In industrial operations, technologies like Industrial Internet of Things, big data analytics, mobility and workflow collaboration represent new opportunities for significant improvements in asset reliability, availability and performance. Industrial asset management software has emerged to become one of the fastest ways to transform an enterprise by getting rid of proper asset management and proper implementation of new technologies. Industrial asset management solutions enable an industrial organization to Improve overall asset reliability, increase availability and proactively manage maintenance while lowering inventory costs and streamlining the supply chain.
Furthermore, the industrial asset management software manages the life cycle of physical assets within an industrial organization. These solutions are used for condition based maintenance, predictive maintenance and risk based maintenance. Industrial asset management solution collects and manages data from all assets to drive appropriate action to improve overall asset performance. Asset management solutions, predict asset failures days, weeks, or months before they occur with advanced pattern recognition and machine learning technology to reduce operations and maintenance costs.
Industrial Asset Management Software market: Drivers and Challenges
The major growth drivers of the industrial asset management software market include rising adaptation in small and medium enterprises and growing advancements in digital technologies. In addition, use of industrial asset management software in various industry verticals is projected to drive the growth of industrial asset management software market. Adaptation due to increasing demand for cloud based services across the globe has led to growth of the industrial asset management software across the globe. Rise in maintenance concerns for industrial assets and growing demand for workflow automation are expected to drive the growth of global industrial asset management software market.
However, the major challenge faced by the industrial asset management software providers is integration of industrial asset management software services with existing IT infrastructure of organization, may hamper the growth of the industrial asset management software market across the globe.
Industrial Asset Management Software market: Segmentation
Global Industrial Asset Management Software Market can be segmented as:
Industrial Asset management software market Segmentation on the basis of Verticals:
Industrial asset management software market can be segmented on the basis of industry, means areas where industrial asset management software are used. By industry includes manufacturing, chemical, mining, oil and gas, and others.
Industrial Asset Management Software market Segmentation on the basis of End-Users:
Global industrial asset management software market on the basis of End-users segmented into Large Enterprises and small and medium enterprises. Large enterprises are becoming the prominent end users in industrial asset management software market.
Some of the major players in global Industrial Asset Management Software market are ABB, AVEVA Group Plc., FCS Engineering, CPD Ltd., Infor, Microsoft Corporation, SAP SE, Oracle Corporation, Rockwell Automation, and Others.
North America is holding the largest market share for industrial asset management software market due to technological advancements in enterprise owing to the presence of large number of established key players in the region. Due to high adaptation in various industry verticals in Asia Pacific will hold maximum market share for industrial asset management software market in near future. Europe is fastest growing market for industrial asset management due to use of cloud based services. Sturdy economic progress, driving the growth of industrial asset management market in MEA region
The report covers exhaustive analysis on:
Regional analysis for Industrial Asset Management Software market includes development of these devices in the following regions:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.