This research report categorizes the asset performance management market to forecast revenue, analyze trends, component, deployment type, organization size, and vertical.
Northbrook, IL 60062 -- (SBWIRE) -- 08/23/2023 -- The global Asset Performance Management Market size is expected to grow from USD 2.9 billion in 2023 to USD 4.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period, according to research report by MarketsandMarkets™.
Demand for making informed business decisions with predictive asset maintenance is likely to boost the adoption of asset performance management globally.
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By solutions, the predictive asset management segment to grow at the highest CAGR during the forecast period.
Predictive asset maintenance is a type of maintenance that monitors the condition of assets using sensors. These sensors supply real-time data, which can be used to predict the timeline for asset maintenance, preventing equipment failure. It is a method used for preventing asset failures by analyzing the production data to identify patterns and predict issues before occurrence. Predictive asset maintenance further allows the maintenance frequency to be as low as possible to prevent unplanned reactive maintenance without incurring costs associated with performing several preventive maintenance activities. Predictive Asset Analytics helps organizations gain the highest return on critical assets by supporting PdM programs with early warning detection of equipment issues ahead of the existing operational alarms.
By vertical, manufacturing vertical is expected to hold the largest market share in 2023.
Asset-intensive organizations across the manufacturing vertical with heavy machinery are seeking to make their operations more efficient, reliable, and safer. Deploying AI and the IIoT within a process manufacturing environment can deliver a number of business benefits for companies with asset performance management capabilities. More manufacturers are adopting digital transformations through IIoT technology, with the move from metrics to analytics leading the way. The manufacturing sector has seen a variety of new analytics applications launched over the past three to five years, including a strong focus on asset performance management and other maintenance-related processes. Asset performance management solutions provide near real-time visibility into the condition of each industrial asset, which enables maintenance teams to minimize downtime.
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By Region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Asia Pacific is among the major digital hubs of the world. Businesses in the region have been quick to identify the benefits of cloud technology as a facilitator of digital transformation. Countries such as China, Japan, Australia, Singapore, India, and Indonesia are leading this technology adoption, which includes embracing new-age technologies such as AI, edge, IIoT, analytics, and cloud. According to the Global System for Mobile Communications Association (GSMA), countries in Asia Pacific have established frameworks on a national level, recognizing the potential of Industry 4.0 to help prepare economic structures for greater productivity and resilience. This will be crucial in the efforts by governments to stimulate economic recovery and build resilient economies for the future. Most government agencies and industry players expect Industry 4.0 objectives to be delivered within the next five years. This will rely on effective regulatory frameworks, such as making a new spectrum available for enhanced connectivity and increasing innovations in new solutions leveraging AI, IIoT, ML, AR, and digital twin technologies.
Some of the key players operating in the asset performance management market are – AVEVA (UK), SAP (Germany), GE Digital (US), IBM (US), ABB (Switzerland), Emerson (US), Bentley Systems (US), Rockwell Automation (US), Fluke (US), and DNV (Norway).
Key Dynamic Factors For Asset Performance Management Market:
Digital Transformation and Industry 4.0: To increase production and efficiency, industries are experiencing digital transformation. Predictive maintenance, real-time monitoring, and data-driven decision-making are made possible by APM, which makes use of technologies like the Internet of Things (IoT), sensors, and data analytics.
The transition from reactive maintenance to predictive and preventive maintenance is a key factor in the adoption of APM. Organisations are able to predict problems and take action before they result in expensive downtime by analysing data from sensors and equipment.
Advanced data analytics, machine learning, and artificial intelligence are key components of APM. These technologies aid in the analysis of enormous amounts of data produced by assets to spot trends, anomalies, and patterns that can guide maintenance plans.
Connectivity and remote asset monitoring are made possible by APM systems, which is especially useful for businesses with assets dispersed across multiple sites. Real-time monitoring and control are made possible by connectivity, which speeds up response times.
Monitoring the health and condition of assets enables businesses to determine when maintenance is necessary. APM tools are able to offer information about variables including deterioration, temperature, vibration, and other performance indicators.
Energy Efficiency and Sustainability: Energy efficiency and sustainability are becoming more and more important to organisations. APM can assist in discovering possibilities to improve asset performance, lower energy use, and lessen environmental impact.
Regulatory Compliance: Strict restrictions apply to sectors like manufacturing, energy, and healthcare. APM technologies help ensure that assets adhere to regulatory standards and criteria, preventing fines and penalties.
Applications Across Industries: APM systems can be used in a wide range of sectors, including manufacturing, energy, healthcare, transportation, and more. The APM market is growing as a result of its adaptability.
Cloud and edge computing: The scalability and accessibility of APM systems are improved by cloud platforms and edge computing. Edge computing allows real-time analysis at the asset level, while cloud-based APM platforms enable data storage, analysis, and collaboration.
Cost savings and return on investment: APM assists organisations in maximising maintenance efforts, lowering unscheduled downtime, and extending asset lifecycles. Costs are reduced as a result, and the return on investment (ROI) is favourable.
Integration with Other Enterprise Systems: To create a comprehensive approach to asset management, APM solutions are frequently integrated with other enterprise systems like Enterprise Asset Management (EAM) and Computerised Maintenance Management Systems (CMMS).
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Competitive and Segmentation Analysis:
Organisations from a variety of industries compete fiercely in the Asset Performance Management (APM) market as they look to maximise the performance of their assets and boost operational effectiveness. In order to meet the different requirements of sectors like manufacturing, energy, transportation, and healthcare, a number of established businesses and up-and-coming vendors are vying for market share.
The leading market companies in the APM area, including IBM, Siemens, General Electric, ABB, Schneider Electric, and Honeywell, offer a wide range of solutions that incorporate cutting-edge technologies like IoT, data analytics, and artificial intelligence. These market leaders are renowned for their vast product portfolios, solid client relationships, and a global presence, which enable them to handle the intricate needs of large-scale businesses.
The APM market has seen the introduction of creative startups and niche businesses in addition to these well-established market players, who either concentrate on particular industrial verticals or provide specialised APM solutions. These newcomers frequently bring new viewpoints and agility to the market, offering specialised solutions that address certain business problems.
Competition in the APM industry is fueled by elements including technology advancement, integration potential, scalability, usability, and customer support. Vendors are constantly improving their products to give organisations the tools they need to make data-driven decisions and maximise the performance of their assets. These tools include predictive and prescriptive maintenance capabilities, real-time monitoring, and actionable insights.
Sectors served by the APM market include manufacturing, energy and utilities, healthcare, transportation, and a host of other sectors. Each industry has specific operating difficulties, regulatory rules, and asset management requirements. Whether it's maintaining the uptime of crucial manufacturing equipment, managing the performance of energy infrastructure, or maximising the maintenance of healthcare equipment, APM solutions are tailored to satisfy these particular needs.
Deployment Models: On-premises and cloud-based deployment models for APM solutions are both available. While cloud-based solutions offer scalability, accessibility, and simpler connection with other digital systems, on-premises solutions give organisations with strict compliance needs greater control over data and security. Hybrid models are also gaining popularity since they let businesses use both methodologies' advantages.
Asset types: APM solutions support a wide range of assets, including cars, medical equipment, industrial gear, and other equipment. These assets may be tangible objects, digital files, or both. Solution providers can customise their products to meet the unique monitoring, maintenance, and optimisation requirements of each asset category thanks to the segmentation of assets by type.
Geographical locations: Because the APM market is international in scope, demand is dispersed across numerous locations. Regulatory contexts, degrees of industrialization, and rates of technological adoption differ from region to region. Vendors frequently alter their offerings to conform to the unique needs and tastes of various markets.
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