The global Asset Performance Management Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period, to reach USD 4.0 billion by 2026 from USD 2.5 billion in 2021. Key factors that are expected to drive the growth of the market are the rising demand to meet regulatory compliance and reporting standards across asset-centric organizations, growing need to manage assets efficiency, manage assets sustainability, and optimize total cost of ownership (TCO). These factors are driving the demand for asset performance management.
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Services segment to hold a larger market size during the forecast period
Based on services, the asset performance management market is segmented into two categories: professional and managed services. These services assist in building, assessing, and leveraging asset performance management environments to avoid time wastage and effort on a failed implementation. Enterprises need active support from skilled professionals to minimize their downtime during the pre-and post-installation of asset performance management solutions. These services provide the necessary support to uphold the efficiency of business processes, increase enterprise growth, and reduce unwanted operational expenses.
SMEs segment to grow at the highest CAGR during the forecast period
SMEs are defined as organizations with an employee strength ranging from 1 to 1,000. SMEs have a low marketing budget and often lack the resources and capabilities for effective marketing orchestration. These enterprises face greater challenges of limited budget as compared to large enterprises and require better methods to resolve complexities for improving the cost optimization of their business processes. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. Asset Performance Management solutions monitor every asset and generates data. The generated data can allow technicians to perform more accurate root cause analysis. In this way, teams throughout the organization can understand the process parameters that can lead to failures or reduced asset performance, enabling them to align more effectively across the supply network; improving planning; and reducing inventory, loss-of-market, and logistics costs. These factors are also expected to encourage SMEs to adopt asset performance management solutions and services at a rapid pace.
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The asset performance management market comprises major providers, such as AVEVA (UK), AspenTech (US), Bentley Systems (US), GE Digital (US), SAP (Germany), IBM (US), Detechtion Technologies (US), ARMS Reliability (US), ABB (Switzerland), Uptake (US), DNV (Norway), SAS (US), Siemens Energy (Germany), Oracle (US), Infor (US), Nexus Global (US), BISTel (South Korea), Operational Sustainability (US), Rockwell Automation (US), IPS Intelligent Process Solutions (Germany), Yokogawa (Japan), Honeywell (US), Emerson (US), GrayMatter (US), and Plasma (US). The study includes an in-depth competitive analysis of key players in the asset performance management market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements, partnerships, mergers and acquisitions, have been the most dominating strategies adopted by the major players from 2019 to 2021, which helped them strengthen their offerings and broaden their customer base.
AVEVA is a pioneer in offering engineering and industrial software to asset-intensive industries, such as plant, power, and marine. The company’s asset performance management software portfolio is designed to overcome today’s industrial challenges by leveraging industrial big data, cloud, Artificial Intelligence (AI), digital twin, and Augmented Reality (AR). With improved analysis, organizations can eliminate inefficiencies, optimize operations, and improve profitability. Using the comprehensive asset performance management portfolio offered by AVEVA, organizations can monitor their assets to identify, diagnose, and prioritize impending equipment problems continuously and in real time. This, in turn, enables companies to reduce unscheduled downtime, prevent equipment failures, reduce maintenance costs, increase asset utilization, extend equipment life, and identify underperforming assets.
Bentley Systems is an infrastructure engineering software company. The company provides innovative software to advance the world’s infrastructure—sustaining both the global economy and environment. Bentley Systems’ asset performance management solution brings operations, engineering, and maintenance together to manage business processes in a structured decision-support environment. Its Asset Performance Software intelligently plans and implements asset performance and reliability strategies. AssetWise provides informed decision support from capital planning through proactive asset maintenance, enables to mitigate risks, increases operational efficiency, and ensures regulatory compliances. With the improved information flow and interoperability, organizations can collect, analyze, and control relevant asset information.
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