Outlook for the global asset performance management market to 2030

DUBLIN, July 14, 2022 /PRNewswire/ — The “Global Asset Performance Management Market Size, Share, & Trends Analysis Report by Category (Predictive Asset Management, Asset Reliability Market), by Deployment (On-Premise, Hosted), by Vertical, and Segment Forecasts, 2022 -2030” report has been added ResearchAndMarkets.com Offer.

The size of the global Asset Performance Management market is expected to be reached $47.18 billion to 2030 with a CAGR of 11.8% from 2022 to 2030.

The market has evolved in response to technological advances and the changing needs of incumbent operators across many end-use industries and sectors, particularly small and medium-sized businesses. The asset performance management market is forecast to grow due to the increasing use of asset performance management (APM) solutions to achieve operational excellence.

Businesses are becoming better able to maximize the use and maintenance 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 companies using APM systems monitor on a regular basis.

The market has witnessed significant growth during the COVID-19 pandemic. The increasing adoption of the work-from-home model by enterprises has created the need for secure, scalable, reliable, and cost-effective off-premises and virtual technology services. Organizations from all sectors have invested heavily in cloud computing solutions to simplify their operations and effortlessly engage customers and employees. As such, asset performance management has offered marketers multiple growth opportunities during the pandemic.

The asset performance management system includes various solutions such as asset strategy and risk management, predictive asset management, reliability-based maintenance and condition-based maintenance, among others. These have high demand from end-use industries such as energy and utilities, mining and metals, oil and gas, and manufacturing. The manufacturing industry is expected to become one of the major markets over the forecast period in terms of revenue. The APM systems coupled with IIoT and the increasing adoption of cloud solutions are expected to be the key factors driving the steady growth of the market. In addition, cloud-based APM systems enable companies to manage their assets cost-effectively.

The Energy & Utilities industry segment holds the largest share due to the high number of customers actively investing in APM systems to manage their assets. For example, Tata powerone of the largest energy companies in India, leverages PRiSM Predictive Asset Analytics from AVEVA Group plc for device issues and early warning. The APM system helped Tata power to achieve improved reliability and performance of their critical assets. In addition, the system helped control maintenance costs through its predictive analysis

Additionally, the market is highly competitive and fragmented, with few companies holding maximum market share. The continued market dominance by legacy companies can be attributed to investments in research and development of advanced cloud-based services, which have been one of the key drivers of their revenue. However, the growth in the adoption of advanced cloud solutions and related offerings by startups is also providing significant traction in the global market.

Highlights of the Asset Performance Management market report

  • The market is gaining traction due to the rapid industrial shift towards digitalization of monitoring and maintenance activities. Companies are actively investing in digital solutions to manage their wealth.
  • The use of advanced processes and tools such as regression analysis, neural network analysis, Monte Carlo Simulation etc. in the APM systems is driving the growth of the predictive asset management segment.
  • The public cloud segment is expected to witness significant growth during the forecast period as it helps companies improve cost structures and establish a control center to arrange, monitor and coordinate various components of their business.
  • The manufacturing industry segment has a significant market share due to the presence of many small and large manufacturing facilities around the world.
  • Asia Pacific Expected to register the highest growth rate during the forecast period, due to the rising popularity of social media, growing investment by tech giants in building IT infrastructures in this region, and increasing preference for e-commerce and m-commerce, especially in emerging markets, economies such as India, Indonesiaand Thailand..

Main topics covered:

Chapter 1 Methodology and scope

Chapter 2 summary

Chapter 3 Asset Performance Management Market Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size and Growth Prospects
3.3 Asset Performance Management Market Value Chain Analysis
3.3.1 Provider Landscape
3.4 Asset Performance Management Market-Market Dynamics
3.4.1 Market Driver Analysis Integration of APM with complementary technologies for more efficient use cases The increasing adoption of cloud-based APM and increasing data security.
3.4.2 Market Opportunity Analysis The rapid industrial shift towards digitization of asset monitoring and maintenance activities
3.5 Mapping penetration and growth prospects
3.6 Asset Performance Management Five Forces Analysis by Market-Porter
3.7 Asset Performance Management Market PESTEL Analysis

