According to market research report on "Asset Performance Management Market by
Component (Solutions and Services), Solution (Asset Strategy Management, Asset
Reliability Management, Predictive Asset Management), Deployment Type,
Organization Size, Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Asset Performance Management (APM) Market size is projected
to grow from USD 3.3 billion in 2020 to USD 6.7 billion by 2025, at a Compound
Annual Growth Rate (CAGR) of 15.1% during the forecast period.
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.
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.
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.
Market Players
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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Report: https://www.marketsandmarkets.com/Market-Reports/asset-performance-management-market-72801714.html
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