Abstract
Summary
The asset performance management market size is expected to grow from USD 2.9 billion in 2023 to USD 4.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period. Requirement to extend life span of assets with help of advanced technologies and growing inclination toward adoption of new approach to asset performance management with Industry 4.0 to offer opportunities for the growth of asset performance management market. Lack of skilled workforce and poor management skills represents a significant challenge for the growth of the asset performance management market.
“As per component, the services segment is projected to witness a higher CAGR during the forecast period. “
On the basis of services, the asset performance management market is segmented into two categories: professional and managed services. These services assist in building, assessing, and leveraging asset performance management environments to avoid time wastage and effort on a failed implementation. Enterprises need active support from skilled professionals to minimize their downtime during the pre-and post-installation of asset performance management solutions. These services provide the necessary support to uphold the efficiency of business processes, increase enterprise growth, and reduce unwanted operational expenses.
“As per deployment type, the on-premises segment to hold a larger market share in 2023.“
The on-premises deployment of asset performance management solutions and services is a commonly used practice. It offers enterprises the power to manage risks, business processes, and industry policies and enables compliance management. Security and compliance are major concerns for businesses to manage the ever-increasing demand for customer experience. The adoption of on-premises asset performance management solutions reduces security risks and helps in boosting customer experience. The secure feature of on-premises has led to the modernization of operations to increase response rates, enhance efficiency, and reduce costs. On-premises deployment is a traditional approach to implement asset performance management solutions across enterprises.
“As per organization size, the SMEs segment is projected to grow at a higher CAGR during the forecast period.”
Asset performance management enables organizations to evaluate the variables that affect asset performance while in the field, ranging from feedstock in a pump to the training or work habits of the site crew. Asset performance management solutions monitor every asset and generate data. The generated data can allow technicians to perform more accurate Root Cause Analysis (RCA). In this way, teams throughout the organization can understand the process parameters that can lead to failures or reduced asset performance, enabling them to align more effectively across the supply network; improve planning; and reduce inventory, loss-of-market, and logistics costs. These factors are also expected to encourage SMEs to adopt asset performance management solutions and services at a rapid pace.
The breakup of the profiles of the primary participants is given below:
By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
By Designation: C-Level Executives: 50%, Director Level: 30%, and Others: 20%
By Region: North America: 25%, Europe: 30%, Asia Pacific: 30%, Middle East & Africa: 10%, Latin America: 5%
Note: Others include sales managers, marketing managers, and product managers
Note: Tier 1 companies have revenues more than USD 100 million; tier 2 companies’ revenue ranges from USD 10 million to USD 100 million; and tier 3 companies’ revenue is less than 10 million
Source: Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis
Some of the key players operating in the asset performance management market are – AVEVA (UK), SAP (Germany), GE Digital (US), IBM (US), ABB (Switzerland), Emerson (US), Bentley Systems (US), Rockwell Automation (US), Fluke (US), and DNV (Norway).
Research coverage:
The market study covers the asset performance management market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component, deployment type, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall asset performance management market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (need to meet regulatory compliance and reporting standards across asset-centric organizations, growing need to manage assets efficiency and sustainability and optimize total cost of ownership, demand for making informed business decisions with predictive asset maintenance, increased digital workforce and reliability culture, and growing need to optimize asset performance management strategy with a 360-degree view of asset performance), restraints (concerns over data security and confidentiality and impact of stringent government rules and regulations), opportunities (requirement to extend life span of assets with help of advanced technologies, growing inclination toward adoption of new approach to asset performance management with industry 4.0, rising trend of proactive asset performance management with iiot, predictive, and prescriptive analytics, adoption of digital twin solutions for asset performance management to drive better return on assets, and inclination of organizations toward cloud-based deployments to overcome on-premises limitations), and challenges (lack of skilled workforce and poor management skills and difficulties with integration and implementation of asset performance management with existing applications) influencing the growth of the asset performance management market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the asset performance management market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the asset performance management market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the asset performance management market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like AVEVA, SAP, GE Digital, IBM, ABB, Emerson, Bentley Systems, Rockwell Automation, Fluke, DNV,among others in the asset performance management market.
