Asset Performance Management Industry Overview

The global asset performance management market size was valued at USD 19.32 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.0% from 2023 to 2030.

The market is anticipated to witness significant growth during the forecast period on account of the increasing demand for digital solutions across various industries, such as oil & gas, manufacturing, and chemical, among others, for reducing operational expenses. APM system helps collect different kinds of data from all the assets, such as machinery, heavy equipment, and so on, using sensors. Through the integration of disparate data sources, the APM system builds a data analytics platform that provides a comprehensive view of all operational assets. Customers can utilize this information to improve asset management processes and prioritize maintenance activities.

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The integration of the APM system with complementary solutions such as mobile solutions and geographic information system (GIS) solutions is enabling more efficient use cases of the APM system, thereby contributing towards steady market growth. Furthermore, APM systems in the market leverage industrial internet of things (IIoT) to provide equipment reliability. As equipment reliability is fundamental capability of the APM systems, there is an increasing attraction towards the systems from industrial sector.

APM is an integrated suite of solutions and services, which includes various software that are used to monitor aspects such as asset health and asset reliability. They are also used to plan strategies for asset maintenance and divestment. For instance, the Predix solution by General Electric includes different products such as APM Health, APM Reliability, APM Strategy, and APM Integrity. APM system provides various insights at the point of action to increase asset life, minimize unplanned repair work, decrease downtime; lower maintenance costs, and reduce the risk of equipment failure.

Amidst the outbreak of COVID-19, several organizations have structured work-from-home facilities for their employees. Moreover, IT initiatives and the transfer of cash and resources for infrastructure support and collaborative applications have been put on hold by organizations across the globe to enable new ways of working and better managing short-term implications. Organizations are also focused on using solutions that support advanced planning and mitigate the impact of similar events in the near future.

Currently, key market players are leveraging digital twin technology to increase the efficiency of the APM systems. A digital twin is a digital representation of a physical object or system. It acts as a separate complementary technology to the APM systems, which is modeled on operational technology (OT) data streams. This technology can simulate asset behaviors to anticipate potentially critical and harmful operating conditions to avoid unforeseeable damages to the assets, thereby significantly improving asset performance and utilization.

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• The global geographic information system market size was valued at USD 9.80 billion in 2023 and is projected to grow at a CAGR of 8.7% from 2024 to 2030.
• The global industrial internet of things market size was estimated at USD 394.00 billion in 2023 and is projected to grow at a CAGR of 23.2% from 2024 to 2030.

Asset Performance Management Market Segmentation

Grand View Research has segmented the global asset performance management market based on category, deployment, vertical, and region.

Asset Performance Management Category Outlook (Revenue, USD Million, 2018 - 2030)

• Predictive Asset Management
• Asset Reliability Management
• Asset Strategy Management
• Others

Asset Performance Management Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• On-premise
• Hosted
  • Public Cloud
  • Private Cloud

Asset Performance Management Vertical Outlook (Revenue, USD Million, 2018 - 2030)

• Energy & Utilities
• Oil & Gas
• Manufacturing
• Metal & Mining
• Government & Public Sector
• Transportation
• Chemical & Pharmaceutical
• Others

Asset Performance Management Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
• Asia Pacific
  • China
  • India
  • Japan
• South America
  • Brazil
• MEA

Key Companies profiled:

• ABB Ltd
• Aspen Technology, Ltd
• AVEVA Group plc
• Bentley Systems, Incorporated
• DNV GLAS
• GE Digital
• International Business Machines Corporation
• Rockwell Automation
• SAP SE
• SAS Institute, Inc.
• Siemens Energy 

Key Asset Performance Management Company Insights

The asset performance management market is significantly competitive and is characterized by the presence of numerous players operating at the global level.  Growing interest of organizations in improving asset performance, maintaining equipment health, and reducing time to market is encouraging vendors to introduce advanced asset performance management that could cater to an organization’s demands.

Market players are expanding the capabilities of APM systems with the integration of various complementary technologies such as artificial intelligence (AI), machine learning, mobility, GIS, augmented reality (AR), virtual reality (VR), and mixed reality (MR). The increasing investments in research & development towards cloud-based APM and predictive analysis solutions are improving the APM systems significantly. As such, advancements and the evolution of digital industrial solutions are paving the way for the rising adoption of systems.

Increased need for mobility and data portability is driving demand for data-centric solutions, which is subsequently driving the demand for asset performance management. To stay competitive in the market, market players are pursuing a variety of growth strategies, including partnerships, strategic agreements and collaborations, mergers & acquisitions, and new product development.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.