New ARC Advisory Group research on the Total Asset Performance Management market reveals that Industrial IoT will provide opportunities for owner-operators to improve overall business performance in innovative ways. In this early phase of Industrial IoT maturity, asset management is a popular target among manufacturers. The challenge is to ascertain how to leverage these disruptive technologies to improve asset management processes to reap the benefits of reduced unplanned downtime and extend asset life with lower maintenance costs.
“End users in all major industries are realizing the benefits of digitization for the purpose of leveraging asset data from their large installed bases to their advantage. They need help and are turning to asset performance management suppliers to accelerate their digitization efforts. The trend for more end users to “digitize” operations will drive APM market growth,” according to Inderpreet Shoker, Analyst at ARC Advisory Group and key author of ARC’s Total Asset Performance Management Global Market Research report.
“Industrial IoT offers new sources of economic benefit from asset management systems that will enhance future market growth. Industrial IoT architectures and technologies provide lower cost and more sustainable approaches for asset monitoring and predictive maintenance. Tighter integration between operations and maintenance enabled by Industrial IoT increases the business benefit of asset management strategies and positively impacts user adoption,” added Shoker.
About the Total Asset Performance Management Research
This ARC research explores current market performance and related technology and business trends, identifies leading technology suppliers, and provides five-year global forecasts for the total asset performance management market. 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, plus five-year market forecasts by the different types of asset management solutions.
This new research is available in a variety of formats to meet the specific research and budgetary requirements of a wide variety of organizations. These include a:
- Market Intelligence Workbook (Excel) – personalized spreadsheet includes current base year market data and five-year market forecast. This workbook enables licensed users to freely manipulate the data to make it easier to analyze the latest data for business intelligence and generate custom reports.
- Concise Market Analysis Report (PDF) – provides an executive-level summary of the current market dynamics, market forecasts, and competitive analysis, plus an overview of strategic issues. The PDF is available with or without detailed charts.
For more information on this and other available ARC market research, please visit our Market Data & Studies section.