Asset Performance Management Market Predicted to Witness Steady Growth During the Forecast Period

 Asset Performance Management Market Growth & Trends

The global asset performance management market size is expected to reach USD 47.18 billion by 2030, registering a CAGR of 11.8% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market has evolved in response to technological advancements and the changing needs of incumbents in many end-use industries and sectors, particularly small and medium businesses. The market for asset performance management is predicted to increase due to the increasing usage of asset performance management (APM) solutions to achieve operational excellence. Companies are becoming more capable of maximizing the use and upkeep of their operational assets, such as plants, equipment, and infrastructure. Heavy machinery, heavy equipment, turbine engines, power transformers, and other assets are among the assets that firms adopting APM systems regularly monitor.

The market witnessed significant growth during the COVID-19 pandemic. Growth in the adoption of the work-from-home model by organizations created the need for secure, scalable, reliable, and cost-effective off-premises and virtual technology services. Organizations from all sectors invested considerably in cloud computing solutions to facilitate their operations and engage clients and employees effortlessly. Thus, asset performance management provided several growth opportunities to marketers during the pandemic.

The asset performance management system includes various solutions such as asset strategy and risk management, predictive asset management, reliability-centered maintenance, and condition-based maintenance, among others. These have a high demand from end-use industries such as energy & utilities, mining & metal, oil & gas, and manufacturing. The manufacturing industry is expected to emerge as one of the prominent markets in terms of revenue over the forecast period. The APM systems, coupled with IIoT, and increasing adoption of cloud solutions are expected to be the crucial factors for the steady growth of the market. Moreover, cloud-based APM systems are enabling companies to manage their assets cost-effectively.

The energy & utilities industry segment holds the largest share owing to the high number of customers who are actively investing in APM systems to manage their assets. For instance, Tata Power, one of the largest power companies in India, is leveraging AVEVA Group plc’s PRiSM Predictive Asset Analytics for equipment problems and early warning notification. The APM system helped Tata Power to achieve improved reliability and performance of their critical assets. Additionally, the system contributed to control the maintenance costs through its predictive analysis

Furthermore, the market is highly competitive and fragmented, wherein few companies hold the maximum market share. Consistent dominance in the market by legacy companies can be attributed to investments in research and development of advanced cloud-based services, which has been one of the key factors driving their revenues. However, growth in the introduction of advanced cloud solutions and related offerings by start-ups is also creating significant traction in the global market.

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Asset Performance Management Market Report Highlights

• The market is gaining traction owing to the rapid industrial shift towards digitization of monitoring and maintenance activities. The companies are actively investing in digital solutions to manage their assets.
• The use of advanced processes and tools such as regression analysis, neural network analysis, Monte Carlo simulation, and so on in the APM systems is driving the growth of the predictive asset management segment.
• The public cloud segment is expected to register significant growth over the forecast period as it helps businesses in improving cost structures and setting up a control center to arrange, monitor, and coordinate various components of their businesses.
• The manufacturing industry segment is held a significant share in the market owing to the presence of many small and large manufacturing plants across the globe.
• Asia Pacific is anticipated to register the highest growth rate over the forecast period owing to the increasing popularity of social media, growing investments by tech giants in establishing IT infrastructures in this region, and the rising preference for e-commerce and m-commerce, particularly in emerging economies such as India, Indonesia, and Thailand.

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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, 2017 - 2030)

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

Asset Performance Management Deployment Outlook (Revenue, USD Million, 2017 - 2030)

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

Asset Performance Management Vertical Outlook (Revenue, USD Million, 2017 - 2030)

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

Asset Performance Management Regional Outlook (Revenue, USD Million, 2017 - 2030)

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

List of Key Players in Asset Performance Management Market

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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.