iCrowd Newswire
01 Aug 2020, 12:03 GMT+10
Asset Performance Management Market
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Asset Performance Management Market. The growth sectors of the Asset Performance Management Market are identified with precision for a better growth perspective.
The global asset performance management market is awaited to reach the approximate valuation of 18,765.1 million in 2025, claims Market Research Future (MRFR), by attaining a CAGR of 10.7% during the forecast period (2017-2023).
FREE PDF@ https://www.marketresearchfuture.com/sample_request/8149
Top Drivers and Key Barriers
The rising applications in IT (Information Technology) and OT (Operational Technology) in the manufacturing sector, as well as high demand for improving machine efficiency, are taking the market towards growth. Mounting need for productively and enhanced performance has also led to the development of asset performance management in the past couple of years.
The beneficiaries offered by the asset performance management, such as reliability and availability with happens with the help of asset performance management software has also contributed largely to the global market growth of asset performance management. At the same time, as per the study, the asset performance management will also witness considerable growth during the forecast period is the surging number of large-sized facilities and necessities. These are counted among the essential factor in the market growth in almost every region of the world.
On the flip side, the factor of the high cost of implementing such solutions is resulting in limited deployment among SMEs, which could hinder the growth of global market for asset performance management in the future.
Market Segmentation
The worldwide asset performance management market, as per the study, has been segmented by the elements of offering, deployment mode, and vertical.
With respect to offering: Software types and services are the segments. Wherein, the software type segment has been categorized among data management software, predictive asset analytics tools, enterprise asset management software, and pattern recognition software. Among these, the enterprise asset management software segment accounted for the largest market share in 2018 and is now anticipated to record a CAGR of 8.5% during the assessment period.
In terms of deployment: Cloud and on-premise are the segments. Wherein, the on-premise deployment segment occupied a relatively more significant market share of 63.3% in 2018, and now it is touted to register a CAGR of 9.5% during the forecast period.
Vertical based segmentation of the market comprises of manufacturing, oil & gas, energy & utility, healthcare, IT & telecommunication, and more. Among these, the oil & gas segment occupied the largest market share in 2018; and now it is probable to record a CAGR of 11.2% during the review period.
Regional Framework
Geographically, the study of global asset performance management market has been done among the key regions of Asia-Pacific, North America, Europe, and the Middle East & Africa, and South America.
Among these, North America is likely to lead the asset performance management market and can retain its share during the forecast period. The advances in industrial technology and the rapid adoption of advanced technologies such as assets on the go are some of the essential factors responsible for the growth of the market in the region. With this, the presence of established players such as Aspen Technology, Inc., Bentley Systems, Incorporated, Detechtion Technologies, and IBM Corporation, is also one of the driving factors influencing the growth of the asset performance management market in this region.
The market in Asia-Pacific has been categorized among countries such as China, Japan, and India. The market in these countries is likely to gain a share of 20% in 2018. China could be the leading at the country-level market with registering 12.2% CAGR followed by Japan with 11.3%; India can also be the fastest-growing country-level market by recording the highest CAGR in the coming years. Governments of China, Japan, and India are intensely focusing on the development of their manufacturing and oil & gas industries and advances in digital technology, which have the possibility to boost the growth of the market during the assessment period.
Key Market Players
The well-known players of the global asset performance management market are listed as AVEVA Group PLC (UK), Bentley Systems, Incorporated (US), Aspen Technology (US), IBM Corporation (US), Operational Sustainability, LLC (US), Detechtion Technologies (Canada), SAP SE (Germany), SAS Institute Inc. (US), Rockwell Automation (US), and Schneider Electric (France). Other than these, other companies that have a significant market share also include ARMS Reliability (Australia), ABB (Switzerland), GE Digital (US), IPS (Germany), SAP SE (Germany), Siemens (Germany), DNV GL (Norway), and Uptake Technologies Inc. (US).
Other Related Market Research Reports:
Fixed Asset Management Software Market Research Report - Global Forecast 2023
https://www.marketresearchfuture.com/reports/fixed-asset-management-software-market-4398
Tags: . Asset Performance Management Market analysis, Asset Performance Management Market, Asset Performance Management Market regional, Asset Performance Management Market report, Asset Performance Management Market research, Asset Performance Management Market size, Asset Performance Management Market trends
See Campaign: https://www.marketresearchfuture.com/reports/asset-performance-management-market-8149Contact Information:About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.comTags:, iCN Internal Distribution, Research Newswire, English
Contact Information:
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
Get a daily dose of Denver Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Denver Sun.
More InformationWhile Joe Biden's Presidency gives people a chance to rebuild, it also faces the bitterness and opposition of Trump's ever-loyal ...
LONDON, UK - World leaders have congratulated Joe Biden following his inauguration Wednesday as the 46th U.S. president. Many allies ...
NEW YORK CITY, New York - A New York City man who who stoked tensions before and after the storming ...
The end of Donald Trump's dysfunctional tenure in the White House means the start of a relatively normal presidency under ...
U.S. President Donald Trump left the White House for the final time on Wednesday, heading by helicopter to a nearby ...
Last week Israeli human rights group B'Tselem released a position paper describing for the first time in its 30-year history, ...
The end of Donald Trump's dysfunctional tenure in the White House means the start of a relatively normal presidency under ...
No. 24 UCLA takes its perfect Pac-12 Conference record and seven-game winning streak to Santa Cruz, Calif., where the Bruins ...
Having a bye week in college football before facing an archrival wouldn't be considered unusual. But having two weeks off ...
The Avalanche will try to give their offense a jumpstart when they face the Anaheim Ducks on Friday, one night ...
Brayden Point tipped in a pass from Victor Hedman in overtime as the Tampa Bay Lightning stayed perfect on the ...
Donovan Mitchell scored a season-high 36 points and grabbed seven rebounds to lead the Utah Jazz past the New Orleans ...