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Asset Performance Management Market to Reach $7.52 Billion, Globally, by 2027 at 10.3% CAGR: Allied Market Research

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Allied Market Research

11 Feb, 2021, 13:15 GMT

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- Increase in demand for automation in customer service and rise in smartphone penetration fuel the growth of the global asset performance management market

PORTLAND, Ore., Feb. 11, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Asset Performance Management Market by Component (Solutions and Services), Deployment Mode (Cloud and On-Premises), Organization Size (Large Enterprise and Small & Medium Enterprises), and Industry Vertical (Food & Beverages, IT & Telecom, Government & Defense, Healthcare & Life Sciences, Mining & Metals, Oils & Gas, Energy & Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027."According to the report, the global asset performance management industry was estimated at $3.46 billion in 2019, and is anticipated to hit $7.52 billion by 2027, registering a CAGR of 10.3% from 2020 to 2027.

Download Sample Report: https://www.alliedmarketresearch.com/request-sample/7824

Drivers, restraints, and opportunities-

Increase in demand for automation in customer service and rise in smartphone penetration fuel the growth of the global asset performance management market. On the other hand, chances of failure in terms of coming 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.

Impact of COVID-19 Pandemic on Asset Performance Management Market:

  • The outbreak of the pandemic led to growing adoption of remote working culture across the globe and there's also been a surge in the demand for cloud-based applications.
  • Accordingly, there's also been a steep increase in the need for risk-based maintenance among various industry verticals, which has impacted the global market for asset performance management positively.

Get detailed COVID-19 impact analysis on the Asset Performance Management Market: https://www.alliedmarketresearch.com/request-for-customization/7824?reqfor=covid

The software segment to dominate by 2027-

Based on component, 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. This is attributed to the factor that most of the 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 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.

The on-premise segment to maintain the dominant share-

Based on 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. Simultaneously, the cloud segment would manifest the fastest CAGR of 12.7% during the forecast period. This is because it does not involve capital cost and requires low maintenance.

For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/7824

North America garnered the major share in 2019-

Based on geography, North America garnered the major share in 2019, holding around two-fifths of the global asset performance management market, owing to high penetration of industrial internet of things (IIoT) and surge in 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 growing need to increase in demand for predictive forecast services to reduce downtime of production.

Official Press Release: https://www.alliedmarketresearch.com/press-release/asset-performance-management-market.html

Key players in the industry-

  • ABB Group
  • Bentley System
  • GE digital
  • Infor Inc.
  • Oracle Corporation
  • SAP SE
  • IBM Corporation
  • SAS Institute Inc.
  • Siemens AG
  • Aveva Inc.

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OSS & BSS Market Expected to Reach $102 Billion by 2027

Robotic Process Automation Market Expected to Reach $19.53 Billion by 2027

Remote Sensing Software Market Expected to Reach $2,606 Million by 2027

In-App Purchase Market Expected to Reach $340.76 Billion by 2027

Load Balancer Market Expected to Reach $8.90 Billion by 2027

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa 
5933 NE Win Sivers Drive 
#205, Portland, OR 97220
United States
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