Asset Performance Management Market Trends and Forecast 2023-2029: Optimizing Industrial Productivity
North America region holds the highest share in 2022.

Asset Performance Management Market Set to Surge, Expected to Reach US$ 11.82 Billion by 2029

In 2022, the Asset Performance Management (APM) Market achieved a valuation of US$ 4.16 billion, and industry experts anticipate a robust growth trajectory, projecting the market to soar to US$ 11.82 billion by 2029. This surge is attributed to a compelling Compound Annual Growth Rate (CAGR) of 16.07% during the forecast period.

Driving Forces and Market Overview:

The dynamic landscape of the global APM market is shaped by the escalating demand for big data analytics, condition monitoring, and predictive asset management. As mobile and cloud technologies gain prevalence, the adoption of APM solutions is witnessing an upswing. The surge in e-commerce and online credit processing further fuels the market's expansion, providing ample opportunities for Asset Strategy Management.

Asset Performance Management Market Scope and Research Methodology

The report provides a comprehensive analysis of the Asset Performance Management industry, including trends, forecasts, and monetary values.

  • It provides an in-depth analysis of the segments and sub-segments in global and regional Asset Performance Management Markets.
  • It uses a bottom-up approach to estimate the Asset Performance Management Market size.
  • It includes information on key market participants, new entrants, their services, revenue, financial status, portfolio, growth strategies, and regional presence.
  • It provides demand projections, market trends, and micro and macro factors that drive and restrict the Asset Performance Management Market's growth.
  • It uses qualitative and quantitative methods, including SWOT, PESTLE, and Porter's Five Forces analysis.
  • It identifies key upcoming developments that are expected to influence Asset Performance Management Market demand over the forecast period.

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Navigating Challenges Amidst the Pandemic

A noteworthy aspect of the market's resilience is its response to the COVID-19 pandemic. The crisis has underscored the importance of digital technology adoption, particularly in enabling remote work environments. APM software, integrating data from both online and offline equipment, has proven instrumental in visualizing plant performance, enhancing staff productivity, and leveraging AI for predictive maintenance.

Asset Performance Management Market Segmentation: 

by Component

Solutions
Services

According to component, the predictive asset management subsegment is anticipated to contribute share in the global asset performance management market, while the solution segment held the largest share in 2022. Modern computer techniques and tools, such as risk-based inspection tools, neural networks, machine learning, tools for safety integrity level analysis, statistical modelling tools, tools for root cause failure analysis, and algorithms that are used to extract useful insights, are all included in the predictive asset management solutions.

by Deployment Model

On-premises
Cloud

by Organization Size

Large Enterprises
Small and Medium-sized Enterprises (SMEs)

by End-User

Energy and Utilities
Oil and Gas
Manufacturing
Mining and Metals
Healthcare and Life Sciences
Chemical and Pharmaceuticals
Government and Defense
Information Technology (IT) and Telecom
Food and Beverages
Others (Real Estate, Transport and Logistics)

According to end users, the chemical and pharmaceutical industries are among the fastest-growing in terms of adopting advanced technologies. This is because of the high costs associated with maintaining and repairing equipment caused by caustic compounds and safety concerns regarding inventories of hazardous chemicals. In order to control, maintain, and increase production, many chemical companies are searching for state-of-the-art technology due to the rising cost of materials and the ongoing maintenance costs. Work orders are prioritised, inventory control is automated, safety and compliance are enhanced across the manufacturing facility, and cost-effective preventative maintenance is implemented with asset performance management software.

Asset Performance Management Market Key Players:

1.SAP
2. Ge Digital
3. Ibm
4. Aveva
5. Osisoft
6. Bentley Systems
7. Siemens
8. Oracle
9. Infor
10. Aspentech
11. Dnv Gl
12. Emaint
13. Nexus Global
14. Accruent
15. Aptean
16. Operational Sustainability
17. Rockwell Automation
18. Arms Reliability
19. Intelligent Process Solutions
20. Uptake Technologies
21. Detechtion Technologies
22. SAS Institute Inc.
23. Schneider Electric
24. ABB
25. eMaint

Key questions answered in the Asset Performance Management Market are:

  • What was the Asset Performance Management Market size in 2022?
  • What is the growth rate of the Asset Performance Management Market?
  • Which are the factors expected to drive the Asset Performance Management Market growth during the forecast period?
  • What are the different segments of the Asset Performance Management Market?
  • What are the factors restraining the growth of the Asset Performance Management Market?
  • What are the factors driving the Asset Performance Management Market growth?
  • What segments are covered in the Asset Performance Management Market?
  • Who are the Asset Performance Management key players in the industry?
  • What are the upcoming industry applications and trends for the Asset Performance Management Market?

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Asset Performance Management Market Regional Analysis: 

Geographically, Asset Performance Management Market report is segmented into following regions:

  • Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
  • Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
  • North America (the United States, Mexico, and Canada.)
  • South America (Brazil etc.)
  • Middle East and Africa (GCC Countries and Egypt.)

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