Chapter 4 Asset Performance Management Category Outlook
4.1 Asset Performance Management Market Share by Category, 2021
4.2 Proactive Asset Management
4.2.1 Predictive Asset Management Asset Performance Management Market, 2017-2030
4.3 Plant Reliability
4.3.1 Asset Reliability Asset Performance Management Market, 2017-2030
4.4 Asset Strategy Management
4.4.1 Asset Strategy Management Asset Performance Management Market, 2017-2030
4.5 Miscellaneous
4.5.1 Other Asset Performance Management Market, 2017-2030

Chapter 5 Asset Performance Management Deployment Outlook
5.1 Asset Performance Management Market Share by Deployment, 2021
5.2 On Site
5.2.1 On-Premise Asset Performance Management Market, 2017-2030
5.3 Hosted
5.3.1 Hosted Asset Performance Management Market, 2017-2030 Public Cloud Public Cloud Asset Performance Management Market, 2017-2030 Private Clouds Private Cloud Asset Performance Management Market, 2017-2030

Chapter 6 Asset Performance Management Vertical Perspective
6.1 Asset Performance Management Market Share by Industry, 2021
6.2 Energy and Utilities
6.2.1 Asset Performance Management in Energy and Utilities, 2017-2030
6.3 Oil and Gas
6.3.1 Asset Performance Management in Oil and Gas, 2017-2030
6.4 Manufacturing
6.4.1 Asset Performance Management in Manufacturing, 2017-2030
6.5 Metals & Mining
6.5.1 Asset Performance Management in Metals & Mining, 2017-2030
6.6 Transportation
6.6.1 Asset Performance Management in Transportation, 2017-2030
6.7 Government and Public Sector
6.7.1 Asset Performance Management in Government and Public Sector, 2017-2030
6.8 Chemistry and Pharmacy
6.8.1 Asset Performance Management in Chemicals & Pharmaceuticals, 2017-2030
6.9 Miscellaneous
6.9.1 Asset Performance Management in Other Industries, 2017-2030

Chapter 7 Asset Performance Management Regional Outlook

Chapter 8 Competitive Analysis
8.1 Recent Developments and Impact Analysis by Major Market Players
8.2 Company/Competition Categorization (Key Innovators, Leaders, Emerging Players)
8.3 Vendor Landscape
8.3.1 Key Company Analysis, 2021

Chapter 9 Competitive Landscape
9.1 ABB Ltd
9.1.1 Corporate Overview
9.1.2 Financial Performance
9.1.3 Product Benchmarking
9.1.4 Strategic Initiatives
9.2 AVEVA Group plc
9.2.1 Company Overview
9.2.2 Financial Performance
9.2.3 Product Benchmarking
9.2.4 Strategic Initiatives
9.3 Aspen Technology Inc.
9.3.1 Company Overview
9.3.2 Financial Performance
9.3.3 Product Benchmarking
9.3.4 Strategic Initiatives
9.4 International Business Machines Corporation
9.4.1 Company Overview
9.4.2 Financial Performance
9.4.3 Product Benchmarking
9.4.4 Strategic Initiatives
9.5 Bentley Systems, Incorporated
9.5.1 Company Overview
9.5.2 Financial Performance
9.5.3 Product Benchmarking
9.5.4 Strategic Initiatives
9.6.1 Company Overview
9.6.2 Financial Performance
9.6.3 Product Benchmarking
9.6.4 Strategic Initiatives
9.7GE Digital
9.7.1 Company Overview
9.7.2 Product Benchmarking
9.7.3 Strategic Initiatives
9.8.1 Company Overview
9.8.2 Financial Performance
9.8.3 Product Benchmarking
9.8.4 Strategic Initiatives
9.9 SAS Institute, Inc.
9.9.1 Company Overview
9.9.2 Financial Performance
9.9.3 Product Benchmarking
9.9.4 Strategic Initiatives
9.10 Siemens AG
9.10.1 Company Overview
9.10.2 Financial Performance
9.10.3 Product Benchmarking
9.10.4 Strategic Initiatives

For more information about this report, visit https://www.researchandmarkets.com/r/mt1qs6

Media contact:

research and markets
Laura WoodSenior managers
[email protected]

For EST office hours, call +1-917-300-0470
For US/CAN, call toll free +1-800-526-8630
For GMT office hours, call +353-1-416-8900

US Fax: 646-607-1907
Fax (outside the US): +353-1-481-1716

SOURCE Research and Markets

About Rachael Garcia

Check Also

Deliver adaptive project portfolio management with these intuitive PPM software champions, according to SoftwareReviews users

TORONTO, August 2, 2022 /PRNewswire/ – SoftwareReviews, a leading source of insight into the software …