As per Research Nester, the global asset performance management market size is expected to cross USD 66.9 billion by 2036 and is expected to grow at a CAGR of 11.1% during the forecast period 2024-2036 due to increasing adoption of digital solutions and increasing investment in IT infrastructure.
Growing importance of blockchain to promote Global Asset Performance Management
The global asset performance management market is expected to grow majorly due to increasing use of blockchain in asset performance management. Blockchain is significant as it solves many digital technology related issues and can improve data traceability across a corporate network. Blockchain is a global phenomenon that is growing at an unprecedented rate and is giving rise to new ideas for social networks and shared storage. For instance more than 35 million people of the world’s population are now using blockchain.
Blockchain asset management is an emerging field that uses blockchain technology to offer a new and exciting way to manage physical assets and increase transparency. There are many benefits to using blockchain for asset management including supply chain data tracking which promotes sustainability and trust and makes asset management easier.
Also asset management is critical to manage the entire lifecycle of medical assets in the healthcare industry. To keep medical assets running smoothly and efficiently asset operations management focuses on preventive maintenance and extend the life of medical equipment. APM ensures availability and reliability of assets in healthcare facilities which can improve operational efficiency, reduce downtime and improve patient outcomes.
Also asset performance management (APM) is a broad field with multiple applications in aerospace and defense industry. APM solutions are used by aerospace and defense companies to improve operational performance, reduce life cycle costs and improve mission readiness.
Some of the major growth factors and challenges associated with global asset performance management market are:
Growth Drivers
- Growing oil and gas sector
- Booming transportation and logistics industry
Challenges:
Risks associated with data security and the need for expertise are the major factors that will hinder the global asset performance management market. Data security has become even more critical with the explosion of data. Data security is top of mind for businesses everywhere as cyber attacks are happening more frequently and can cause huge financial losses.
Expertise is required to deploy and maintain APM which is a hard, expensive and time consuming process.
By deployment, the global asset performance management market is segmented into on-premises and hosted. Hosted segment will generate the highest revenue by 2036 growing at a high CAGR during the forecast period. Public cloud deployment provides more options for computing and more frequent upgrades for APM systems. By installing APM on cloud, business processes can be accelerated and asset reliability across different types of infrastructure can be improved. In industries where data confidentiality is critical, on-premise asset performance monitoring software is used widely.
By region, Europe will generate the highest revenue by 2036. This growth is driven by the focus on digitization. For example, European Union (EU) has set two main objectives for businesses to be digitized by 2030: first, 85% of SMEs to have a minimum level of digital intensity and second, 70% of EU companies to use cloud, big data or artificial intelligence.
European Union helps businesses in Europe to adapt to the digital age as it is a key to economic growth and strategic independence. So asset performance management solutions market will grow fast as it is a part of digital asset management transformation to increase Return on Assets (ROA), evaluate and identify opportunities to improve asset performance and reduce maintenance costs.
This report also provides the existing competitive landscape of some of the key players of global asset performance management market which includes company profiling of Honeywell International, Inc., ABB, Aspen Technology, Inc., AVEVA Group plc, Bentley Systems, Incorporated, GE Digital, Rockwell Automation, Inc., SAP SE, SAS Institute, Inc., Total Resource Management, Inc., Siemens Energy AG and others.
Source – https://www.researchnester.com/reports/asset-performance-management-market/6338
