The global demand for Asset Performance Management Market is presumed to reach the market size of nearly USD 58.89 BN by 2030 from USD 20.76 BN in 2022 with a CAGR of 13.92% under the study period 2023 - 2030.
Asset performance management, also known as APM is an integrated suite of solutions and services, it includes various software that is used to monitor aspects such as asset health and asset reliability. They are also used to plan asset maintenance and divestment strategies. It also facilitates the use of sensors in collecting data from different assets such as machinery, heavy equipment, and so on. APM system offers a variety of insights at the point of action to increase asset life, limit unplanned repair work, decrease downtime, reduce maintenance costs, and decrease the risk of equipment failure.
Market Dynamics
The increasing demand to meet regulatory compliance and reporting standards across asset-centric organizations, the growing need to manage asset efficiency, manage assets sustainability, and optimize total cost of ownership (TCO) are the factors pushing the growth of this market. The efficient use of the APM system is made possible by incorporation of APM system with mobile solutions or geographic information system (GIS) solutions, which leads to continuous market expansion. Additionally, modern APM systems use the industrial internet of things (IIoT) to provide equipment reliability.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of asset performance management. The growth and trends of asset performance management industry provide a holistic approach to this study.
Market Segmentation
This section of the asset performance management market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Category
- Predictive Asset Management
- Asset Reliability Management
- Asset Strategy Management
- Others
By Deployment
- On-Premise
- Hosted (Public Cloud, Private Cloud)
By Vertical
- Energy & Utilities
- Oil & Gas
- Manufacturing
- Mining & Metal
- Government & Public Sector
- Transportation
- Chemicals & Pharmaceutical
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Asset Performance Management market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Asset Performance Management Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the asset performance management market include AVEVA Group plc, Aspen Technology, Inc., ABB Ltd, Bentley Systems, Incorporated, DNV GLAS, GE Digital, SAP SE, Siemens AG, SAS Institute, Inc., International Business Machines Corporation, Rockwell Automation. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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