Dublin, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The "Global Asset Performance Management Market Report 2021" report has been added to ResearchAndMarkets.com's offering.
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.
The COVID-19 Impact on the global asset performance management tools market
The pandemic has had a positive impact on the asset performance management market. The COVID-19 pandemic and the proliferation of remote work environments have created new complex barriers for businesses to overcome.
The COVID-19 pandemic has reinforced the need for companies in the industrial sector to implement digital technologies and harness the power of data to ensure they remain operational. Asset performance management solutions integrate data about online and offline equipment to help organizations visualize plant performance, enhance workforce efficiency, and apply AI for predictive maintenance and resolution.
The services segment is expected to grow at a higher CAGR 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.
Chemicals industry vertical to hold the highest market share in 2021
Chemicals is one of the fastest-growing verticals with respect to the adoption of advanced technologies and services due to high maintenance and repair costs charged because of caustic substances and safety issues around hazardous chemical inventory. The continual expense of maintenance and the rising costs of materials have pushed various chemicals manufacturers into the process of finding bleeding-edge technology to control, maintain, and improve production.
Asset performance management solutions prioritize works orders, automate inventory control, improve safety and compliance throughout the production plant, and build cost-saving preventive maintenance. In terms of a chemical plant, engineers will know when a component inside a reactor is wearing down before it fails.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period. In addition, the IT spending across organizations in the region is gradually increasing, which is projected to lead to a surge in the adoption of asset performance management software solutions.
China, Japan, and India are the leading countries in terms of the adoption of asset performance management software solutions and services in the region. While the expenditure on technology solutions in APAC has increased, a setback is witnessed due to the recent COVID-19 pandemic.
The COVID-19 pandemic makes it more urgent for business leaders across APAC to increase their rate of cloud adoption and digital transformation. Also, the current pandemic has forced the government and public sector across APAC to shift toward digital innovation and meet regulatory compliance standards, which is driving huge market opportunities for asset performance management vendors.
Focus on Improving Customer Experience and Simplifying Information Technology Operations Workflow to Drive the Adoption of the Asset Performance Management
Asset Strategy Management Segment to Hold the Largest Market Share During the Forecast Period
On-Premises Segment to Hold a Larger Market Share in 2021
Large Enterprises Segment to Hold a Larger Market Share in 2021
Energy and Utilities Vertical to Hold the Largest Market Share During the Forecast Period
Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
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
Figure 30 Major Benefits Driving the Market
Compelling Need to Make Informed Business Decisions with Predictive Asset Maintenance
Increased Digital Workforce and Reliability Culture
Growing Need to Optimize Asset Performance Management Strategy with a 360-Degree View of Asset Performance
Concerns Over Data Security and Confidentiality
Impact of Stringent Government Rules and Regulations
Need for Extending the Life Span of Assets with the Help of Advanced Technologies
Growing Inclination Toward the Adoption of a New Approach to Asset Performance Management with Industry 4.0
Rising Trend of Proactive Asset Performance Management with IIoT, Predictive, and Prescriptive Analytics
Adoption of Digital Twin Solutions for Asset Performance Management to Drive Better Return on Assets
Inclination of Organizations Toward Cloud-Based Deployments to Overcome On-Premises Limitations
Lack of Skilled Workforce and Poor Management Create User Adoption Process
Difficulties with Integration and Implementation of Asset Performance Management with Current Applications
Case Study Analysis
Case Study 1: Tata Power
Case Study 2: Oman Gas Company
Case Study 3: Nova Scotia Power
Porter's Five Forces Analysis
Cloud/Software as a Service
Value Chain Analysis
Regulatory Implications and Industry Standards
General Data Protection Regulation
Occupational Safety and Health Administration
Health Insurance Portability and Accountability Act of 1996
Security in a Cloud Computing Environment
Arbox Renewable Energy
Ips Intelligent Process Solutions
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