Asset Performance Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Asset performance management refers to the usage of different assets, by business organizations, for achieving business specific goals. It can be termed as the approach taken by business organizations, for optimal management of asset deployment, so as to maximize the profit for the organization, coupled with predictability for the supply chain.
Asset performance management can be multifunctional. It can perform asset performance follow up, to identify any required actions for the production plant.It can also identify underperforming assets and vendors. Asset performance management can also be utilized for monitoring energy consumption, coupled with generation of alerts for any breakdown or loss of power.
The identification of increased energy consumption is a type of predictive maintenance, since higher energy consumption is considered to be an early sign for maintenance requirement or problem with the asset. Several vendors of asset performance management provide customized solutions, as per their client’s requirements.
Some customized solutions include the capability to be integrated with the supervisory control and data acquisition (SCADA) or distributed control systems (DCS) of a plant. Such integration allows for continuous data collection on various assets, coupled with instant alert generation for any recognized threats or an underperforming asset.
Most asset performance management system generates reports on the performance of the assets, and then distributes the same automatically through e-mail or the user interface.
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The market for asset performance management is being driven primarily by the growing stringency of regulations globally. Regulations for manufacturing plants have been growing in stringency, owing to increasing concerns for plant workers health and environmental concerns among others.
Such regulations require constant monitoring and alert generation for untoward events, coupled with proper preventive measures. Asset performance management can meet all such requirements effectively and hence has been having growing application in several industry verticals.
This in turn has been promoting the global asset performance management market. Additionally, due to growing competitiveness, the companies for all industry verticals are demanding higher return on investment (ROI).
Hence, any underperforming asset can lead to huge downturn for that company, and decrease its competitiveness in the market. This in turn is promoting the demand for asset performance management market across all industry verticals, across the globe.
Furthermore, the ability of asset performance management solutions to facilitate the decision making for business critical missions and reduce the cost of overall operation has also been promoting the demand for such solutions globally. However, due to relatively high cost, several mid size and most small size organizations tend to refrain from investing in asset performance management.
This in turn has been restraining the growth of the market to some extent. The growing dependence on cloud systems for businesses processes, coupled with growing global competitiveness, is expected to provide several growth opportunities for the asset performance management market across the globe.
The global market for asset performance management, on the basis of architecture, has been segmented into software and services. Services have been further segmented into training, design development, consultation and others.
On the basis of end use vertical, the market has been segmented into power, oil & gas, healthcare, telecommunications, manufacturing and others. On the basis of regions, the market for asset performance management has been segmented into North America, Europe, Asia Pacific (APAC), South America and Middle-East & Africa (MEA).
North America held the largest market share in 2016, owing to higher adoption of asset performance management by the different industry verticals, present in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period.
The major companies of the asset performance management market globally are General Electric, Co. (The U.S.), Bentley Systems, Inc.
(The U.S.), Schneider Electric Software, LLC (The U.S.), IBM Corporation (The U.S.), Prevas AB (Sweden), and Nexus Global Business Solutions, Inc. (The U.S) among various other companies.
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