Pune, India, Oct. 12, 2022 (GLOBE NEWSWIRE) — The emergence and widespread adoption of the Internet of Things is expected to boost the world Asset Performance Management Market in the coming years. Well-known companies operating in the energy and utilities, oil, mining and other industries are investing heavily in digitalization. This is expected to impel the growth of the global Asset Performance Management market over the forecast period.
Key Industry Developments
February 2017: Ras Gas Company Limited and e-Digital partnered to deploy GE’s Predix platform and Predix APM in their oil and gas business. This collaboration would enable a holistic understanding of assets, help analyze data, share it across systems and identify segments for development.
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The report classifies the global Asset Performance Management market on the basis of three segments namely, by industry vertical, by product category, and by geography. By industry, the market is further segmented into Pharmaceutical, Oil & Gas, Chemical, Power & Power, Pulp & Paper, Manufacturing, Food & Beverage, and Others. In terms of product category, the market is segmented into Enterprise Asset Management, Plant Asset Management, Asset Integrity Management, Field Service Management and Asset Reliability.
Increasing use of virtual technologies to drive market growth
The emergence of the COVID-19 pandemic has had a significant impact on the growth of the Asset Performance Management market. Most companies supported remote working, increasing the demand for virtual training, meetings and conferences. Additionally, the flexibility that extended reality platforms offer in education during outbreaks gives students the ability to capture images and record lessons more conveniently and at a lower cost.
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