ASSET PERFORMANCE MANAGEMENT MARKET Challenges and Opportunities

One of the key challenges faced in the asset performance management market is the lack of skilled workforce. With the rapid advancement and adoption of new technologies like AI, ML, and IoT in asset and plant management domain, there is dearth of talents well-versed with these technologies. Many companies are struggling to hire professionals with level of experience in domains such as predictive maintenance, condition monitoring, and data analytics which are core to asset performance management solutions.

Market Opportunity - Growing Demand from Process Industries

One key opportunity for asset performance management market is the growing demand from process industries like oil and gas, chemicals, and power generation. Process plants in these industries use large capital assets like turbines, heat exchangers, and pumps which are critical for smooth operations. Even small downtime or failure of such assets can lead to significant production loss and revenue impact. As these plants look to minimize unplanned downtime and optimize asset utilization, demand for advanced asset performance management solutions is increasing.