Increase in demand for automation in customer service and a rise in smartphone penetration fuel the growth of the global asset performance management market size. On the other hand, chances of failure in terms of coming up with accurate responses impede the growth to some extent.
However, gesture recognition technology and the feature of multi-language support in IVAs are expected to create an array of opportunities in the industry.
Based on components, the software segment accounted for nearly three-fifths of the global asset performance management market revenue in 2019, and is expected to maintain the lion’s share by 2027.
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This is attributed to the factor that most organizations across the globe have started adopting asset performance management software to manage various problems in terms of maintenance of assets and obtain real-time information regarding the failure of assets beforehand.
The services segment, on the other hand, would portray the fastest CAGR of 11.7% throughout the forecast period, owing to the growing adoption of these services as they facilitate a complete view of decision making, business goals, rapid implementation of software, maximize the value of existing installation by optimizing it and minimize the deployment cost & risks.
Based on the deployment model, the on-premise segment contributed to nearly two-thirds of the global asset performance management market share in 2019, and is projected to rule the roost by the end of 2027. Increased adoption of on-premise-based asset performance management software in public sector units and the aerospace & defense industry drive the segment growth.
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Simultaneously, the cloud segment would manifest the fastest CAGR of 12.7% during the forecast period. This is because it does not involve capital costs and requires low maintenance.
Based on geography, North America garnered the major share in 2019, holding around two-fifths of the global asset performance management market, owing to the high penetration of the industrial internet of things (IIoT) and the surge in the use of artificial intelligence (AI) technology and other smart connected devices.
At the same time, Asia-Pacific would exhibit the fastest CAGR of 14.2% from 2020 to 2027, due to the growing need to increase demand for predictive forecast services to reduce downtime of production.
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The leading market players analyzed in the global asset performance management market report include Aveva Inc. (OTCMKTS: AVEVF), Siemens AG (OTCMKTS: SIEGY), Bentley System (NASDAQ: BSY), GE digital, ABB Group (NYSE: ABB), Infor Inc., Oracle Corporation (NYSE: ORCL), SAP SE, SAS Institute Inc., and IBM Corporation (NYSE: IBM). These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
Key Benefits For Stakeholders
- This study includes the asset performance management market analysis, trends, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and asset performance management market opportunities.
- The asset performance management market is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the asset performance management market.
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