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Asset Performance Management Market Share,
Trends and Industry Forecast to 2028
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By solutions, the
predictive asset management segment to grow at the highest CAGR during the
forecast period.
Predictive asset
maintenance is a type of maintenance that monitors the condition of assets
using sensors. These sensors supply real-time data, which can be used to
predict the timeline for asset maintenance, preventing equipment failure. It is
a method used for preventing asset failures by analyzing the production data to
identify patterns and predict issues before occurrence. Predictive asset
maintenance further allows the maintenance frequency to be as low as possible
to prevent unplanned reactive maintenance without incurring costs associated
with performing several preventive maintenance activities. Predictive Asset
Analytics helps organizations gain the highest return on critical assets by
supporting PdM programs with early warning detection of equipment issues ahead
of the existing operational alarms.
By vertical, manufacturing vertical is expected to hold the
largest market share in 2023.
Asset-intensive
organizations across the manufacturing vertical with heavy machinery are
seeking to make their operations more efficient, reliable, and safer. Deploying
AI and the IIoT within a process manufacturing environment can deliver a number
of business benefits for companies with asset performance management
capabilities. More manufacturers are adopting digital transformations through
IIoT technology, with the move from metrics to analytics leading the way. The
manufacturing sector has seen a variety of new analytics applications launched
over the past three to five years, including a strong focus on asset
performance management and other maintenance-related processes. Asset
performance management solutions provide near real-time visibility into the
condition of each industrial asset, which enables maintenance teams to minimize
downtime.
By Region, Asia Pacific is expected to grow at the highest CAGR
during the forecast period.
Asia Pacific is
among the major digital hubs of the world. Businesses in the region have been
quick to identify the benefits of cloud technology as a facilitator of digital
transformation. Countries such as China, Japan, Australia, Singapore, India,
and Indonesia are leading this technology adoption, which includes embracing
new-age technologies such as AI, edge, IIoT, analytics, and cloud.
According to the Global System for Mobile Communications Association
(GSMA), countries in Asia Pacific have established frameworks on a national
level, recognizing the potential of Industry 4.0 to help prepare economic
structures for greater productivity and resilience. This will be crucial in the
efforts by governments to stimulate economic recovery and build resilient
economies for the future. Most government agencies and industry players expect
Industry 4.0 objectives to be delivered within the next five years. This will
rely on effective regulatory frameworks, such as making a new spectrum
available for enhanced connectivity and increasing innovations in new solutions
leveraging AI, IIoT, ML, AR, and digital twin technologies.
Some of the key
players operating in the asset performance management market are – AVEVA (UK),
SAP (Germany), GE Digital (US), IBM (US), ABB (Switzerland), Emerson (US),
Bentley Systems (US), Rockwell Automation (US), Fluke (US), and DNV (Norway).
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