Global Asset Performance Management Market By Category (Asset Reliability Management, Asset Strategy Management, Predictive Asset Management and Others) By Deployment Type (On-premise and Hosted) By Vertical (Energy & Utilities, Oil & Gas, Manufacturing, Mining & Metal, Government & Public Sector, Chemicals & Pharmaceutical and Others)
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The Global Asset Performance Management Market size is expected to reach $23.8 billion by 2025, rising at a market growth of 9.1% CAGR during the forecast period. Asset performance management has enabled asset-intensive industries like manufacturing, mining, oil and gas, transportation, and utilities to gain a better control over the operational life of their crucial assets. The implementation of an asset performance management system and accompanying applications also help these sectors to switch from a break-fix solution to maintenance to a more progressive approach. This transition leads to lower unplanned downtime, minimal maintenance costs, and increased availability of assets.
Global Asset Performance Management Market Size
Use of advanced technology including predictive analytics, pattern recognition, artificial intelligence and machine learning enables the asset performance management systems to analyze crucial metrics like uptime and mean time. It further helps to repair and ensure asset shelf life to assist in decision making which can improve the asset’s reliability and reduce equipment downtime. Equipment failure is a significant risk for businesses as it delays a product's or service's delivery. The implementation of an asset performance management approach has been driven by the emergence of industrial internet of things, big data, and minimal-cost equipment sensors from the industrial internet that enables asset performance data to be obtained in real-time.
Global Asset Performance Management Market Share
Based on Category, the market is segmented into Asset Reliability Management, Asset Strategy Management, Predictive Asset Management and Others. Based on Deployment Type, the market is segmented into On-premise and Hosted. Based on Vertical, the market is segmented into Energy & Utilities, Oil & Gas, Manufacturing, Mining & Metal, Government & Public Sector, Chemicals & Pharmaceutical and Others. The Government & Public Sector segment is projected to grow at the highest CAGR between 2019 and 2025. The trend can be linked to ongoing deployment of wastewater treatment projects throughout developing countries like Malaysia, Brazil, and Mexico. During the forecast period, the manufacturing segment is expected to be a major market share holder and grow at a significant CAGR. Due to the increasing volume of manufacturing plants coming up in the region, the segment is expected to see the fastest growth in Asia Pacific.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2018, North America reported for more than 30 percent market share. Many key players in the industry and established companies are based in North America. Therefore, the region was always at the forefront of research and development activities in the IIoT sector and therefore has a dominant market position.
Asset Performance Management Market Cardinal Matrix
The major strategies followed by the market participants are Product launches and Partnerships & Collaborations. Based on the Analysis presented in the Cardinal matrix, General Electric (GE) Co., Siemens AG, SAP SE, and IBM Corporation are some of the forerunners in the Asset Performance Management Market. The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, IBM Corporation, General Electric (GE) Co., SAP SE, Schneider Electric SE (Schneider Electric Software LLC), Siemens AG, Nexus Global Business Solutions, Inc., Aspen Technology, Inc., Bentley Systems, Inc. and SAS Institute, Inc.
Recent Strategies Deployed in Asset Performance Management Market
» Partnerships, Collaborations and Agreements:
- Sep-2019: Schneider collaborated with BASF in which Schneider will help BASF in expanding its visibility into operations with the implementation of EcoStruxure Asset Advisor on their new electrical substation.
- Jul-2019: Bentley Systems signed an agreement with Autodesk for expanding the interoperability between their portfolios of architectural, engineering, and construction (AEC) software by improving the fidelity of workflows.
- Apr-2019: ABB came into partnership with ACS Group for asset lifecycle management.
- Apr-2019: IBM has collaborated with Sund & Bælt for producing AI-powered IoT software by connecting S&B’s operational expertise with IBM’s Maximo Enterprise Asset Management (EAM) and Asset Performance Management (APM) solutions for the implementation of prescriptive and predictive maintenance strategies.
- Apr-2019: Siemens partnered with SAS in order to provide access of SAS advanced and predictive analytics in MindSphere to customers for increasing the adoption of artificial intelligence and machine learning in Internet-of-Things environments.
