Asset performance management involves managing operational assets and maintaining their performance in complex operations. It provides analytics to monitor asset health, predict failures, and optimize maintenance strategies for improved efficiency and reduced operational costs. Asset performance management solutions involve predictive maintenance using technologies like machine learning, IIoT sensors, and analytics to track the condition and performance of physical assets. This helps identify asset performance issues proactively and reduces unplanned downtime. It finds applications across industries like oil & gas, manufacturing, healthcare, and transportation to maximize asset life and minimize maintenance costs.
Global asset performance management market is estimated to be valued at USD 3.56 Bn in 2024 and is expected to reach USD 10.38 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 16.5% from 2024 to 2031.
Key Takeaways
Key players operating in the asset performance management are Amazon Web Services (AWS) Inc., V7Labs, NEC Corporation, NVIDIA Corporation, Slyce Acquisition Inc., Clarifai, Inc., Google LLC, Blippar Ltd., Toshiba Corporation, and Huawei Cloud. With growing industrialization and complexity of asset operations, the demand for asset performance management solutions is increasing globally. Various industries are adopting these solutions to optimize asset usage, reduce downtime, and increase production capacity. Technological advancements like AI, ML, IoT, cloud computing and analytics are further helping asset performance management solutions to gain more insights from asset data for achieving enhanced operational efficiency.
Market Trends
The Asset Performance Management Market Size is witnessing fast adoption of cloud-based solutions as cloud deployment helps achieve scalability, reduces upfront investment, and facilitates remote asset monitoring. Growing adoption of IoT sensors and edge computing is another key trend as it allows real-time asset condition monitoring with low latency. Increasing focus on predictive maintenance is also a major trend to achieve higher asset availability through condition-based maintenance strategies. Augmented and virtual reality technologies are further being leveraged for remote asset inspection and operations.
Market Opportunities
Adoption of asset performance management in process industries like oil & gas, chemicals, and power generation presents significant growth opportunities. Integrating advanced technologies like AI, ML and computer vision also opens new avenues to derive deeper insights from vast amount of asset data. Combining asset performance management capabilities with digital twin technologies also holds promising growth prospects. Offering enhanced mobility support and on-cloud deployment models would help drive wider acceptance of asset performance management solutions across sectors.
Impact of COVID-19 on Asset Performance Management Market Growth
The COVID-19 pandemic hugely impacted the asset performance management market globally. During the initial lockdown phases, industries had to halt operations which disrupted supply chains. This led to a decline in new deployments of asset performance management solutions. As industries were shut, the need to optimize asset utilization decreased temporarily affecting market growth. However, as operations resumed with safety guidelines, demand for remote asset monitoring and predictive maintenance increased. Asset-intensive industries recognized the importance of digital solutions to optimize resources from remote locations. This transition accelerated the adoption of cloud-based asset performance platforms offering analytics. With travel restrictions, industries relied more on AI and IoT technologies integrated with asset data for predictive maintenance to avoid unplanned downtimes. Going forward, the market is expected to witness steady growth driven by industry 4.0 advancements and increasing investments in digital transformation initiatives by enterprises.
North America accounts for the major share of the asset performance management market in terms of value. The region has witnessed significant technological advancements and adoption of cloud computing. Majority of enterprises in industries such as oil & gas, manufacturing have embraced Industry 4.0 models. This has propelled the deployments of advanced asset performance solutions for improved operational efficiency. Moreover, presence of global players and increase in R&D investments by companies have further stimulated market growth. Asia Pacific region is expected to grow at the fastest rate during the forecast period. Rapid industrialization and rise of manufacturing sectors across China, India will drive demand. Initiatives by governments to embrace automation and digitalization will boost adoption of asset performance platforms facilitating informed decision making.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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