockdowns & shutdowns, the supply chain & inventory in several industrial verticals have been largely impacted. Therefore, decline in assets & lower inventory management are has resulted into severe losses to the key players in the market.
Increased investment in APM solution
As APM solutions provides several major benefits such as to reduce unplanned downtime, controlling in decision making towards repair of assets, minimizes maintenance costs & reduces risk of failure for critical assets, operating impact & real- time condition reports, and others. Therefore, due to these major benefits & features provides by APM solution, the key players are adopting & investing in APM solutions, which is fuelling the market growth.
Massive development due to advancements in technology
Several industrial verticals are aiming at implementing APM solutions, due to growing awareness among business enterprises regarding the benefits & features of the solution. Moreover, development in terms reliability-centered maintenance, predictive maintenance, asset integrity management, and others are becoming major driving factors to the market.
Rapid growth of small- and mid-sized enterprises (SMEs)
Growing entrepreneurship, rising investors willing to invest in startups, and growing skills for businesses are some of the major factors towards the growth of SMEs in the market. Therefore, due to increased small & medium size enterprises globally, the demand for asset performance management is expected to grow tremendously, which, as a result anticipated to create lucrative opportunities to the asset performance management market.
Increased technological advancements
The technological advancements is expected to provide an immense growth opportunities to the key players in terms of condition-based monitoring, scenario modelling & investment planning, and predictive analytics. Therefore, with increased technological advancements and developing platforms of asset performance management solution is expected to boost the market growth.
Some of the companies profiled in the report include ARMS Reliability, Aspen Technology, AVEVA Group PLC, Bentley Systems, Incorporated, Cisco Systems, Inc, Emerson, Honeywell International Inc., IBM Corporation, Infor, Inc., and Siemens.
In July 2020, Trimble Inc., which is a software & services technology company and Cityworks, which is a leading GIS-centric asset management company, together launched a real-time asset management solution for water & wastewater utilities. In addition, this new product will help utilities to leverage sensor data, location intelligence & analytics in their asset management strategies.
In April 2019, AVEVA Group plc, which is a British multinational information technology company announced has acquired MaxGrip, which is a software company works to optimize asset performance with reliability-centered maintenance (RCM) solutions. In addition, the acquisition aimed at accelerating an asset performance management portfolio of the software assets.
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