Mine Digitalization Improves ROI Due to Asset Upgrades and Automation

The mining industry is embracing new digital transformations in the field of asset performance management solutions. Companies in the mining sector are adopting collaborative approaches to gain competitive edge over other players. As such, the asset performance management solutions market is largely consolidated where top-tier companies are focusing on enhancing operational excellence for stakeholders in the mining sector. This is evident since the metal & mining industry is estimated to generate third-highest revenue in the asset performance management solutions market.

Mine digitalization is acquiring popularity as a cost-efficient solution for stakeholders. Digital transformation of assets has helped to bolster productivity of workers and employees at jobsites, reduce waste, and ensure a safe working environment. Companies in the market for asset performance management solutions are introducing software to upgrade assets, thus ensuring that employees work at their peak efficiency.

asset performance management solutions market infographic

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Asset-centric Software Solutions Gain Prominence in Oil & Gas Industries

Asset performance management solutions are becoming increasingly mainstream in asset-intensive industries, such as the oil & gas. Improving business operations and maximizing reliability and availability of assets have become important to boost productivity levels in organizations. Hence, DNV GL— a quality assurance and risk management company is increasing its efficacy in asset-centric software solutions for oil & gas industries. As such, the revenue of software/platform components is projected for aggressive growth in the asset performance management solutions market.

The asset performance management solutions market is anticipated to reach a revenue of US$ 250 Bn by the end of 2030, as companies are increasing efforts to introduce best-of-the-breed industry domain software that work efficiently in enterprises. Asset risk management and predictive asset management are becoming key focus points for companies in the market for asset performance management solutions.

Patented Linear Analytics Algorithms Address Issues of Interconnections in Energy & Utility Sector

Integrated platforms and analytics tooling software play a pivotal role in detailed understanding of asset and network performance in the energy & utilities sector. Hence, global leader in analytics solutions IBM is helping users with pre-built data models and dashboards with its IBM Maximo® APM, an asset performance management solutions software that supports demanding needs in the energy & utilities industry. As such, energy & utility is estimated to dictate the highest revenue among all industries in the asset performance management solutions market.

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There is a demand for aggregating and analyzing current and historical operational data in the market for asset performance management solutions in order to deploy insights on the asset health. However, determining interconnections between laterals and transformers can be potentially time-consuming and costly when conducted in the field. Hence, companies in the asset performance management solutions market are increasing their research in linear analytics algorithms to address the issue of interconnections. This is being made possible with the use of smart meter data analysis to identify which meters are connected to which electric phase, thus eliminating the need to send crews into the field.

IoT Connectivity Ensures Intelligent Enterprise Asset Management amidst Coronavirus Crisis

Proactive asset management has become more important than ever due to ongoing developments in the novel coronavirus (COVID-19). Hence, companies in the asset performance management solutions market are capitalizing on this trend to help users achieve effective asset management, as many production companies strive to ramp-up their capacity additions in the near future. As such, there is a growing demand for highly functioning asset management plan in the market to help ensure that equipment are fully operational and that downtime is kept to a minimum.

Since several production plants have been instruction to temporarily suspend their manufacturing activities, companies in the asset performance management solutions market are collaborating with stakeholders to schedule much-needed inspections and maintenance routines for assets and equipment. Companies are exploiting the advantages of intelligent enterprise asset management with the help of IoT connectivity and industrial IoT devices.

asset performance management solutions market segmentation

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Analysts’ Viewpoint

IoT devices, smart sensors, and condition monitoring are surfacing in the asset performance management solutions market to identify potential asset & equipment maintenance issues amidst the coronavirus crisis. Focused industry knowledge and integrated software tools are gaining prime importance in deploying decision support to improve asset performance in the energy & utility sector.

Moreover, tighter maintenance budgets and stringent regulations pose as hurdles for companies in the market for asset performance management solutions. Hence, companies should educate users on collecting the right data by performing data analysis using the artificial intelligence (AI) and machine learning (ML) to monitor the condition of assets.

Asset Performance Management Solutions Market: Overview

  • The global asset performance management solutions market is expected to reach US$ 250 Bn by 2030 from ~US$ 70 Bn in 2020, expanding at a CAGR of ~14% from 2020 to 2030
  • The global asset performance management solutions market is currently driven by growing demand from the oil & gas industry to reduce the operational cost and downtime of assets
  • The asset performance management solutions market in Asia Pacific is projected to expand at a higher CAGR during the forecast period. Adoption of cloud-based asset performance management solutions by oil & gas, and energy & utility sectors has propelled the demand for asset performance management solutions in the region.
  • China is the most attractive market in Asia Pacific. The incremental opportunity is significantly higher for China, as it accounts for a dominant share in the asset performance management solutions market in this region

Asset Performance Management Solutions Market: Definition

  • The asset performance management solutions market report provides analysis of the global asset performance management solutions market for the period 2018 – 2030, wherein 2019 is the base year, 2020 is the estimated year, and 2021 to 2030 is the forecast period. Data for 2018 has been included as historical information
  • Asset performance management solutions is a software that an enterprise uses to reduce the risks associated with operating the assets, minimizing the cost of maintaining assets, to bring about reduced maintenance cost, and increase asset availability. Asset performance management solutions are carefully developed and implemented as they are used to maximize asset safety, availability, and production uptime. The solutions intelligently automate and simplify the asset operational process across cloud and on-premise.
  • In this report, we analyze the challenges industries face in acquiring the right asset performance management solutions that can cope with the rapidly changing world. The report also highlights the total revenue generated through the sale of asset performance management solutions across various key regions worldwide.

