Asset Performance Management Market Global Insights And Revenue Growth Up To 2030
Asset Performance Management Industry
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.
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.
Gather more insights about the market drivers, restrains and growth of the Global Asset Performance Management market
Asset Performance Management Market Segments:
Market Dynamics
Emergence of the fourth industrial revolution (Industry 4.0) has encouraged the adoption of Internet of Things (IoT) technologies, such as industrial sensors, across several industries. Growing adoption of industrial sensors has enabled the rapid deployment of APM solutions. Moreover, the failure of industrial equipment can cause Environmental, Health, and Safety (EH&S) risks. Implementation of APM solutions helps companies lower EH&S risks by improving asset health and complying with federal and environmental regulatory standards.
Category Insights
Asset reliability management segment accounted for the largest market share of more than 30.0% in 2022, owing to an extensive offering of reliability management solutions from numerous market players. Moreover, the growing need for companies to extend machine or equipment life is creating traction in this segment. Additionally, reducing excessive operational costs on maintenance is observed as a driving factor contributing to the segment growth.
Deployment Insights
Hosted systems segment accounted for the considerable market share of above over 35.0% in 2022 owing to an increasing demand for public cloud deployment as it provides numerous options in terms of solutions and computing resources to meet the growing needs of organizations of all sizes and from all verticals. Furthermore, new enhancements and tools and gaining a competitive edge is encouraging them to deploy public cloud solutions as cloud providers maintain and update the technical ecosystem in the public cloud deployment model.
Vertical Insights
Energy & utilities segment accounted for the largest market share of above 18.0% in 2022. Increasing relevance of re-evaluating strategies and implementing sophisticated technology in company processes are anticipated to drive the growth of the segment. Moreover, growing need to cater to increasing demands for satisfactory energy services has enabled managers and other officials to involve asset performance management solutions to monitor asset working and conditioning in order to fulfill increasing demands. Additionally, rising focus of the companies on predictive maintenance strategies for their asset is also considered to be driving the segment growth.
Regional Insights
North America dominated the global market with a share of above 30.0% in 2022. An increasing demand for high-speed data networks and the considerable presence of software vendors in the region are the factors contributing to the regional market growth. Furthermore, growing investments by organizations in IT infrastructure, specifically for research and development of cloud infrastructure, are further fueling the regional market growth.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
- 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 digital twin market size was estimated at USD 16.75 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 35.7% from 2024 to 2030.
Key Companies & Market Share 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. Some prominent players in global asset performance management market include:
- ABB Ltd
- Aspen Technology, Inc.
- AVEVA Group plc
- Bentley Systems, Incorporated
- DNV GLAS
- GE Digital
- International Business Machines Corporation
- Rockwell Automation
- SAP SE
- SAS Institute, Inc.
- Siemens Energy
Segments Covered in the Report
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
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