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Home Industry Verticals Government and Public Services

Frost’s 8 predictions to define healthcare in 2021

FutureCIO Editors by FutureCIO Editors
December 25, 2020
Photo by EVG Kowalievska from Pexels: https://www.pexels.com/photo/three-person-looking-at-x-ray-result-1170979/

Photo by EVG Kowalievska from Pexels: https://www.pexels.com/photo/three-person-looking-at-x-ray-result-1170979/

Frost & Sullivan’s recent analysis, Demand for Asset Efficiency Propels the Global Asset Performance Management (APM) Market, finds there is a growing need to monitor, measure, analyze, and manage the failure of assets as a part of digital transformation initiatives.

APM represents a key advancement in asset management as it helps prevent unnecessary downtime and reduces operational costs, thereby ensuring asset health and providing real-time alerts about asset performance.

The global APM market is estimated to reach $2.13 billion by 2024 from $1.31 billion in 2019, up at a compound annual growth rate (CAGR) of 10.2%. Due to the COVID-19-induced economic slowdown, customers are not investing immediately in APM technologies, as the return on investment (ROI) can only be achieved after a year or two.

“The emergence of digital transformation, which plays a critical role in integrating business processes, is expected to boost the demand for APM, especially in asset-intensive industries such as oil and gas (O&G), utilities, and transportation. Manufacturers are striving to maximize asset utilization and achieve operational excellence,” said Avinash Kumar, senior industry analyst, Industrial Practice at Frost & Sullivan. “The impact of cyberattacks on the operational functionality or performance of an asset will be a deterrent for APM adoption by end users, specifically for critical applications in process industries since APM allows for interoperability and interconnectivity, which could increase the impact of a cyberattack.”

He observed that Asset-heavy industries, such as O&G, power and utilities, and chemicals are the largest end markets for APM, contributing approximately 72% of the total revenue. APAC is expected to have the fastest growth in APM revenue during the forecast period of 2020-2024, due to the increase in domestic demand. Increasing unplanned failure of assets and the huge cost associated with it are the key reasons for adoption.

Other factors driving APM adoption include the necessity to boost plant productivity, focus on potential new business, and comply with regulations and standards due to increasing environmental, health, and safety incidents.

Growth opportunities

The increasing need for value-added services, such as cloud, analytics, and mobility, offered with APM presents immense growth prospects for market participants in the following segments:

Modular APM: Partner with third-party vendors to seamlessly integrate and operate applications supporting assets to expedite the installation process and reduce project-related risks.

APM on the cloud: Focus on expanding cloud platforms with analytical solutions that aid in data consolidation and visualization, supporting improved business decisions.

Predictive maintenance: Develop easy-to-install and compatible modules that seamlessly integrate, collect, consolidate, and share data.

Connected assets: Target solutions with Industrial Internet of Things (IIoT)-enabled functionalities that will integrate devices and assets at every enterprise architecture level.

Related:  Evolve and grow with cloud
Tags: asset performance marketcloudFrost & Sullivanmodularpredictive maintenance
FutureCIO Editors

FutureCIO Editors

Strategic Insights for Chief Information Officers

FutureCIO is about enabling the CIO, his team, the leadership and the enterprise through shared expertise, know-how and experience - through a community of shared interests and goals. It is also about discovering unknown best practices that will help realize new business models.

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