ALBANY, N.Y., Feb. 9, 2022 /PRNewswire/ — A report by Transparency Market Research (TMR) estimates the global asset performance management solutions market to expand at a CAGR of 13.8% during the forecast period, 2020-2030.
Asset performance management solutions are being increasingly adopted by companies operating in the global mining industry. Players in the industry are using the strategy of mine digitalization, owing to many advantages it offers, including cost-effectiveness. Digital transformation of assets is gaining traction due to its ability to advancing the productivity of employees and workers at jobsites. Moreover, mining companies are adopting digitalization to achieve reduced waste as well as maintain a safe working environment. On the back of these factors, the global asset performance management solutions market is projected to cross US$ 250 Bn by 2030.
Major enterprises in the global asset performance management solutions market are investing heavily in order to achieve high level of operational efficiency for organizations from the mining industry. Hence, the asset performance management solutions market is anticipated to gain sizable expansion opportunities from the metal & mining industry.
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The asset performance management solutions market in Asia Pacific is estimated to observe prominent growth prospects during the forecast period, owing to factors such as rising demand for cloud-based asset performance management solutions by regional industries such as energy & utility and oil & gas industries. Moreover, the region is anticipated to observe lucrative prospects in China as the nation accounts for major share of the asset performance management solutions market.
Asset Performance Management Solutions Market: Key Findings
- Several enterprises operating in the asset performance management solutions market are launching software to upgrade assets. These efforts are helping employees from various end-use industries to work with high level of efficiency. This factor, in turn, is resulting into a rise in sales prospects in the global asset performance management solutions market, notes a study by TMR.
- Many asset-intensive industries, including the oil & gas industry, are increasing the adoption of asset performance management solutions in order to maximize dependability & availability of assets and advance their business operations. As a result, many players in the asset performance management solutions market are increasing their focus on the development of highly efficient asset-centric software solutions specific to the oil & gas industry. Such efforts are anticipated to fuel the expansion of the market for asset performance management solutions during the forecast period.
- Players in the asset performance management solutions market are focused on the launch of best-of-the-breed industry domain software that can help enterprises in improving their work efficiency. Moreover, they are concentrating on asset risk management and predictive asset management.
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Asset Performance Management Solutions Market: Growth Boosters
- Rise in focus of companies from the oil & gas industry to minimize the downtime of assets and operational cost is boosting the sales opportunities in the global asset performance management solutions market
- Increasing emergence of technological advancements such as artificial intelligence, industrial IoT (IIoT), augmented reality, and Big Data and analytics for better insights and analysis are driving the business avenues in the global asset performance management solutions market
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Asset Performance Management Solutions Market: Key Players
Some of the key players profiled in the report are:
- Bentley Systems
- AVEVA Group plc
- DNV GL
- GE Digital
- Flowserve Corporation
- MaxGrip B.V
- IBM Corporation
- Oracle Corporation
- Nexus Global Business Solutions, Inc
- SAS Institute Inc.
- SAP SE
- Siemens AG
- Schneider Electric SE
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Asset Performance Management Solutions Market Segmentation
- Condition Monitoring
- Predictive Maintenance
- Asset Integrity & Reliability Management
- Asset Health Management
- Others (Asset Optimization & Supervision, etc.)
- Integration & Consulting
- Support & Maintenance
- Small & Medium Enterprise
- Large Enterprise
- Oil & Gas
- Energy & Utility
- Food & Beverages
- IT & Telecom
- Metals & Mining
- Others (Water & Wastewater, Pulp & Paper, etc.)
- North America
- Asia Pacific
- Middle East & Africa
- South America
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