Table of Contents
1 INTRODUCTION 40
1.1 STUDY OBJECTIVES 40
1.2 MARKET DEFINITION 40
1.2.1 INCLUSIONS AND EXCLUSIONS 41
1.3 MARKET SCOPE 42
1.3.1 MARKET SEGMENTATION 42
1.3.2 REGIONS COVERED 42
1.3.3 YEARS CONSIDERED 43
1.4 CURRENCY 43
1.5 STAKEHOLDERS 44
1.6 SUMMARY OF CHANGES 44
2 RESEARCH METHODOLOGY 45
2.1 RESEARCH DATA 45
2.1.1 SECONDARY DATA 47
2.1.2 PRIMARY DATA 47
- 2.1.2.1 Breakup of primary profiles 48
- 2.1.2.2 Key industry insights 48
2.2 DATA TRIANGULATION 49
2.3 MARKET SIZE ESTIMATION 50
2.4 MARKET FORECAST 54
2.5 RESEARCH ASSUMPTIONS 55
2.6 LIMITATIONS 56
3 EXECUTIVE SUMMARY 57
3.1 RECESSION IMPACT 57
4 PREMIUM INSIGHTS 63
4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN ASSET PERFORMANCE MANAGEMENT MARKET 63
4.2 ASSET PERFORMANCE MANAGEMENT MARKET, BY SOLUTION (2023 VS. 2028) 63
4.3 ASSET PERFORMANCE MANAGEMENT MARKET, BY DEPLOYMENT TYPE 64
4.4 ASSET PERFORMANCE MANAGEMENT MARKET, BY ORGANIZATION SIZE 64
4.5 ASSET PERFORMANCE MANAGEMENT MARKET, BY VERTICAL (2023 VS. 2028) 65
4.6 ASSET PERFORMANCE MANAGEMENT MARKET: REGIONAL SCENARIO, 2023-2028 65
5 MARKET OVERVIEW AND INDUSTRY TRENDS 66
5.1 INTRODUCTION 66
5.2 MARKET DYNAMICS 66
5.2.1 DRIVERS 67
- 5.2.1.1 Need to meet regulatory compliance and reporting standards across asset-centric organizations 67
- 5.2.1.2 Growing need to manage assets efficiency and sustainability and optimize total cost of ownership 68
- 5.2.1.3 Demand for making informed business decisions with predictive asset maintenance 69
- 5.2.1.4 Increased digital workforce and reliability culture 70
- 5.2.1.5 Growing need to optimize asset performance management strategy with 360-degree view of asset performance 70
5.2.2 RESTRAINTS 71
- 5.2.2.1 Concerns over data security and confidentiality 71
- 5.2.2.2 Stringent government rules and regulations 71
5.2.3 OPPORTUNITIES 71
- 5.2.3.1 Requirement to extend life span of assets with help of advanced technologies 71
- 5.2.3.2 Growing inclination toward adoption of new approach to asset performance management with Industry 4.0 72
- 5.2.3.3 Rising trend of proactive asset performance management with IIoT, predictive, and prescriptive analytics 72
- 5.2.3.4 Adoption of digital twin solutions for asset performance management to drive better return on assets 73
- 5.2.3.5 Inclination of organizations toward cloud-based deployments to overcome on-premises limitations 73
5.2.4 CHALLENGES 73
- 5.2.4.1 Lack of skilled workforce and poor management skills 73
- 5.2.4.2 Difficulties with integration and implementation of asset performance management with existing applications 74
5.3 CASE STUDY ANALYSIS 74
5.3.1 CASE STUDY 1: AVEVA TO THE AID OF TATA POWER TOWARDS EFFICIENT OPERATIONS 74
5.3.2 CASE STUDY 2: REDUCING HUMAN ERROR WHILE IMPROVING RESOURCE EFFECTIVENESS 75
