Demand for Asset Efficiency Propels the Global Asset Performance Management (APM) Market

Demand for Asset Efficiency Propels the Global Asset Performance Management (APM) Market

Future Market Enhanced by Growth Opportunities in Connected Assets Management

RELEASE DATE
06-Oct-2020
REGION
North America
Research Code: K3B1-01-00-00-00
SKU: IA01592-GL-MT_24624
$4,950.00
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Description

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

Table of Contents

Key Findings

Market Engineering Measurements

CEO’s Perspective

Market Definitions

Market Definitions (continued)

Key Questions this Study will Answer

Market Segmentation by Region

Market Segmentation by Vertical Market

Market Segmentation by Segment

Asset Performance Management—An Overview

Asset Performance Management—Functionalities

Market Drivers

Drivers Explained

Drivers Explained (continued)

Drivers Explained (continued)

Drivers Explained (continued)

Market Restraints

Restraints Explained

Restraints Explained (continued)

Restraints Explained (continued)

Market Engineering Measurements

Forecast Assumptions

Revenue Forecast

Revenue Forecast Discussion

Revenue Forecast—Software

Revenue Forecast Discussion—Software

Revenue Forecast—Services

Revenue Forecast Discussion—Services

Percent Revenue Forecast by Region

Revenue Forecast by Region

Revenue Forecast Discussion by Region

Revenue Forecast Discussion by Region (continued)

Percent Revenue Forecast by Vertical Market

Revenue Forecast by Vertical Market

Revenue Forecast Discussion by Vertical Market

Revenue Forecast Discussion by Vertical Market (continued)

Revenue Forecast Discussion by Vertical Market (continued)

Evolving Asset Management Strategy

Evolving Asset Management Strategy (continued)

Evolving Asset Management Strategy (continued)

Asset Performance Management Modules

Asset Performance Management Pricing

End-use Industry Trend

End-use Industry Trend (continued)

End-use Industry Trend (continued)

Market Share

Market Share Analysis

Competitive Environment

Top Competitors

Competitor Features for APM Offering

AVEVA—APM Solution Overview

AVEVA—Tech Stack

AVEVA—ADNOC Case Study

GE DIGITAL—APM Solution Overview

GE DIGITAL—Tech Stack

ASPEN TECHNOLOGY—APM Solution Overview

ASPEN TECHNOLOGY—Edge to Enterprise

ABB—APM Solution Overview

ABB Ellipse—Future Roadmap

Atonix Digital—APM Solution Overview

ARMS RELIABILITY—APM Solution Overview

ARMS RELIABILITY—Asset Strategy Management

IFS—APM Solution Overview

5 Major Growth Opportunities

Growth Opportunity 1—Modular APM

Growth Opportunity 2—APM on Cloud

Growth Opportunity 3—Industrial Mobility

Growth Opportunity 4—Predictive Maintenance

Growth Opportunity 5—Connected Assets

Strategic Imperatives for Success and Growth

Impact of Mega Trends on the APM Market

Mega Trend Impact on the APM Market

Key Findings

Revenue Forecast

Revenue Forecast Discussion

Key Findings

Revenue Forecast

Revenue Forecast Discussion

Key Findings

Revenue Forecast

Revenue Forecast Discussion

Key Findings

Revenue Forecast

Revenue Forecast Discussion

IT-OT Convergence—Establishing a Smart Automation Architecture Through Connectivity

Key Disruptive Technologies

Opportunities for APM Software Vendors by Leveraging on IT-OT Convergence

Changing Customer Buying Behavior That Triggers Opportunities From More Value-add Projects

Next Evolution of Solution Offerings to be Data Driven

The Last Word—3 Big Predictions

Legal Disclaimer

Market Engineering Methodology

List of Companies in “Others”

Partial List of Companies Interviewed

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

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
More Information
No Index No
Podcast No
Author Avinash Kumar
Industries Industrial Automation
WIP Number K3B1-01-00-00-00
Is Prebook No
GPS Codes 99EA-A5,9593,9420