1. Market Research
  2. > Advanced IT Market Trends
Global Asset Performance Management Market (2019-2025)

Global Asset Performance Management Market (2019-2025)

  • October 2019
  • 275 pages
  • ID: 5826078
  • Format: PDF
  • By KBV Research

Summary

Table of Contents

The Global Asset Performance Management Market size is expected to reach $23.8 billion by 2025, rising at a market growth of 9.1% CAGR during the forecast period. Asset performance management has enabled asset-intensive industries like manufacturing, mining, oil and gas, transportation, and utilities to gain a better control over the operational life of their crucial assets. The implementation of an asset performance management system and accompanying applications also help these sectors to switch from a break-fix solution to maintenance to a more progressive approach. This transition leads to lower unplanned downtime, minimal maintenance costs, and increased availability of assets.

Use of advanced technology including predictive analytics, pattern recognition, artificial intelligence and machine learning enables the asset performance management systems to analyze crucial metrics like uptime and mean time. It further helps to repair and ensure asset shelf life to assist in decision making which can improve the asset’s reliability and reduce equipment downtime. Equipment failure is a significant risk for businesses as it delays a product’s or service’s delivery. The implementation of an asset performance management approach has been driven by the emergence of industrial internet of things, big data, and minimal-cost equipment sensors from the industrial internet that enables asset performance data to be obtained in real-time.

Based on Category, the market is segmented into Asset Reliability Management, Asset Strategy Management, Predictive Asset Management and Others. Based on Deployment Type, the market is segmented into On-premise and Hosted. Based on Vertical, the market is segmented into Energy & Utilities, Oil & Gas, Manufacturing, Mining & Metal, Government & Public Sector, Chemicals & Pharmaceutical and Others. The Government & Public Sector segment is projected to grow at the highest CAGR between 2019 and 2025. The trend can be linked to ongoing deployment of wastewater treatment projects throughout developing countries like Malaysia, Brazil, and Mexico. During the forecast period, the manufacturing segment is expected to be a major market share holder and grow at a significant CAGR. Due to the increasing volume of manufacturing plants coming up in the region, the segment is expected to see the fastest growth in Asia Pacific.

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2018, North America reported for more than 30 percent market share. Many key players in the industry and established companies are based in North America. Therefore, the region was always at the forefront of research and development activities in the IIoT sector and therefore has a dominant market position.

The major strategies followed by the market participants are Product launches and Partnerships & Collaborations. Based on the Analysis presented in the Cardinal matrix, General Electric (GE) Co., Siemens AG, SAP SE, and IBM Corporation are some of the forerunners in the Asset Performance Management Market. The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, IBM Corporation, General Electric (GE) Co., SAP SE, Schneider Electric SE (Schneider Electric Software LLC), Siemens AG, Nexus Global Business Solutions, Inc., Aspen Technology, Inc., Bentley Systems, Inc. and SAS Institute, Inc.

Recent strategies deployed in Asset Performance Management Market

Collaborations, Partnerships and Agreements:

Sep-2019: Schneider collaborated with BASF in which Schneider will help BASF in expanding its visibility into operations with the implementation of EcoStruxure Asset Advisor on their new electrical substation.

Jul-2019: Bentley Systems signed an agreement with Autodesk for expanding the interoperability between their portfolios of architectural, engineering, and construction (AEC) software by improving the fidelity of workflows.

Apr-2019: ABB came into partnership with ACS Group for asset lifecycle management.

Apr-2019: IBM has collaborated with Sund & Bælt for producing AI-powered IoT software by connecting S&B’s operational expertise with IBM’s Maximo Enterprise Asset Management (EAM) and Asset Performance Management (APM) solutions for the implementation of prescriptive and predictive maintenance strategies.

Apr-2019: Siemens partnered with SAS in order to provide access of SAS advanced and predictive analytics in MindSphere to customers for increasing the adoption of artificial intelligence and machine learning in Internet-of-Things environments.

Mar-2019: Schneider signed partnership agreement with Planon for providing alerts on predicted equipment failures, real-time data on asset performance and maintenance interventions through integrating Planon’s IWMS platform with Schneider Electric’s EcoStruxure Building Advisor.

Feb-2019: SAP has extended its partnership with Microsoft so that SAP Leonardo IoT can use services from Azure IoT for transforming predictive maintenance.

Dec-2018: ABB signed partnership agreement with Ameren in which Ameren will use ABB Ability Ellipse Asset Performance Management for increasing the power reliability and for the optimization of asset management.

Nov-2018: SAP has collaborated with TCS for developing Intelligent Rail Digital Maintenance (iRDM) solution, powered by SAP® Leonardo, for helping the customers in performing predictive maintenance and transforming their business digitally.

