(MENAFN- GetNews) According to a recent report published by Grand View Research Inc., The growing adoption of dedicated systems for managing the performance of assets to achieve operational excellence is expected to fuel the market growth. In addition, as countries continue to battle against Covid-19, the demand for communication infrastructure is likely to witness heavy surge in the coming years.
The global asset performance management market size is expected to value at USD 24.4 billion by 2025 to expand at CAGR of 9.15%. Companies having a high degree of reliance on the capability of their assets have to often confront unplanned downtimes stemming from failures of assets, ineffective data gathering approaches while monitoring assets, hardships in realizing operational capabilities of assets, inability to determine unforeseeable risks, and ineffective maintenance scheduling, which can potentially impact their profits goals. Managing the performance of assets can help such companies is reducing the instances of unplanned downtimes.
On the backdrop of pandemic, the digital services including telemedicine are expected to remain popular even after the pandemic is contained, thereby ensuring strong growth in the communication infrastructure industry.
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Asset Performance Management Market Report Highlights
• The rapid industrial shift towards digitalization of monitoring and maintenance activities is prompting companies to invest aggressively in digital solutions to manage the performance of assets.
• Use of advanced processes and tools, such as regression analysis, neural network analysis, and Monte Carlo simulation, in managing the performance of assets is driving the growth of the predictive asset management segment.
• The on-premises segment is projected to dominate the asset performance management market over the forecast period owing to the growing preference for on-premises customized systems.
• The hosted segment is expected to register a CAGR of more than 11% from 2019 to 2025. The public cloud segment held a market share of more than 60% in 2018 and is expected to maintain its dominance during the forecast period.
• The predictive asset management segment is expected to register a CAGR exceeding 11% from 2019 to 2025 as the approach shifts from predictive to preventive .
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Asset Performance Management Market Segmentation
Grand View Research has segmented the global asset performance management market based on deployment mode, category, vertical, and region as follows:
Asset Performance Management Deployment Mode Outlook (Revenue, USD Million, 2014 - 2025)
• On-Premises
• Hosted
• Public Cloud
• Private Cloud
Asset Performance Management Category Outlook (Revenue, USD Million, 2014 - 2025)
• Predictive Asset Management
• Asset Reliability Management
• Asset Strategy Management
• Others
Asset Performance Management Vertical Outlook (Revenue, USD Million, 2014 - 2025)
• Energy & Utilities
• Oil & Gas
• Manufacturing
• Mining & Metal
• Government & Public Sector
• Transportation
• Chemicals & Pharmaceutical
• Others
Asset Performance Management Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Asia Pacific
• China
• India
• Japan
• South America
• Brazil
• Middle East & Africa
List of Key Players in Asset Performance Management Market
• ABB
• ARMS Reliability
• Aspen Technology Inc.
• Bentley Systems Incorporated
• General Electric
• IBM Corporation.
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About Grand View Research
Grand View Research is an India & U.S. based market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company's rich database includes in-depth analysis across a range of industries including chemicals, materials, energy, healthcare, and technology, among others.
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