According to the global asset performance management market report by IMARC Group, the market reached a value of US$ 20.2 Billion in 2022, and it is projected to reach a value of US$ 40.4 Billion by 2028, exhibiting a CAGR of 11.5% during 2023-2028.What Are The Growth Prospects Of The Asset Performance Management Industry?
Asset performance management (APM) represents advanced solutions that help to manage assets and prioritize business objectives. They mostly rely on advanced technologies, including machine learning (ML)and artificial intelligence (AI), and on data capture, visualization, integration, and analytics to improve the availability and reliability of physical assets. Asset performance management services help to reduce unplanned maintenance costs, unplanned downtime, and the total cost of ownership (TCO) for assets and environment, health, and safety (EH&S) threats. They even aid in optimizing asset performance, improving return on assets (ROA), and enhancing the visibility of operations. Consequently, asset performance management systems find extensive applications across numerous sectors, such as energy, mining, chemical, food and beverages (F&B), manufacturing, healthcare, information technology (IT), telecommunications, etc.
Market Trends
The growing digital transformation in several industry verticals is among the key factors driving the asset performance management market. In addition to this, the escalating utilization of the solution in the F&B segment to meet the challenges faced in executing various production processes, maintaining multiple systems and equipment, and managing the supply chain, availability, and prices, of incoming raw materials is acting as another significant growth-inducing factor.
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Moreover, the shifting preferences toward asset performance management for enabling businesses to evaluate financial risks and undertake adequate asset investment and management strategies are also positively influencing the global market. Besides this, the increasing employment of industrial internet of things (IIoT) and cognitive technologies by leading asset-intensive businesses, particularly in the chemical, mining, power, utility, and oil and gas industries to enhance equipment reliability is expected to propel the asset performance management market over the forecasted period.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ABB Ltd, Aspen Technology Inc., AVEVA Group plc, Bentley Systems Incorporated, Detechtion Technologies, DNV GL, GE Digital (General Electric Company), International Business Machines Corporation, Oracle Corporation, Rockwell Automation Inc., SAP SE, Sas Institute Inc., Schneider Electric SE and Siemens Energy AG.
Key Market Segmentation:
Breakup by Component:
- Solution
- Service
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Industry Vertical:
- Energy and Utilities
- Oil and Gas
- Manufacturing
- Mining and Metals
- Healthcare and Life Sciences
- Chemical and Pharmaceuticals
- Government and Defense
- IT and Telecom
- Food and Beverages
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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