The mining industry is embracing new digital transformations in the field of asset performance management solutions. Companies in the mining sector are adopting collaborative approaches to gain competitive edge over other players. As such, the asset performance management solutions market is largely consolidated where top-tier companies are focusing on enhancing operational excellence for stakeholders in the mining sector. This is evident since the metal & mining industry is estimated to generate third-highest revenue in the asset performance management solutions market.
Mine digitalization is acquiring popularity as a cost-efficient solution for stakeholders. Digital transformation of assets has helped to bolster productivity of workers and employees at jobsites, reduce waste, and ensure a safe working environment. Companies in the market for asset performance management solutions are introducing software to upgrade assets, thus ensuring that employees work at their peak efficiency.
Asset-centric Software Solutions Gain Prominence in Oil & Gas Industries
Asset performance management solutions are becoming increasingly mainstream in asset-intensive industries, such as the oil & gas. Improving business operations and maximizing reliability and availability of assets have become important to boost productivity levels in organizations. Hence, DNV GL— a quality assurance and risk management company is increasing its efficacy in asset-centric software solutions for oil & gas industries. As such, the revenue of software/platform components is projected for aggressive growth in the asset performance management solutions market.
The asset performance management solutions market is anticipated to reach a revenue of US$ 250 Bn by the end of 2030, as companies are increasing efforts to introduce best-of-the-breed industry domain software that work efficiently in enterprises. Asset risk management and predictive asset management are becoming key focus points for companies in the market for asset performance management solutions.
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Patented Linear Analytics Algorithms Address Issues of Interconnections in Energy & Utility Sector
Integrated platforms and analytics tooling software play a pivotal role in detailed understanding of asset and network performance in the energy & utilities sector. Hence, global leader in analytics solutions IBM is helping users with pre-built data models and dashboards with its IBM Maximo® APM, an asset performance management solutions software that supports demanding needs in the energy & utilities industry. As such, energy & utility is estimated to dictate the highest revenue among all industries in the asset performance management solutions market.
There is a demand for aggregating and analyzing current and historical operational data in the market for asset performance management solutions in order to deploy insights on the asset health. However, determining interconnections between laterals and transformers can be potentially time-consuming and costly when conducted in the field. Hence, companies in the asset performance management solutions market are increasing their research in linear analytics algorithms to address the issue of interconnections. This is being made possible with the use of smart meter data analysis to identify which meters are connected to which electric phase, thus eliminating the need to send crews into the field.
IoT Connectivity Ensures Intelligent Enterprise Asset Management amidst Coronavirus Crisis
Proactive asset management has become more important than ever due to ongoing developments in the novel coronavirus (COVID-19). Hence, companies in the asset performance management solutions market are capitalizing on this trend to help users achieve effective asset management, as many production companies strive to ramp-up their capacity additions in the near future. As such, there is a growing demand for highly functioning asset management plan in the market to help ensure that equipment are fully operational and that downtime is kept to a minimum.
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Since several production plants have been instruction to temporarily suspend their manufacturing activities, companies in the asset performance management solutions market are collaborating with stakeholders to schedule much-needed inspections and maintenance routines for assets and equipment. Companies are exploiting the advantages of intelligent enterprise asset management with the help of IoT connectivity and industrial IoT devices.