The global asset performance management market is awaited to reach the approximate valuation of 18,765.1 million in 2025, claims Market Research Future (MRFR), by attaining a CAGR of 10.7% during the forecast period (2017-2023).
Top Drivers and Key Barriers
The rising applications in IT (Information Technology) and OT (Operational Technology) in the manufacturing sector, as well as high demand for improving machine efficiency, are taking the market towards growth. Mounting need for productively and enhanced performance has also led to the development of asset performance management in the past couple of years.
The beneficiaries offered by the asset performance management, such as reliability and availability with happens with the help of asset performance management software has also contributed largely to the global market growth of asset performance management. At the same time, as per the study, the asset performance management will also witness considerable growth during the forecast period is the surging number of large-sized facilities and necessities. These are counted among the essential factor in the market growth in almost every region of the world.
On the flip side, the factor of the high cost of implementing such solutions is resulting in limited deployment among SMEs, which could hinder the growth of global market for asset performance management in the future.
The worldwide remote asset management market has been divided into three equal parts. They can be listed as applications, solutions and regions.
On the basis of applications, the market can be further fragmented into healthcare and wellness, fleet management, automation, smart retail, production monitoring, utilities and grid, connected logistics and others.
On account of solutions the market has been segregated into predictive maintenance, surveillance and security, connectivity management, application management, real-time location tracking, network bandwidth management, predictive maintenance, asset condition monitoring, managed services, professional services and asset performance management.
Geographically, the remote asset management market is spread across various regions like North America, Europe, Asia Pacific and Rest of the World. Amongst these, North America dominates the market with the largest chunk of shares.
One of the most recent innovations of this field would be the introduction of SAP Asset Manager. Its main focus is on work management and time entry tasks. But with time it will be updated to accommodate a lot of other activities as well.
Key Players & Strategies
Some of the key players of this industry can be listed as SAP SE, Cisco Systems, Hitachi Ltd., PTC Inc., Schneider Electric SE and Infosys Limited. The major strategies used by these brands to stay ahead of the competition are strategic expansion and heavy investment in research & development.
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