Asset performance management refers to the usage of different assets,
by business organizations, for achieving business specific goals. It
can be termed as the approach taken by business organizations, for
optimal management of asset deployment, so as to maximize the profit
for the organization, coupled with predictability for the supply
chain. Asset performance management can be multifunctional. It can
perform asset performance follow up, to identify any required actions
for the production plant. It can also identify underperforming assets
and vendors. Asset performance management can also be utilized for
monitoring energy consumption, coupled with generation of alerts for
any breakdown or loss of power. The identification of increased
energy consumption is a type of predictive maintenance, since higher
energy consumption is considered to be an early sign for maintenance
requirement or problem with the asset. Several vendors of asset
performance management provide customized solutions, as per their
client’s requirements. Some customized solutions include the
capability to be integrated with the supervisory control and data
acquisition (SCADA) or distributed control systems (DCS) of a plant.
Such integration allows for continuous data collection on various
assets, coupled with instant alert generation for any recognized
threats or an underperforming asset. Most asset performance
management system generates reports on the performance of the assets,
and then distributes the same automatically through e-mail or the
user interface.
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The market for asset performance management is being driven primarily
by the growing stringency of regulations globally. Regulations for
manufacturing plants have been growing in stringency, owing to
increasing concerns for plant workers health and environmental
concerns among others. Such regulations require constant monitoring
and alert generation for untoward events, coupled with proper
preventive measures. Asset performance management can meet all such
requirements effectively and hence has been having growing
application in several industry verticals. This in turn has been
promoting the global asset performance management market.
Additionally, due to growing competitiveness, the companies for all
industry verticals are demanding higher return on investment (ROI).
Hence, any underperforming asset can lead to huge downturn for that
company, and decrease its competitiveness in the market. This in turn
is promoting the demand for asset performance management market
across all industry verticals, across the globe. Furthermore, the
ability of asset performance management solutions to facilitate the
decision making for business critical missions and reduce the cost of
overall operation has also been promoting the demand for such
solutions globally. However, due to relatively high cost, several mid
size and most small size organizations tend to refrain from investing
in asset performance management. This in turn has been restraining
the growth of the market to some extent. The growing dependence on
cloud systems for businesses processes, coupled with growing global
competitiveness, is expected to provide several growth opportunities
for the asset performance management market across the globe.
The global market for asset performance management, on the basis of
architecture, has been segmented into software and services. Services
have been further segmented into training, design development,
consultation and others. On the basis of end use vertical, the market
has been segmented into power, oil & gas, healthcare,
telecommunications, manufacturing and others. On the basis of
regions, the market for asset performance management has been
segmented into North America, Europe, Asia Pacific (APAC), South
America and Middle-East & Africa (MEA). North America held the
largest market share in 2016, owing to higher adoption of asset
performance management by the different industry verticals, present
in the region. Asia Pacific is expected to grow at the fastest pace
during the forecast period.
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The major companies of the asset performance management market
globally are General Electric, Co. (The U.S.), Bentley Systems, Inc.
(The U.S.), Schneider Electric Software, LLC (The U.S.), IBM
Corporation (The U.S.), Prevas AB (Sweden), and Nexus Global Business
Solutions, Inc. (The U.S) among various other companies.
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