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New York City, NY, 30 January, 2020/ 24 Market Reports: It is estimated for the global plant asset management market to grow from USD 5.7 billion in 2019 and reach to that of USD 9.3 billion by the year 2024 witnessing the growth at a CAGR of 11.3% during the forecast period of 2019 to 2024. The surging adoption of lean manufacturing practices by several organizations, increasing focus on providing cloud-based PAM solutions to satisfy customer demands, escalating demand for asset management software that can identify potential failures to avoid futuristic loss and growing need for real-time data analytics are the factors that are driving the growth of the market during the forecast period.
PAM solutions to register the growth at the highest CAGR in the market during the forecast period
During the forecast period, it is expected for the market for cloud-based PAM solutions to register the growth at the highest CAGR in the market. Due to the low cost of these PAM based solutions, it has become the most suitable option for small and medium-sized enterprises to adopt it. Quick installation and easy access to cloud save time and help end-user industries to make better decisions to improve efficiency, as well as focus on other important business parameters, are the features of these PAM solutions.
Increasing usage of automation systems in discrete industries to drive the demand for PAM solutions
It is projected for the plant asset management market for automation assets to register the growth at the highest CAGR during the forecast period. To enhance the production capacity in the process industries the increasing adoption of automation systems is taking place. The applications in discrete industries employ different types of automation systems such as programmable logic controllers (PLCs) and distributed control systems (DCSs) and thus propelling the demand for PAM solutions.
APAC region to grow at the highest CAGR in the market during the forecast period
During the forecast period, the APAC region in the PAM market is estimated to grow at the highest CAGR in the market. The region is witnessing high growth in the manufacturing sector that is increasing the adoption of PAM solutions. The low cost of labour and availability of a skilled workforce is making the key manufacturers from different industries to shift their manufacturing plants in the APAC region. These manufacturing plants, for the improvement in the overall manufacturing processes, are using asset management solutions that are expected to boost the growth of the PAM solutions market.
The following are the major objectives of the study:
- To define, describe, and forecast the global plant asset management market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global plant asset management market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global plant asset management market and their future potential during next decade?
- How competitive landscape is evolving in global plant asset management market?
Major Industry outlook Of Plant Asset Management (PAM) Market
