ID: MRFR/ICT/1256-HCR | December 2022 | Region: Global | 110 pages
Impact of COVID-19 on the Global Plant Asset Management Market
Plant asset management systems are specifically designed to determine health information of analytical assets from the data that is embedded in various control systems, smart field devices, and several sensors in an analytical engine. The intelligent engine assists in analytical operations, and proactively predicts and resolves the problems. Plant asset management systems find applications in and expand the capabilities of multiple, production, and automation assets across the globe. Rising adoption of automation systems to improve production capacity in process industries is fueling the market growth during the pandemic. Moreover, multiple types of automation systems, including distributed control systems and programmable logic controllers, are used in several industries, which has stimulated the growth of the plant asset management market.
The COVID-19 pandemic has rapidly spread across the globe and has impacted a few industries positively, while most others have been affected negatively. Governments have imposed restrictions confining people to their homes as a precautionary measure to contain the spread of the pandemic. The rising number of people staying at home has boosted the demand for faster internet connectivity and data transfer, which is expected to increase the market growth.
The people under lockdown have increased their data usage substantially, as compared to the pre-lockdown period. During the pandemic, companies have allowed their employees to work from home, which has propelled the use of video conferencing platforms requiring extensive data processing to minimize downtime. These factors have boosted the growth of the plant asset management market drastically. Furthermore, the increasing demand for cloud-based deployment is also responsible for the growth of the plant asset management market. Cloud-based deployment helps employees in working from any location by providing access to the required data. Employees can gain access to the necessary data and documents with the use of credentials while maintaining security and the flexibility to work from home. This scenario is expected to drive the growth of the plant asset management market over the forecast period.