In-depth Analysis Help Navigate Through Post COVID-19 Landscape
The issue of aging assets has been heightened during the COVID-19 crisis for both public and private sector industries. This is where companies in the asset optimization solutions market are stepping in to ensure their assets and businesses are future-proof amid unprecedented time of business volatility. For instance, Arcadis NV— a global design, engineering, and management consulting company, is offering in-depth reports to address the problems and concerns of asset optimization to navigate through the post pandemic landscape.
The digitization of business processes is emerging as one of the key solutions for asset optimization. Companies in the asset optimization solutions market are stressing on the importance of data-driven decision making for long-term business continuity.
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Cloud-based Software Overcome Issues of Inefficient Depreciation Management
The accurate depreciation management is one of the critical aspects of asset valuation. However, not all software are equipped to track depreciation for a large volume of fixed assets owned by business. Hence, companies in the asset optimization solutions market are offering easy to use cloud-based systems to achieve efficient depreciation management. Cloud-based software are capable of using relevant metrics to calculate the depreciation rates over a period of time.
The asset optimization solutions market was valued at US$ 3 Bn in 2019 and is expected to cross US$ 11.7 Bn by 2030. In order to tap into incremental opportunities, software providers such as Flexera— a U.S. computer software company is offering its FlexNet Manager to reduce spending on several other IT applications.
Complex Digital Landscape Drives Demand for Asset Optimization Software
The asset optimization solutions market is predicted to register a robust CAGR of ~13% during the assessment period. Service providers are increasing the availability of software to reduce maintenance costs of assets, lower unplanned downtime, and improve equipment availability. GP Strategies Corporation— a management consulting company is increasing its marketing capabilities for APM Optimize™ that helps to improve the performance and integrity of workforce and assets.
Today’s highly complex digital landscape has triggered the demand for asset optimization software. Companies in the asset optimization solutions market are offering turnkey solutions that help to seamlessly integrate business processes and aid in workforce optimization. Asset optimization solutions are being highly publicized for improving asset lifecycle.
Active Participation in Circular Economy Initiatives Boosts Company Credibility
The growing awareness about plastic waste has sparked partnerships between IT companies. Aspen Technology, Inc.— a provider of software and services for process industries has joined forces with international non-profit organization Alliance to End Plastic Waste to build a more sustainable global plastic value chain. Such initiatives are bolstering the credibility credentials of companies.
Right from industrial process design to facilitating greater efficiency in industrial operations, companies in the asset optimization solutions market are helping producers to reduce waste and emissions, owing to plastic production. This helps to accelerate innovations in recycling technologies and new solutions for achieving a circular economy.
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Data Analytics, SaaS Model Help Optimize Business Road Map
Lowering total cost of ownership, improving asset performance visibility, and achieving confidence in maintenance operations have become key focus points for companies in the asset optimization solutions market. Software providers are designing new models that help to retrieve structured content and archive all information in organized repositories.
Companies in the asset optimization solutions market are developing software that align with ISO standards. Improvements in asset lifecycle design, operation, and maintenance are helping clients attain their organizational goals. As such, data analytics is gaining popularity for enabling asset performance management. Companies in the asset optimization solutions market are helping clients optimize their business road map, equipment data, and incident investigation initiatives. This has led to innovations in SaaS architectures (Software-as-a-Service) and on-premise installations.
Asset Optimization Solutions Market: Overview
- According to Transparency Market Research’s latest research report on the global asset optimization solutions market for the historical period 2018–2019 and the forecast period 2020–2030, increasing adoption of asset management tools to increase the efficiency of operations in commercial spaces is a key factor that is expected to boost the global asset optimization solutions market during the forecast period
- In terms of revenue, the global asset optimization solutions market was valued at US$ 3 Bn in 2019 and is expected to cross US$ 11.7 Bn by 2030, expanding at a CAGR of ~13% during the forecast period
Growing Demand from Oil & Gas Industry and Adoption of Latest Technology
- In the oil & gas industry, the industry uses complex assets during plant operations. Hence, the oil & gas industry is increasingly using asset optimization solutions to maintain productivity and reduce downtime of assets. According to DNV GL, operational expenditure forced the industry to provide solutions to problems related to tight operating margins and investigate inefficiencies. This factor increases the demand for asset optimization solutions in the oil & gas industry.
- Currently, energy & utilities and oil & gas industries have increased the usage of Big Data and analytics to improve the performance of assets and reduce operation costs. These industries are continuously focusing on improving their profitability. Big Data and analytics are helping utility companies to overcome industry challenges through insights-based informed decision-making.
- Rising innovations in technologies enable organizations to adopt them to improve the performance of assets. For instance, BASF SE is implementing AR to improve asset performance, reliability, and utilization, while increasing production efficiency. The impact of this driver in the short term is high and is expected to stabilize to medium over the long term. This is primarily due to complex assets are likely to be used by the oil & gas industry in the near future.