Plant Asset Management (PAM) Market size to increase by USD 2.02 billion during 2022-2027, The increase in the adoption of smart sensors drives the PAM market growth – Technavio

NEW YORK, Oct. 24, 2023 /PRNewswire/ — The plant asset management (PAM) market size is expected to grow by USD 2.02 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 7.09% during the forecast period. The market is segmented by Deployment (Cloud and On-premises), End-user (Power industry, Pulp and paper industry, Oil and gas industry, Refining industry, and Petrochemical and others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).

The increase in the adoption of smart sensors drives the PAM market. The smart sensors include wireless monitoring systems and the development of smart sensors and the implementation of the industrial Internet of Things (IIoT) have fuelled the adoption as well. Smart sensors offer system data and information on their status and provide better system reliability. They help minimize the repair cost and reduce the sensor replacement time. Hence, such factors drive the growth of the PAM market during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample 

Key Highlights:

The report recognizes the following as some of the key players in the plant asset management (PAM) market: AB SKF, ABB Ltd., Aspen Technology Inc., AVEVA Group Plc, Emerson Electric Co., Endress Hauser Group Services AG, Hitachi Ltd., Honeywell International Inc., IFS World Operations AB, International Business Machines Corp., Novo Solutions Inc., Oracle Corp., Petrofac Ltd., Ramco Systems Ltd., Rockwell Automation Inc., S and T Deutschland GmbH, SAP SE, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp.Plant Asset Management (PAM) Market is fragmented in nature.Market to observe 6.64% YOY growth in 2023.

Market Dynamics:

Trend

The use of prescriptive analytics for analysis is an emerging PAM market trend.Prescriptive analytics help leverage historical data trends to forecast changes to showcase what impact each task on the system can have on the process.Furthermore, there is an increasing adoption of prescriptive analytics across several organizations.Hence, such trends fuel the growth of the PAM market during the forecast period.

Challenges

The increase in cyber attacks challenges the growth of the PAM market.There is an increase in the integration of online connected devices in plants, which leads to several industries becoming more prone to cyber-attacks.There is a rising number of ransomware attacks across industries.The ransom attacks are on IIoT-connected devices resulting in a halt in in the production and operation of electrical grids, and other IIoT-connected networks.Hence, such challenges hinder the growth of the PAM market during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The cloud segment is significant during the forecast period. The numerous advantages, including scalability and accessibility, drive the cloud segment growth in the PAM market. Generally, timely insights can prevent costly downtime, which offers real-time data and analytics, enabling better decision-making and proactive maintenance, which is essential in PAM. Get a glance at the market contribution of the segments, Request a Sample Report

Related Reports:

The Enterprise Asset Management (EAM) Market size is estimated to grow at a CAGR of 7.85% between 2022 and 2027. The market size is forecast to increase by USD 2,046.52 million.

The asset performance management market size is estimated to grow at a CAGR of 11.73% between 2022 and 2027. The market size is forecast to increase by USD 14,356.91 million. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Deployment

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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