North America Asset Performance Management Solutions Market: Snapshot

  • The asset performance management solutions market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe. North America remains the leading market for asset performance management solutions, with revenues in 2020 estimated at US$ 21.43 Bn.
  • Strong presence of asset performance management solution vendors in North America is a crucial factor driving the market. Growing preference for cloud-based asset performance management solutions is expected to drive the demand for advanced asset performance management solutions in the region.

Key Growth Drivers of Asset Performance Management Solutions Market

  • Innovative technologies for better insights and analysis – Rise in innovative technologies such as industrial IoT (IIoT), Artificial Intelligence, Augmented Reality, and Big Data and analytics for better insights and analysis are fueling the growth of the market
  • Growing demand from oil & gas industry – Integration of asset performance management solutions in the oil & gas industry is more difficult as compared to other industries as the oil & gas industry uses complex assets such as refineries and oil plants. This generates demand for asset performance solutions, which in turn is projected to fuel the demand for asset performance management solutions during the forecast period.

Key Challenges Faced by Asset Performance Management Solutions Market Players

  • High initial cost of on-premise solutions and lack of awareness about cloud-based management systems is expected to challenge the market growth in the near future
  • One of the most significant challenges of the asset performance management solutions market is integration of software with existing systems. Integration of asset performance management solutions in the oil & gas industry is more difficult as compared to other industries, as the oil & gas industry uses complex assets such as refineries and oil plants. Thus, integration issues are expected to hamper the market growth during the forecast period.

Asset Performance Management Solutions Market: Competition Landscape

  • In October 2019, Siemens AG collaborated with Bentley Systems to launch an integrated asset performance management (APM) solution for power plants
  • In October 2018, GE Digital launched the new Predix ServiceMax Asset Service Management Software. This software is designed to reduce unplanned downtime for industrial equipment operators.

Asset Performance Management Solutions Market: Company Profile Snapshot

  • ABB Ltd.: Incorporated in 1988, ABB Ltd. is based in Zurich, Switzerland. ABB is a public global power and industrial automation company. The company’s asset performance management solution clients are located in Latin America, North America, China, and Western Europe and in the transportation and utilities industries.
  • Aspen Technology, Inc.: Aspen Technology, Inc. is an asset optimization software company. It provides asset optimization software to optimize asset operations, design, and maintenance lifecycle in many industrial environments.
  • Other major players operating in the global asset performance management solutions market and profiled in the report include 
    • AVEVA Group plc
    • Bentley Systems
    • Incorporated
    • DNV GL
    • Flowserve Corporation
    • GE Digital
    • IBM Corporation
    • MaxGrip B.V
    • Nexus Global Business Solutions, Inc
    • Oracle Corporation
    • SAP SE
    • SAS Institute Inc.
    • Schneider Electric SE
    • Siemens AG

Asset Performance Management Solutions Market - Scope of the Report

A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global asset performance management solutions market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the asset performance management solutions market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the asset performance management solutions market is expected to progress during the forecast period 2020-2030.

The report offers intricate dynamics about the different aspects of the asset performance management solutions market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the asset performance management solutions market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the asset performance management solutions market, and estimate statistics related to the market progress in terms of value (US$ Bn).

The study covers a detailed segmentation of the asset performance management solutions market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the asset performance management solutions market, wherein various developments, expansion, and winning strategies practiced and executed by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Asset Performance Management Solutions Market

The report provides detailed information about the asset performance management solutions market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the asset performance management solutions market, so as to help them make successful strategies and take target-driven decisions.

  • Which regions will continue to remain the most profitable regional markets for asset performance management solution market players?
  • Which factors will induce a change in the demand for asset performance management solutions during the assessment period?
  • How will changing trends impact the asset performance management solutions market?
  • How can market players capture low-hanging opportunities in the asset performance management solutions market in developed regions?
  • Which companies are leading the asset performance management solutions market?
  • What are the winning strategies of stakeholders in the asset performance management solutions market to upscale their position in this landscape?
  • What will be the Y-o-Y growth of the asset performance management solutions market between 2020 and 2030?
  • What are the winning imperatives of market frontrunners in the asset performance management solutions market?

Research Methodology – Asset Performance Management Solutions Market

The research methodology adopted by analysts to compile the asset performance management solutions market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the asset performance management solutions market.

During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the asset performance management solutions market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the asset performance management solutions market.

Asset Performance Management Solutions Market – Segmentation

TMR’s research study assesses the asset performance management solutions market on the basis of component, deployment, enterprise size, industry, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the asset performance management solutions market.

Component

  • Software/Platform
    • Condition Monitoring
    • Predictive Maintenance
    • Asset Integrity & Reliability Management
    • Asset Health Management
    • Others (Asset Optimization & Supervision, etc.)
  • Services
    • Professional
      • Integration & Consulting
      • Support & Maintenance
    • Managed

Deployment

  • On-premise
  • Cloud

Enterprise Size

  • Small & Medium Enterprise
  • Large Enterprise

Industry

  • Oil & Gas
  • Energy & Utility
  • Food & Beverages
  • IT & Telecom
  • Healthcare
  • Metals & Mining
  • Automotive
  • Chemical
  • Manufacturing
  • Others (Water & Wastewater, Pulp & Paper, etc.)

Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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