PORTLAND, Ore., Feb. 11, 2021
- 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.
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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:
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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.
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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.
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Key players in the industry-
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