May 27, 2020 (The Expresswire) -- The advent and widespread adoption of the Internet of Things are expected to boost the global asset performance management market in the coming years. According to a report by Fortune Business Insights, titled “Asset Performance Management Market Size, Share and Global Trend by Product Category, by Industry Vertical and Geography Forecast till 2026,” prominent companies operating in power and utilities, oil, mining, and other industries are investing significantly in digitization. This is anticipated to propel the global asset performance management market growth during the forecast period.
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The report classifies the global asset performance management market on the bases of three segments, namely, by industry vertical, by product category, and by geography. By industry vertical, the market is further divided into pharmaceutical, oil and gas, chemical, energy and power, pulp and paper, manufacturing, food and beverages, and others. In terms of product category, the market is grouped into enterprise asset management, plant asset management, asset integrity management, field service management, and asset reliability.
List of Key market players in the global asset performance management market
Schneider Electric Software
Nexus Global Business Solutions Inc
ARC Advisory Group
Bentley Systems Inc
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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“Persistently Rising Adoption of Asset Performance Management Systems to Favor Growth in Latin America”
Geographically, the global asset performance management market is divided into Latin America, North America, Europe, the Middle East and Africa, and the Asia Pacific. Amongst these, North America is anticipated to hold the largest share of the global asset performance management market in terms of revenue during the forecast period. This will occur because there is a presence of numerous key market players such as Schneider Electric Software, General Electrics, and others in the region.
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Fortune Business Insights predicts that the asset performance management market in Latin America is likely to develop and exhibit a noteworthy CAGR in the coming years. A rise in the adoption of asset performance management systems and solutions by various industries is projected to favor growth in this region. The adoptions are resulting in saving millions of dollars. Vale Fertilizantes, a fertilizer company based in Brazil, for instance, saved USD 1.4 million in 2018 in production losses. This occurred due to the usage of the General Electrics’ Predix asset performance management system.
“RasGas Company Limited, AVEVA Group plc., and Other Key Players Prioritize Strategic Collaborations to Propel Growth”
RasGas Company Limited, a liquefied gas producing company based in Qatar, collaborated with e-Digital, a patent monetization company headquartered in California, in February 2017. The collaboration took place to deploy two software platforms in their gas and oil segment, namely, General Electric’s Predix, a data collection software platform and Predix asset performance management, a suite of software tools that are used to optimize the performance of a company’s assets. The collaboration would aid in providing an overall understanding of assets, identifying segments for development, and it would also help in analyzing data and then sharing it across all the systems. Recently, in March 2018, AVEVA Group plc, a multinational information technology company, based in the U.K, teamed up with Schneider Electric SE, a French multinational corporation. It was conducted to drive the digital transformation of asset and operational life cycles for industries to increase returns on capital.
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Major Table of Contents for Asset Performance Management Market: