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Future Market Enhanced by Growth Opportunities in Connected Assets Management
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The emergence of Industrial Internet of Things (IIoT) technologies has accelerated the process of digital transformation across various end-use industries. There is a growing need to monitor, measure, analyze, and manage the failure of assets as a part of digital transformation initiatives. Asset-intensive industries have been grappling with constant issues such as unplanned downtime and failure of assets, high spare part and inventory cost, and lack of visibility of asset health. Asset-intensive industries, such as oil and gas, utilities, and transportation are striving to maximize asset utilization and achieve operational excellence. Asset performance management (APM) represents a key advancement in asset management to ensure asset health and provide real-time alerts about asset performance. This helps prevent unnecessary downtime and reduces operational costs. Adoption of APM modules will be key strategic imperative in transformation of end users’ operation and maintenance strategy from reactive to predictive to prescriptive maintenance. The adoption of APM is likely to extend beyond asset-intensive industries to serve as a viable solution for small- and medium-scale businesses with more standardization, flexible modules, and simplified architecture requiring lesser time and cost. The APM market is likely to witness more consolidation with pure-play vendors acquiring niche asset monitoring, IT, and IoT-based companies, complementing their existing product portfolios with IIoT-based solutions. Inorganic activities are likely to drive a significant portion of market growth. Accelerated digital transformation as part of the operations and maintenance (O&M) strategy will drive the growth of APM. Offering different modules such as health, integrity, reliability, and strategy modules will help end users in need-based adoption. The Emergence of the service-based business model will generate higher demand for APM to integrate manufacturing operations. The adoption rate of APM software will rise sharply as end users shift toward remote monitoring and predictive maintenance. However, impairment of operational functionality due to cyber attacks will be a deterrent for the adoption of APM by end users, specifically for critical applications in process industries. The lack of skilled professional to perform asset reliability risks and implement predictive analytics will restrain the adoption of APM.In 2019, the global APM market generated revenue of $1,311.4 million. Growth forecasts for the APM market remain optimistic during the forecast period, primarily due to the increasing focus on enhancing asset health and reducing operational costs, especially in asset-intensive industries. From a regional standpoint, with the aging infrastructure and gradual uptake in investment activities in North America and Asia-Pacific, growth prospects for the APM market remain positive.Author: Avinash Kumar
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