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Demand for Asset Efficiency Propels the Global Asset Performance Management (APM) Market
Future Market Enhanced by Growth Opportunities in Connected Assets Management
06-Oct-2020
North America
Market Research
K3B1-01-00-00-00
IA01592-GL-MT_24624
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
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)
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| Deliverable Type | Market Research |
|---|---|
| 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 |
Demand for Asset Efficiency Propels the Global Asset Performance Management (APM) Market
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