Oct-2018: Siemens collaborated with Bentley for developing asset performance management solutions for power plants.

Oct-2018: Bentley signed collaboration agreement with Atos in order to expand its offerings such as remote operation of assets, real-time monitoring, full-immersive visibility of assets, and decision making.

Jul-2018: SAP came into partnership with ANSYS for integrating ANSYS’ expertise in engineering with SAP’s in operations for helping the customers in providing predictive and prescriptive maintenance.

Mar-2018: Nexus came into partnership with GP in order to launch a range of complementary services and software which enables the users to validate asset performance and plan maintenance activity.

Feb-2018: Aspen teamed up with Emerson for delivering asset optimization software solutions.

Acquisition and mergers:

Jul-2019: Aspen took over Mnubo Inc. and Sabisu Ltd., in order to enable the automation of knowledge and data-driven decision making for continuous improvement across operation, design, and maintenance lifecycle of industrial assets.

Nov-2018: Bentley Systems took over AIworx in order to make advancements in analysis and data collection for using infrastructure engineering digital twins, continuously updated with real-time contextual information, operations and maintenance, to optimize productivity.

Nov-2018: Bentley Systems announced the acquisition of Slovakia in order to interface with enterprise asset management (EAM), enterprise resource planning (ERP), and geographical information systems (GIS).

Jun-2018: IBM has acquired Oniqua for the expansion of IBM’s Asset Optimization Practice which helps the clients in optimizing and reducing MRO Inventories, predicting when the equipment and critical parts might fail so that the actions can be taken for avoiding unplanned downtime.

Product Launches:

Aug-2019: General Electric launched enhanced Compliance Management features in its Asset Performance Management (APM) Integrity software for use in chemical industry, oil & gas industry, and power industry for inspection of data.

Feb-2019: IBM launched a new portfolio of Internet of Things (IoT) solutions which integrates advanced analytics with artificial intelligence for helping the organizations in shifting asset maintenance strategies from preventative to prescriptive and predictive.

Dec-2018: SAP launched Intelligent Asset Management (IAM), a suite of solutions for bringing asset intelligence, simulation, prediction and planning to equipment maintenance and operations.

Nov-2018: ABB has introduced asset management and security solutions for enabling the process industries in managing and protecting their assets through preventive and predictive maintenance in order to avoid costly failures.

Oct-2018: General Electric introduced Predix ServiceMax Asset Service Management (ASM) in order to increase the asset uptime and improve maintenance outcomes.

Jan-2018: ABB released ABB Ability Ellipse™ suite in order to help the utilities in maximization of asset performance.

Scope of the Study

Market Segmentation:

By Category

• Asset Reliability Management

• Asset Strategy Management

• Predictive Asset Management

• Others

By Deployment Type

• On-premise

• Hosted

By Vertical

• Energy & Utilities

• Oil & Gas

• Manufacturing

• Mining & Metal

• Government & Public Sector

• Chemicals & Pharmaceutical

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• ABB Group

• IBM Corporation

• General Electric (GE) Co.

• SAP SE

• Schneider Electric SE (Schneider Electric Software LLC)

• Siemens AG

• Nexus Global Business Solutions, Inc.

• Aspen Technology, Inc.

• Bentley Systems, Inc.

• SAS Institute, Inc.

Unique Offerings from KBV Research

• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
15% Off

($3600)

  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers
High Performance Message Infrastructure Market - Global Industry Analysis and Opportunity Assessment, 2019-2029

High Performance Message Infrastructure Market - Global Industry Analysis and Opportunity Assessment, 2019-2029

  • $ 5000
  • October 2019

A recent market study published on the high performance message infrastructure market includes a global industry analysis 2014-2018 and an opportunity assessment 2019-2029, and delivers a comprehensive ...

IDC's Worldwide Massively Parallel Computing Taxonomy, 2019

IDC's Worldwide Massively Parallel Computing Taxonomy, 2019

  • $ 4500
  • October 2019

This IDC study introduces IDC's concept of massively parallel compute (MPC) that is being applied as an infrastructure approach of choice across three major and fast-growing use case categories: modeling ...

Global Project Portfolio Management Market (2019-2025)

Global Project Portfolio Management Market (2019-2025)

  • $ 3600
  • December 2019

The Global Project Portfolio Management Market size is expected to reach $8.7 billion by 2025, rising at a market growth of 16.3% CAGR during the forecast period. Project portfolio management (PPM) is ...


ref:plp2019

Reportlinker.com © Copyright 2020. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on