Global Asset Performance Management Market was valued at US$ 3.10 Bn. in 2020 and is expected to reach US$ 8.80 Bn. by 2027, at a CAGR of 16.07% during a forecast period.

Global Asset Performance Management Market Overview:

Global Asset Performance Management Market was valued at US$ 3.10 Bn. in 2020 .Growing need for big data analytics, condition monitoring, and predictive asset management is driving the global Asset Performance Management market. As mobile and cloud networking and storage become increasingly common, the demand for APM is increasing. Growing commercial services such as e-commerce and online credit processing provide a lot of room for Asset Strategy Management to expand its market. The rising trend of hybrid cloud deployment is having a significant impact on the market's growth rate, particularly among operational technology. Global Asset Performance Management MarketTo know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2016 to forecast the market through 2027. 2020 is considered a base year. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

COVID-19 impact analysis on the global asset performance management market:

Throughout the research, the influence of the COVID-19 pandemic on the market is discussed. The epidemic has benefited the market for asset performance management. Businesses are facing new challenges as a result of the COVID-19 epidemic and the development of remote work environments. The COVID-19 epidemic has highlighted the need for industrial enterprises to adopt digital technology and harness the power of data in order to stay functioning. Asset performance management software combines data from both online and offline equipment to help businesses visualize plant performance, improve staff productivity, and use AI to predict repairs.

Global Asset Performance Management Market Dynamics:

Growing need to manage assets efficiency, manage assets sustainability, and optimize total cost of ownership: Organizations, particularly asset-intensive ones, face significant challenges in maximizing asset returns while managing budgets, data integrity, and a lack of understanding of the elements that influence asset performance. They are constantly under pressure to perform reliably while maintaining high health and safety standards and adhering to industry and environmental rules. Organizations are focusing on boosting miles of efficiency and extracting everything they can from their existing assets as technology fuels digital industrial transformation and machines become more intelligent and collaborative every day. As maintenance approaches have progressed from reactive to preventive to predictive, asset performance management is assisting enterprises in saving millions of dollars by streamlining their processes. Lack of skilled workforce and poor management in creating user adoption process: Technology is only as useful as the people who utilize it. The technology will not deliver actual value if employees do not input data or pull the appropriate reports. Simplifying what have become increasingly complex organizational cultures across industries will aid in the adoption of reliability and digitization. Leadership supports the beliefs and behaviors required for organizational reliability by developing a training programmer for all employees, which aids talent retention and corporate success. The principles of reliability should be reviewed, as well as the relationship between maintenance and operations, and how to use asset performance management technologies to aid in smart asset management decision-making. Concerns over data security and confidentiality: Cyber-attacks have been on the rise as the world has become more digital. As a result, data security has become a big concern in businesses. Organizations that adopt more advanced digital technologies expose their data to threats. With the movement of data from the field to the cloud platform, there is a considerable increase in cyber security risks, since malevolent parties can attack servers, networks, and communication channels. Several companies are working on digital twin solutions for virtual testing and building of various types of equipment, anticipating asset problems, and avoiding accidental failures.

Global Asset Performance Management Market segment analysis:

The global asset performance management market is segmented into Component, Deployment model, Organization size, End-user. Based on component, the solution segment held largest share of xx% in 2020 and the predictive asset management sub-segment is expected to contribute xx % share in the global asset performance management market. The predictive asset management solutions contains various state-of-the-art computing tools and processes like risk-based inspection tools, neural networks, machine learning, safety integrity level analysis tools, statistical modelling tools, root cause failure analysis, and algorithms that are used to derive the helpful insights. Global Asset Performance Management MarketBased on organization size, the on-premises segment held the more than 50% of the total market share in 2020 and is expected to continue dominating the global asset performance management market during the forecast period. The demand for on-premises asset performance management systems are increasing because of different types of machines and equipment installed in asset-intensive industrial facilities that require customized asset performance management systems. However, the development of various secured protocols is assisting in annulling the security concerns related with cloud-based systems. The end-user industries like chemical and oil & gas, are adopting cloud-based asset performance management systems to expand their product portfolios. It also offers various additional benefits like easier upgrades, reduction in the required infrastructure resources, and affordable deployment costs. Based on end-user, Chemicals and pharmaceuticals are one of the fastest-growing industries in terms of advanced technology adoption, owing to high maintenance and repair expenses incurred due to caustic compounds and safety concerns surrounding hazardous chemical inventory. The constant cost of maintenance, combined with rising material costs, has led numerous chemical firms to seek for cutting-edge technology to control, maintain, and increase production. Asset performance management software prioritizes work orders, automates inventory control, improves safety and compliance throughout the manufacturing facility, and implements cost-effective preventative maintenance.

Global Asset Performance Management MarketGlobal Asset Performance Management Market Regional Insight:

North America held the dominant position in 2020 and it is projected to continue its dominant position in the global asset performance management market. The dominant position in the market is attributed to the presence of the prominent key players like Aspen Technology, Inc., Bentley Systems, Incorporated, Detection Technologies, and IBM Corporation. The rapid adoption of advanced technologies is expected to boost growth of the asset performance management market in the region. Global Asset Performance Management MarketThe objective of the report is to present a comprehensive analysis of the global Asset Performance Management market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global Asset Performance Management market dynamics, structure by analyzing the market segments and projects the global Asset Performance Management market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Asset Performance Management market make the report investor’s guide.

Global Asset Performance Management Market Scope: Inquire before buying

Global Asset Performance Management Market

Global Asset Performance Management Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Global Asset Performance Management Market Key Players

SAP • Ge Digital • Ibm • Aveva • Osisoft • Bentley Systems • Siemens • Oracle • Infor • Aspentech • Dnv Gl • Emaint • Nexus Global • Accruent • Aptean • Operational Sustainability • Rockwell Automation • Arms Reliability • Intelligent Process Solutions • Uptake Technologies • Detechtion Technologies • SAS Institute Inc. • Schneider Electric • ABB • eMaint Frequently Asked Questions: 1. Which region has the largest share in Global Asset Performance Management Market? Ans: North America region holds the highest share in 2020. 2. What is the growth rate of Global Asset Performance Management Market? Ans: The Global Asset Performance Management Market is growing at a CAGR of 16.07 % during forecasting period 2021-2027. 3. What segments are covered in Global Asset Performance Management market? Ans: Global Asset Performance Management Market is segmented into component, deployment model, organization size, end-user and region. 4. Who are the key players in Global Asset Performance Management market? Ans: The important key players in the Global Asset Performance Management Market are – SAP, Ge Digital, Ibm, Aveva, Osisoft, Bentley Systems, Siemens, Oracle, Infor, Aspentech, Dnv Gl, Emaint, Nexus Global, Accruent, Aptean, Operational Sustainability. What is the study period of this market? Ans: The Global Asset Performance Management Market is studied from 2020 to 2027.