The global asset performance management (APM) market was valued at USD 19.32 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 12.0% from 2023 to 2030. This growth is primarily driven by the rising demand for digital solutions across various sectors, including oil and gas, manufacturing, and chemicals. These industries are increasingly seeking ways to reduce operational costs. An APM system plays a crucial role in this effort by collecting a wide array of data from assets such as machinery and heavy equipment through the use of sensors. By integrating data from various sources, the APM system creates a comprehensive analytics platform that offers a holistic view of all operational assets. This enables organizations to enhance asset management practices and prioritize maintenance tasks effectively.
APM encompasses a suite of integrated solutions and services, including software that monitors critical aspects such as asset health and reliability. It also assists in planning maintenance and divestment strategies. For example, General Electric’s Predix solution comprises several products like APM Health, APM Reliability, APM Strategy, and APM Integrity. These APM systems provide actionable insights aimed at extending asset life, minimizing unplanned repairs, reducing downtime, lowering maintenance costs, and decreasing the likelihood of equipment failure.
In response to the COVID-19 pandemic, many organizations have adapted by implementing work-from-home arrangements for their employees. Additionally, IT initiatives and the allocation of funds and resources for infrastructure support and collaborative applications have been largely paused as businesses explore new operational models and manage the immediate impacts of the crisis.
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Category Insights
The asset reliability management segment emerged as the largest contributor to the market, capturing more than 30.0% of the total market share in 2022. This significant share can be attributed to the wide range of reliability management solutions offered by various market participants. The increasing imperative for companies to extend the operational lifespan of their machines and equipment is driving growth in this segment. Additionally, the focus on reducing excessive operational costs associated with maintenance activities further enhances the demand for asset reliability management solutions.
On the other hand, the predictive asset management segment is projected to experience the fastest growth rate, anticipated to surpass 13.0% during the forecast period. This segment utilizes a variety of advanced computing tools and methodologies, including risk-based inspections, neural networks, machine learning, safety integrity level analysis, statistical modeling tools, and root cause failure analysis, among others, to generate valuable insights. Many of these processes are designed to facilitate preventive measures that can help avert asset failures. Consequently, organizations are increasingly shifting their asset management strategies from a traditional predictive approach to a more proactive preventive model, thereby improving overall operational effectiveness and reducing downtime.
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