Prescriptive Asset Management Solutions Market - Overview

Analytics is the computational analysis of a set of data. The field of analytics has evolved over a period of time. It used to be descriptive in nature and used historical data to analyze situations and actions. Later, descriptive analytics was further refined to diagnostic analytics, which provided reasoning for actions. With further advancements in computational technology, the approach of predictive and prescriptive analytics came into existence. Predictive analytics helps decision makers to mathematically predict the future. On the other hand, prescriptive analytics helps decision makers to take action regarding future events.

Prescriptive analytics and maintenance are computing tools that use modern technologies such as artificial intelligence, machine learning, as well as pattern recognition to create efficient decision making for asset management. They are used to monitor equipment performance at the premises and also predict performance expectations. Anyone responsible for asset management can reap the benefits of prescriptive analytics. Original equipment manufacturers (OEM), maintenance organizations, or any third party service providers can use prescriptive analytics to efficiently manage assets.

Prescriptive analytics draws data from business intelligence, enterprise asset management (EAM), enterprise resource planning (ERP), and other enterprise information systems. Using these data, the solution frames ‘what if’ conditions of all the possible results. Each option is critically evaluated in order to arrive at the optimal course of action. Prescriptive analytics saves time and significantly reduces human error since the outcome is created by the combination of predictive modelling, machine learning, and statistical algorithms.

Prescriptive maintenance continuously monitors the asset and immediately identifies any asset failure. It is not limited to predicting failure like predictive analytics. It has a larger canvas. Prescriptive analytics helps in strategic decision making for the maintenance of the asset throughout its life cycle.

Therefore, the prescriptive approach to asset management has several benefits. It helps in providing real-time data analysis and improves asset performance by significantly reducing downtime.

Prescriptive Asset Management Solutions Market - Drivers & Restraints

Vendors operating in the prescriptive asset management solutions market are offering comprehensive asset performance management software suites that use various advanced technologies, including Big Data analytics, process modelling, and machine learning. Vendors are prioritizing the need of asset-intensive companies in order to develop robust software suites. They are combining the features of predictive analytics with prescriptive analytics to provide a holistic solution for complete asset lifecycle management.

The prescriptive asset management solutions market is largely driven by benefits of prescriptive analytics to asset intensive companies. Maintaining assets is one of the most critical tasks, and any human error can lead to significant loss in terms of money and time. In order to avoid such challenges, companies are deploying prescriptive asset management solutions. Low level of awareness about prescriptive asset management solutions is the key barrier in the adoption of these solutions. However, vendors operating in the market are taking significant efforts to create awareness about the solutions though trade shows and conferences.

Prescriptive Asset Management Solutions Market – Segmentation

The prescriptive asset management solutions market can be segmented based on industry vertical, deployment, and region. Based on industry vertical, the prescriptive asset management solutions market can be categorized into oil & gas, chemicals, water & wastewater, and power generation.  In terms of deployment, the prescriptive asset management solutions market can be classified into on- premise and cloud-based. Based on industry vertical, the prescriptive asset management solutions market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

Prescriptive Asset Management Solutions Market - Key Players

Some of the key players operating in the prescriptive asset management solutions market are AspenTech, ABB Ltd., Argility, SEAMS Ltd., PlantVision, Aricent Inc., IBM Corporation, Dexcent Inc., Rockwell Automation, and SAP SE.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the prescriptive asset management solutions market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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