Asset Performance Management Market Worth $24.4 Billion By 2025 “The global asset performance management market size is anticipated to reach USD 24,401.62 million, by 2025, and is projected to grow at a CAGR of 9.15% from 2019 to 2025. The growing demand for a dedicated system in maintaining assets of the company is projected to spur market growth.�
The global asset performance management market size is anticipated to reach USD 24,401.62 million, by 2025, and is projected to grow at a CAGR of 9.15% from 2019 to 2025. The growing demand for a dedicated system in maintaining assets of the company is projected to spur market growth. Asset management solutions offer optimized performance and reduce operational costs. Moreover, it helps in tracking the performance of heavy equipment, turbine engines and machinery in industrial operations. Asset management includes asset risk and strategy management, asset reliability management, and predictive asset management tools. Increasing usage of these solutions in manufacturing, energy and utilities, mining, and transportation sector is contributing to market growth. In 2018, the manufacturing segment dominated the market with the largest market share. The small and medium manufacturers across the world are opting for these solutions to manage their assets in the manufacturing unit. Energy and utilities vertical held the highest market share in 2018. This growth is constituted by the increasing adoption of asset management tools in the energy sector to manage their assets. For example, Tata power uses the AVEVA group’s PRISM predictive asset analytics to manage the performance of its assets. This solution helps in enhancing the performance and increasing the reliability of its assets. Companies are reluctant to tackle unplanned downtime from asset failure. Asset management tools helps in monitoring assets performance, and avoiding failure risks. The inability to maintain assets and ineffective maintenance can lead to a decline in the sales of the company. Cloud-based solutions helps in managing the efficiency of assets and maintenance costs. Furthermore, the development of Industrial IoT platforms especially in cloud-based applications is anticipated to be a key factor proliferating the demand for asset management solutions.
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