5.3.3 CASE STUDY 3: OVERALL ENHANCEMENT IN NOVA SCOTIA POWER’S FUNCTIONING AND ASSET MANAGEMENT, MONITORING ASSET HEALTH 75
5.4 ECOSYSTEM ANALYSIS 76
5.5 VALUE CHAIN ANALYSIS 78
5.6 TECHNOLOGY ANALYSIS 80
5.6.1 CLOUD/SOFTWARE AS A SERVICE (SAAS) 80
5.6.2 ARTIFICIAL INTELLIGENCE 81
5.6.3 MACHINE LEARNING 81
5.6.4 IOT TECHNOLOGY 81
5.6.5 AUGMENTED REALITY 82
5.7 PATENT ANALYSIS 82
5.8 PRICING ANALYSIS 85
5.9 PORTER’S FIVE FORCES MODEL 87
5.9.1 THREAT OF NEW ENTRANTS 88
5.9.2 THREAT OF SUBSTITUTES 88
5.9.3 BARGAINING POWER OF SUPPLIERS 89
5.9.4 BARGAINING POWER OF BUYERS 89
5.9.5 INTENSITY OF COMPETITIVE RIVALRY 89
5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 90
5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS 90
5.10.2 BUYING CRITERIA 91
5.11 REGULATORY LANDSCAPE 92
5.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92
5.11.2 REGULATIONS 94
- 5.11.2.1 North America 94
- 5.11.2.2 Europe 94
- 5.11.2.3 Asia Pacific 94
- 5.11.2.4 Middle East and South Africa 95
- 5.11.2.5 Latin America 95
5.12 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 95
5.13 KEY CONFERENCES & EVENTS IN 2023-2024 96
6 ASSET PERFORMANCE MANAGEMENT MARKET, BY COMPONENT 97
6.1 INTRODUCTION 98
6.1.1 COMPONENT: ASSET PERFORMANCE MANAGEMENT MARKET DRIVERS 98
6.2 SOLUTIONS 100
6.2.1 ASSET STRATEGY MANAGEMENT 101
- 6.2.1.1 Growing focus on gaining high return on assets to increase demand for asset strategy management solutions 101
6.2.2 ASSET RELIABILITY MANAGEMENT 102
- 6.2.2.1 Necessity of increase production, provide worker safety, and achieve on-time customer deliveries to create demand 102
6.2.3 PREDICTIVE ASSET MANAGEMENT 104
- 6.2.3.1 Need to maintain critical assets efficiently to drive demand in coming years 104
6.2.4 OTHER SOLUTIONS 105
6.3 SERVICES 107
6.3.1 PROFESSIONAL SERVICES 108
- 6.3.1.1 Demand for support & maintenance services to fuel adoption of professional services 108
- 6.3.1.2 Implementation & integration 110
- 6.3.1.3 Consulting 111
- 6.3.1.4 Support & maintenance 112
6.3.2 MANAGED SERVICES 113
- 6.3.2.1 Better cost control, improved risk management, and high organizational availability to increase adoption 113
7 ASSET PERFORMANCE MANAGEMENT MARKET, BY ORGANIZATION SIZE 114
7.1 INTRODUCTION 115
7.1.1 ORGANIZATION SIZE: ASSET PERFORMANCE MANAGEMENT MARKET DRIVERS 115
7.2 LARGE ENTERPRISES 117
7.2.1 NORTH AMERICA TO DOMINATE ASSET PERFORMANCE MANAGEMENT MARKET IN LARGE ENTERPRISES 117
7.3 SMALL & MEDIUM-SIZED ENTERPRISES 118
7.3.1 ASIA PACIFIC TO WITNESS HIGHEST GROWTH IN ADOPTION OF ASSET PERFORMANCE MANAGEMENT AMONG SMES 118
8 ASSET PERFORMANCE MANAGEMENT MARKET, BY DEPLOYMENT TYPE 119
8.1 INTRODUCTION 120
8.1.1 DEPLOYMENT TYPES: ASSET PERFORMANCE MANAGEMENT MARKET DRIVERS 120
8.2 ON-PREMISES 122
8.2.1 COMPANIES WITH LARGE BUDGETS AND TEAMS TO DRIVE ADOPTION OF ON-PREMISES DEPLOYMENT 122
8.3 CLOUD 123