- Mar-2019: Schneider signed partnership agreement with Planon for providing alerts on predicted equipment failures, real-time data on asset performance and maintenance interventions through integrating Planon’s IWMS platform with Schneider Electric’s EcoStruxure Building Advisor.
- Feb-2019: SAP has extended its partnership with Microsoft so that SAP Leonardo IoT can use services from Azure IoT for transforming predictive maintenance.
- Dec-2018: ABB signed partnership agreement with Ameren in which Ameren will use ABB Ability Ellipse Asset Performance Management for increasing the power reliability and for the optimization of asset management.
- Nov-2018: SAP has collaborated with TCS for developing Intelligent Rail Digital Maintenance (iRDM) solution, powered by SAP® Leonardo, for helping the customers in performing predictive maintenance and transforming their business digitally.
- Oct-2018: Siemens collaborated with Bentley for developing asset performance management solutions for power plants.
- Oct-2018: Bentley signed collaboration agreement with Atos in order to expand its offerings such as remote operation of assets, real-time monitoring, full-immersive visibility of assets, and decision making.
- Jul-2018: SAP came into partnership with ANSYS for integrating ANSYS’ expertise in engineering with SAP’s in operations for helping the customers in providing predictive and prescriptive maintenance.
- Mar-2018: Nexus came into partnership with GP in order to launch a range of complementary services and software which enables the users to validate asset performance and plan maintenance activity.
- Feb-2018: Aspen teamed up with Emerson for delivering asset optimization software solutions.
» Acquisition and Mergers:
- Jul-2019: Aspen took over Mnubo Inc. and Sabisu Ltd., in order to enable the automation of knowledge and data-driven decision making for continuous improvement across operation, design, and maintenance lifecycle of industrial assets.
- Nov-2018: Bentley Systems took over AIworx in order to make advancements in analysis and data collection for using infrastructure engineering digital twins, continuously updated with real-time contextual information, operations and maintenance, to optimize productivity.
- Nov-2018: Bentley Systems announced the acquisition of Slovakia in order to interface with enterprise asset management (EAM), enterprise resource planning (ERP), and geographical information systems (GIS).
- Jun-2018: IBM has acquired Oniqua for the expansion of IBM's Asset Optimization Practice which helps the clients in optimizing and reducing MRO Inventories, predicting when the equipment and critical parts might fail so that the actions can be taken for avoiding unplanned downtime.
» Product Launches:
- Aug-2019: General Electric launched enhanced Compliance Management features in its Asset Performance Management (APM) Integrity software for use in chemical industry, oil & gas industry, and power industry for inspection of data.
- Feb-2019: IBM launched a new portfolio of Internet of Things (IoT) solutions which integrates advanced analytics with artificial intelligence for helping the organizations in shifting asset maintenance strategies from preventative to prescriptive and predictive.
- Dec-2018: SAP launched Intelligent Asset Management (IAM), a suite of solutions for bringing asset intelligence, simulation, prediction and planning to equipment maintenance and operations.
- Nov-2018: ABB has introduced asset management and security solutions for enabling the process industries in managing and protecting their assets through preventive and predictive maintenance in order to avoid costly failures.
- Oct-2018: General Electric introduced Predix ServiceMax Asset Service Management (ASM) in order to increase the asset uptime and improve maintenance outcomes.
- Jan-2018: ABB released ABB Ability Ellipse™ suite in order to help the utilities in maximization of asset performance.
Scope of the Asset Performance Management Market Analysis
- Asset Reliability Management
- Asset Strategy Management
- Predictive Asset Management
By Deployment Type
- Energy & Utilities
- Oil & Gas
- Mining & Metal
- Government & Public Sector
- Chemicals & Pharmaceutical
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- ABB Group
- IBM Corporation
- General Electric (GE) Co.
- SAP SE
- Schneider Electric SE (Schneider Electric Software LLC)
- Siemens AG
- Nexus Global Business Solutions, Inc.
- Aspen Technology, Inc.
- Bentley Systems, Inc.
- SAS Institute, Inc.
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