Global Asset Performance Management Market Size By Component (Software, Services), By Deployment Mode (On-Premise, Cloud-Based), By Organization Size (Large Enterprises, Small And Medium-Sized Enterprises), By Industry Vertical (Energy And Utilities, Manufacturing), By Geographic Scope And Forecast

Asset Performance Management Market Size And Forecast

Asset Performance Management Market size was valued at USD 2.74 Billion in 2022 and is projected to reach USD 5.82 Billion by 2030, growing at a CAGR of 9.9% from 2023 to 2030.

The rising need to generate a maximum economical return on assets is driving the market expansion. Moreover, factors include the growing popularity of cloud-based APM software among end users are fueling the expansion of the Asset Performance Management Market globally. The Global Asset Performance Management Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Asset Performance Management Market Definition

Asset Performance Management (APM) is a method of asset management that prioritizes business goals in addition to the usual objectives of asset availability and reliability. In industrial companies, APM has emerged as a key enabler of digital transformation for asset management. Traditional asset management techniques are combined with cutting-edge digital technologies in modern APM to change reliability, maintenance execution, and business success.

Asset performance management (APM) included the capabilities of data capture, integration, visualization, and analytics tied together for the explicit purpose of increasing the reliability and availability of physical assets. Condition monitoring, predictive forecasting, and reliability-centered maintenance (RCM) are all concepts included in APM. APM involves people, processes, and technologies to increase physical asset uptime, revenue, and longevity. This helps businesses save money while lowering operational expenses and risk.

With high customer satisfaction for on-time delivery and product quality, APM helps ensure assets have the potential for optimal operating performance to fulfill today’s dynamic business and production goals. With the help of this APM strategy, it will be possible to steadily increase important performance indicators like uptime, mean time to repair (MTTR), asset longevity, on-time shipments, quality/yield, and safety. Improvements in executive indicators including revenue, profit, customer happiness, work-in-process (WIP) inventory, and return on assets (ROA) are a result of success with these measurements.

Global Asset Performance Management Market Overview

The rising need to generate a maximum economical return on assets is driving the market expansion. Enterprises in asset-intensive sectors have ongoing challenges in delivering maximum return on assets (ROA) while balancing tight budgets, data integrity issues, and a lack of understanding of the factors influencing asset performance. Asset performance management solutions enable enterprises to better understand the condition of their equipment, keep it running safely to fulfill production/manufacturing objectives, and save companies millions of dollars by streamlining their maintenance processes.

As a result, it has gained popularity as a way to help asset-intensive firms maximize the return on their expensive equipment investments. Increased laws and restrictions affecting entrepreneurs. Demands for improved digitization with more features, online or offline information access, and improved work performance are growing in industrial areas. Asset performance management demonstrates growing expansion across several industries with better data access, reliability, and simplicity of analysis during the forecasted period. Moreover, factors include the growing popularity of cloud-based APM software among end users are fueling the expansion of the Asset Performance Management Market globally.

However, an absence of knowledge when choosing a solution that precisely matches enterprise business needs and a lack of awareness of cyber security are restraining factors for the global market growth of asset performance management solutions. Also, the global market for asset performance management software will experience strong growth due to the advent of technologies like the industrial internet of things (IIoT) and the rising demand for big data analytics in the industrial sector.

Global Asset Performance Management MarketSegmentation Analysis

The Global Asset Performance Management Market is Segmented on the basis of Component, Deployment Mode, Organization Size, Industry Vertical, And Geography.

Asset Performance Management Market, By Component

• Software
• Services

Based on Component, the market is segmented into Software and Services. The services segment is expected to dominate the Asset Performance Management Market in the forecasted years. The services aid in setting up, evaluating, and utilizing an Asset Performance Management environment so that time and effort are not spent on ineffective implementation.

Asset Performance Management Market, By Deployment Mode

• On-Premise
• Cloud-Based

Based on Deployment Mode, the market is segmented into On-Premise and Cloud-Based. The Cloud-based segment is anticipated to dominate the market in the forecasted years. The growing need for public cloud deployment is because it offers a wide range of options for solutions and computing resources to satisfy the expanding requirements of companies of all sizes and in all industries. Also, since cloud providers maintain and update the technology ecosystem in the public cloud deployment model, companies are being encouraged to deploy public cloud solutions in order to obtain access to new advancements and tools and acquire a competitive edge.

Asset Performance Management Market, By Organization Size

• Large Enterprises
• Small- & Medium-Sized Enterprises

Based on Organization Size, the market is segmented into Large Enterprises and Small- & Medium-Sized Enterprises. Small- & Medium-sized Enterprises are expected to dominate the market in the forecasted years. This is owing to increased data generation combined with better analysis and data comprehension, increased network connectivity, and increased efficiency.

Asset Performance Management Market, By Industry Vertical

• Energy and Utilities
• Manufacturing
• Healthcare and Life Sciences
• Chemical and Pharmaceuticals
• Government and Defense
• IT and Telecom
• Others

Based on Industry Vertical, the market is segmented into Energy and Utilities, Manufacturing, Healthcare and Life Sciences, Chemical and Pharmaceuticals, Government and Defense, IT and Telecom, and Others. In 2021, the market share held by the energy & utilities segment. Reassessing strategy and incorporating cutting-edge technology into business operations will become more important, which will boost the segment’s growth. Also, managers and other officials can now track asset functioning and conditioning using asset performance management technologies in order to satisfy growing demands for adequate energy services. Additionally, it is thought that segment growth is being fueled by organizations’ increased attention to asset-predictive maintenance strategies.

Asset Performance Management Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

On basis of Geography, the Global Asset Performance Management Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2021, North America held the largest share of the global market. The regional market is expanding as a result of the rising need for high-speed data networks and the significant presence of software vendors in the area. The expansion of the regional market is also being aided by the rising investments made by companies in IT infrastructure, particularly for the research and development of cloud infrastructure. In contrast to other regions, companies in North America experience good business conditions and support governmental policies, allowing them to create and launch superior cloud platforms, which in turn stimulates an increase in the market’s adoption of asset performance management.

Key Players

The “Global Asset Performance Management Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are SAP SE, ABB GROUP, INTERNATIONAL BUSINESS MACHINES CORPORATION, SAS INSTITUTE INC., ORACLE CORPORATION, GE DIGITAL, AVEVA INC., SIEMENS AG, BENTLEY SYSTEM, and INFOR INC. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Asset Performance Management Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Asset Performance Management Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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