New ARC Advisory Group research on the total asset performance management market reveals that enterprise asset management (EAM) systems have become a primary enabler of digital transformation for asset management among industrial companies. EAM systems are becoming key for end users in achieving their business goals. Modern EAM combines traditional maintenance management strategies with new digital technologies for transformation advances in reliability, maintenance execution, and business performance.
"The enterprise asset management market is experiencing strong growth for several reasons, most notably because of the business benefits available with modern EAM and APM capabilities. This translates into expanded capabilities for improved uptime, asset longevity, and cost control with reduced unplanned downtime. Modern EAM systems support APM across the asset management functions including reliability, inspections, maintenance, and engineering, and into operations. Synergies across these functions enables new forms of digital transformation with improved operational performance," according to Inderpreet Shoker, Director of Research and key author of ARC's Total Asset Performance Management Market Research.
Asset Performance Management Market Trends
In addition to providing detailed competitive market share data, the research also addresses key market trends as follows:
- Asset Integrity Management
- Investment In Renewable Forms of Power Generation, Primarily Wind Power
- Increased Use of Automation, Robots, and Drones
- Asset Reliability Software & Services
- Stalled Progress
- Traditional Reliability Needs Resources
- Enterprise Asset Management
- Awareness of Advanced EAM Systems
- Adoption of Mobile Devices
- Field Service Management
- Convergence of Customer Service and Field Service
- SaaS Is Displacing Perpetual Licenses
- Plant Asset Management
- Industrial IoT-enabled Services
- Rising Demand for Connected Assets
Leading Suppliers to the Asset Performance Management Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies all key suppliers active in this market and provides and summarizes their relevant offerings. A select list of key supplier profiles is included: Baker Hughes, Emerson Automation Solutions, IBM, IFS, SAP.
About the Asset Performance Management Research
The Total Asset Performance Management research explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, five-year market forecasts, and one year of historical analysis. The segmentation includes World Region, Industry, and Product Category.
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