Which industry holds the maximum share of the plant asset management market?

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MarketsandMarkets Presents

Which industry holds the maximum share of the
plant asset management market? Plant Asset
Management Market (PAM) by Offering (Software and
Services), Deployment Mode (Cloud-based and On
Premises), Asset Type (Production Assets and
Automation Assets), End-user Industry (Process
and Discrete), and Geography - Global Forecast to
2024 https//www.marketsandmarkets.com/Market-Rep
orts/plant-asset-management-market-8606975.html
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The Plant Asset Management Market is projected
to grow from USD 5.5 billion in 2019 to USD 9.4
billion by 2024, at a CAGR of 11.3. Major
factors fueling the market growth include 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. Browse 109
market data Tables and 52 Figures spread through
178 Pages and in-depth TOC on "Plant Asset
Management Market (PAM) - Global Forecast to
2024"
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Services to lead plant asset management market
by 2024 The deployment of PAM software is a
costly process and a one-time activity, whereas
PAM services that include maintenance needs,
software upgrades, and personnel training are
demanded by end-user industries continuously.
Hence, PAM services have a more significant
contribution to generating more revenue than PAM
software solutions. Further, market players are
focusing on offering industry-specific services
to meet the ever-changing demands of different
industries. Ask PDF Brochure https//www.markets
andmarkets.com/pdfdownloadNew.asp?id8606975 Prod
uction assets to hold largest share of PAM market
during forecast period Rising adoption of PAM
solutions for monitoring rotating and
reciprocating equipment, among others, across
various industries is expected to drive the
growth of the PAM market during the forecast
period. Moreover, incidents of unplanned
shutdowns or slowdowns due to equipment failures
lead to high financial loss in terms of damage to
equipment, production losses, and unscheduled
maintenance. However, real-time health and
performance insights encourage informed actions
and decisions to improve plant efficiency
minimizing risks of equipment failure, thereby
reducing the wastage of valuable finances. Hence,
the demand for PAM solutions is high to manage
these production assets.
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Asia Pacific to be largest market for PAM during
forecast period Asia Pacific presents a
substantial market for PAM. The PAM market in
APAC is growing rapidly due to several
advancements and technological innovations in
different manufacturing industries. The adoption
of PAM solutions is high in APAC due to the
growing manufacturing sector in the region. Most
of the key manufacturers from different
industries have shifted their manufacturing
plants in APAC due to the low labor cost and
availability of a skilled workforce. These
manufacturing units are using asset management
solutions for the improvement in the overall
manufacturing processes, which is expected to
drive the growth of the PAM market in the region.
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