The major factors driving the growth of the market include the rising need for risk-based maintenance, the need to maximize economic return on assets, and increasing adoption of cloud-based applications.
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Large enterprises segment to hold a larger market size during the forecast period
The use of traditional reactive maintenance leads to higher costs, low asset availability, and lack of reliability. It has become very important for large enterprises to adopt APM solutions that leverage proactive maintenance and advanced analytics. APM solutions offers large enterprises with components, such as condition-based monitoring, scenario modelling, and predictive analytics solutions to make more proactive decisions. This adoption results in reduced costs, and reduced unplanned downtime, enabling companies to focus on more business-critical assets leading to better productivity.
Cloud deployment type to record a faster growth rate during the forecast period
Cloud technology is being widely adopted by businesses, owing to its various benefits, such as increased storage, scalability, flexibility, portability, and compliance. Small and Medium-sized Enterprises (SMEs), in particular, are adopting the cloud deployment type largely due to its cost-effectiveness and ability to produce advanced results. Asset-intensive organizations prefer cloud-deployed solutions, as this type offers scalability and agility in organizations and provides more functions than on-premises solutions at an affordable cost.
Browse and in-depth TOC on “Asset Performance Management Market”
109 – Tables
36 – Figures
147 – Pages
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Asia Pacific to be the fastest growing region during the forecast period
Asia Pacific (APAC) comprises the fastest growing economies, such as China, India, and Singapore and technologically advanced countries, such as Japan and Australia. The region is expected to gain traction in the APM market, due to benefits, such as improved asset utilization, extended asset life, and reduction in maintenance costs. Many emerging economies in the APAC region are likely to adopt APM solutions because of their high demands, specifically in the oil and gas, transportation and logistics, healthcare, and energy and utilities verticals.
Some prominent players across all service types profiled in the Asset Performance Management Market study are ABB (Switzerland), SAP (Germany), GE Digital (US), IBM (US), AVEVA (UK), OSIsoft (US), Bentley Systems (US), Siemens (Germany), Oracle (US), Infor (US), AspenTech (US), DNV GL (Norway), eMaint (US), Nexus Global (US), Accruent (US), Aptean (US), Operational Sustainability (US), Rockwell Automation (US), ARMS Reliability (Australia), IPS (Germany) and Uptake Technologies (US).
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