8.3.1 COST-EFFECTIVENESS, EASY ACCESS, AND SCALABILITY TO BOOST DEMAND FOR CLOUD-BASED SOLUTIONS 123
9 ASSET PERFORMANCE MANAGEMENT MARKET, BY VERTICAL 124
9.1 INTRODUCTION 125
9.1.1 VERTICALS: ASSET PERFORMANCE MANAGEMENT MARKET DRIVERS 125
9.2 ENERGY & UTILITIES 127
9.2.1 ASIA PACIFIC TO BE FASTEST-GROWING MARKET FOR ASSET PERFORMANCE MANAGEMENT IN ENERGY & UTILITIES SEGMENT 127
9.3 MANUFACTURING 128
9.3.1 RAPID DIGITAL TRANSFORMATION AND DEPLOYMENT OF AI AND IIOT TO ACCELERATE ADOPTION OF ASSET PERFORMANCE MANAGEMENT 128
9.4 GOVERNMENT & DEFENSE 129
9.4.1 NEED TO MANAGE AND TRACK LARGE FLEET OF ASSETS IN REAL-TIME AND REDUCE MISSION ASSET DOWNTIME TO BOOST DEMAND 129
9.5 CHEMICALS 130
9.5.1 HIGH MAINTENANCE AND REPAIR COSTS OF ASSETS AROUND HAZARDOUS CHEMICAL INVENTORY TO DRIVE ADOPTION 130
9.6 TELECOMMUNICATIONS 131
9.6.1 ABILITY TO VISUALIZE COMPLEX NETWORKS AND OPTIMIZE ASSET OPERATIONS TO DRIVE MARKET 131
9.7 HEALTHCARE & PHARMACEUTICALS 132
9.7.1 GROWING NEED FOR LEVERAGING ASSET DATA TO REDUCE HEALTH EQUIPMENT DOWNTIME TO SUPPORT MARKET GROWTH 132
9.8 CONSUMER GOODS, FOOD & BEVERAGES 134
9.8.1 NEED FOR OPTIMIZATION OF SUPPLY CHAIN TO ACCELERATE ADOPTION OF ASSET PERFORMANCE MANAGEMENT SOLUTIONS 134
9.9 OTHER VERTICALS 135
10 ASSET PERFORMANCE MANAGEMENT MARKET, BY REGION 136
10.1 INTRODUCTION 137
10.2 NORTH AMERICA 138
10.2.1 NORTH AMERICA: ASSET PERFORMANCE MANAGEMENT MARKET DRIVERS 138
10.2.2 NORTH AMERICA: RECESSION IMPACT 139
10.2.3 US 145
- 10.2.3.1 Rising adoption of advanced digital technologies to drive market for asset performance management 145
10.2.4 CANADA 146
- 10.2.4.1 Rising adoption of cloud across asset-centric organizations to boost market 146
10.3 EUROPE 148
10.3.1 EUROPE: ASSET PERFORMANCE MANAGEMENT MARKET DRIVERS 148
10.3.2 EUROPE: RECESSION IMPACT 149
10.3.3 UK 154
- 10.3.3.1 Increasing demand for robust solutions to enhance organizational performance to fuel market 154
10.3.4 GERMANY 155
- 10.3.4.1 Growing need to streamline maintenance operations to create demand for asset performance management 155
10.3.5 FRANCE 156
- 10.3.5.1 Availability of highly skilled asset performance management professionals contributing to market growth 156
10.3.6 REST OF EUROPE 157
10.4 ASIA PACIFIC 159
10.4.1 ASIA PACIFIC: ASSET PERFORMANCE MANAGEMENT MARKET DRIVERS 159
10.4.2 ASIA PACIFIC: RECESSION IMPACT 160
10.4.3 CHINA 166
- 10.4.3.1 Increased adoption of new technologies, such as IIoT, mobile, and cloud, to drive demand 166
10.4.4 JAPAN 167
- 10.4.4.1 Shift toward digital transformation and focus on lowering TCO to fuel market growth 167
10.4.5 INDIA 168
- 10.4.5.1 Ongoing digital transformation and adoption of Industry 4.0 technologies to boost demand 168
10.4.6 REST OF ASIA PACIFIC 170
10.5 MIDDLE EAST & AFRICA 171
10.5.1 MIDDLE EAST & AFRICA: ASSET PERFORMANCE MANAGEMENT MARKET DRIVERS 171
