Major plant asset management market participants include ABB Ltd., AB SKF, Bentley Systems, CGI Group, Inc., Dassault Systèmes, Emerson, Endress+Hauser Management AG, General Electrical, Hitachi, and Honeywell.
Selbyville, Delaware, July 26, 2022 (GLOBE NEWSWIRE) --
The plant asset management market is expected to reach USD 15 billion by 2030, as reported in a research study by Global Market Insights Inc. Growing technological advancements across various industries have increased the adoption of AL, ML, and advanced analytics-based asset management solutions. The advanced technologies enable asset management solutions to maximize returns and reduce risks in the asset life cycle. It provides operating procedures and reduces human errors & equipment downtime.
Inventory management held nearly 25% of the plant asset management market share in 2021. The inventory management software is used by businesses for various purposes such as to keep track of inventory costs throughout the manufacturing & sales process, monitor stock levels, and track profits.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/4756
The cloud model is set to register growth rate of around 10% from 2022 to 2030 led by growing popularity of cloud-computing-based PAM solutions. Cloud solutions provide agility to businesses and improve collaborations & communications with business partners as well as customers. Cloud platforms offer on-demand computing power to handle large data volumes and deliver useful insights within a short timeframe.
The production asset segment accounted for more than 60% of the plant asset management market revenue share in 2021. Production asset helps to automate the workflow of production assets. The growing need to reduce production will enhance business expansion. For instance, according to report published by the U.S. Bureau of Economic Analysis (BEA), it was reported that deploying production asset management solutions helps business enterprises to reduce their total production costs by around 20%.
Europe plant asset management market size is projected to observe exponential growth in the coming years driven by increasing adoption of technologies such as AI and big data analytics. The key players in the region are developing advanced & integrated asset management systems for customers.
The energy & power segment is estimated to grow at a CAGR of over 10% through 2030 impelled by increasing digitalization across the energy & power sector. Asset management solutions help energy & utility companies in managing critical assets, tracking age, and storing history along with assistance in a range of other variables. It uses various advanced technologies, such as data analytics, condition monitoring, and predictive maintenance, which help in providing operational decisions.