10.5.2 MIDDLE EAST & AFRICA: RECESSION IMPACT 172
10.5.3 SAUDI ARABIA 177
- 10.5.3.1 Stringent regulatory framework and compliance standards to boost growth of asset performance management market 177
10.5.4 UAE 178
- 10.5.4.1 Rising need for predictive and prescriptive analytics to drive asset performance management market 178
10.5.5 SOUTH AFRICA 179
- 10.5.5.1 Large untapped market to offer opportunities for asset performance management companies 179
10.5.6 REST OF MIDDLE EAST & AFRICA 180
10.6 LATIN AMERICA 182
10.6.1 LATIN AMERICA: ASSET PERFORMANCE MANAGEMENT MARKET DRIVERS 182
10.6.2 LATIN AMERICA: RECESSION IMPACT 182
10.6.3 BRAZIL 187
- 10.6.3.1 Rapid digital transformation initiatives to support adoption of asset performance management solutions 187
10.6.4 MEXICO 188
- 10.6.4.1 Oil & gas and energy & utilities industries to drive asset performance management market 188
10.6.5 REST OF LATIN AMERICA 190
11 COMPETITIVE LANDSCAPE 192
11.1 INTRODUCTION 192
11.2 MARKET SHARE OF TOP VENDORS 192
11.3 KEY PLAYER STRATEGIES 194
11.3.1 OVERVIEW OF STRATEGIES ADOPTED BY KEY ASSET PERFORMANCE MANAGEMENT VENDORS 194
11.4 HISTORICAL REVENUE ANALYSIS OF TOP VENDORS 195
11.5 VENDOR PRODUCTS/BRANDS COMPARISON 196
11.6 COMPANY EVALUATION QUADRANT, 2022 197
11.6.1 DEFINITIONS AND METHODOLOGY 197
11.6.2 STARS 198
11.6.3 EMERGING LEADERS 198
11.6.4 PERVASIVE PLAYERS 199
11.6.5 PARTICIPANTS 199
11.7 SMES/STARTUP EVALUATION QUADRANT 201
11.7.1 DEFINITIONS AND METHODOLOGY 201
11.7.2 PROGRESSIVE COMPANIES 201
11.7.3 RESPONSIVE COMPANIES 201
11.7.4 DYNAMIC COMPANIES 201
11.7.5 STARTING BLOCKS 202
11.7.6 COMPETITIVE BENCHMARKING 203
11.8 KEY MARKET DEVELOPMENTS 205
12 COMPANY PROFILES 215
12.1 MAJOR PLAYERS 215
12.1.1 AVEVA 215
12.1.2 SAP 221
12.1.3 GE DIGITAL 225
12.1.4 IBM 229
12.1.5 ABB 233
12.1.6 BENTLEY SYSTEMS 237
12.1.7 EMERSON 241
12.1.8 FLUKE 244
12.1.9 ROCKWELL AUTOMATION 245
12.1.10 DNV 248
12.2 OTHER PLAYERS 250
12.2.1 SIEMENS ENERGY 250
12.2.2 HEXAGON 251
12.2.3 SAS 252
12.2.4 ARMS RELIABILITY 253
12.2.5 NEXUS GLOBAL 254
12.2.6 SYNOPSYS 255
12.2.7 DETECHTION TECHNOLOGIES 256
12.2.8 ORACLE 257
12.2.9 YOKOGAWA 258
12.2.10 HONEYWELL 259
12.2.11 PROMETHEUS GROUP 260
12.2.12 OPERATIONAL SUSTAINABILITY 261
12.2.13 IPS INTELLIGENT PROCESS SOLUTIONS 262
12.2.14 PLASMA 263
12.2.15 UPKEEP 264
12.2.16 FRACTTAL 264
12.2.17 MICROAI [FORMER ONE TECH] 265
12.2.18 METORAPM 266
12.2.19 VROC 266
12.2.20 QUALER 267
12.2.21 MAINTAINX 267
13 ADJACENT AND RELATED MARKETS 268
13.1 INTRODUCTION 268
13.1.1 RELATED MARKETS 268
13.2 DIGITAL ASSET MANAGEMENT MARKET 268
13.3 ENTERPRISE ASSET MANAGEMENT MARKET 272
14 APPENDIX 277
14.1 DISCUSSION GUIDE 277
14.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 283
14.3 CUSTOMIZATION OPTIONS 285
14.4 RELATED REPORTS 285
14.5 AUTHOR DETAILS 286