Overview and Scope
Asset performance management (APM) refers to a comprehensive approach designed to optimize the performance and reliability of physical assets within an organization. It involves the integration of various technologies, methodologies, and processes to ensure that assets operate efficiently, effectively, and safely throughout their lifecycle.
Sizing and Forecast
The asset performance management market size has grown rapidly in recent years. It will grow from $2.62 billion in 2023 to $2.98 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to asset aging and deterioration, regulatory requirements, cost reduction imperatives, shift from reactive to proactive maintenance.
The asset performance management market size is expected to see rapid growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to advancements in predictive analytics, internet of things (IoT) integration, focus on sustainability and ESG initiatives, shift towards outcome-based Contracts. Major trends in the forecast period include predictive maintenance, integration of AI and machine learning, condition-based monitoring, asset health indexing, and lifecycle cost optimization.
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Segmentation & Regional Insights
The asset performance management market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment: On-Premises, Cloud
3) By Organization: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Vertical: Energy And Utilities, Manufacturing, Government And Defense, Chemicals, Telecommunications, Healthcare And Pharmaceuticals, Consumer Goods, Food And Beverages, Other Verticals
North America was the largest region in the asset performance management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the asset performance management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for a digital workforce is expected to propel the growth of the asset performance management market going forward. A digital workforce refers to the integration of technologies like artificial intelligence (AI), automation, and machine learning into the workforce to enhance human capabilities and streamline tasks. The demand for a digital workforce arises because of the rise of remote work, increasing demand for automation, cost reduction, and scalability. Asset performance management leverages digital workforces to enhance data analysis, enable predictive maintenance, optimize operations, automate routine tasks, ensure real-time monitoring, and ultimately drive efficiency and cost savings for organizations across various industries. For instance, in October 2023, according to reports published by CompTIA, a US-based non-profit trade association, the expected number of workers engaged in technology in the US was 9,156,390 (3.2% annual growth) in 2022, up from 286,400 more jobs than in the previous year. Furthermore, in October 2022, according to reports published by the International Federation of Robotics, a Germany-based non-profit organization, the installation of industrial robots in the USA reached 50,712 units in 2021, marking a 31% increase compared to the previous year. Therefore, the increasing digital workforce is driving the growth of the asset performance management market.
Key Industry Players
Major companies operating in the asset performance management market are Microsoft Corporation, Hitachi Ltd., Siemens AG, International Business Machines Corporation, General Electric Company, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Asea Brown Boveri Ltd., Jacobs Engineering Group Inc., Emerson Electric Co., Rockwell Automation Inc., Worley Limited, Xylem Inc., Hexagon AB, Trimble Inc., Arcadis NV, Yokogawa lectric Corporation, Mott MacDonald Group Limited, PTC Inc., GHD Group Pty Ltd., National Instruments Corporation, Bentley Systems Incorporated, Aspen Technology Inc.
The asset performance management market report table of contents includes:
1. Executive Summary
2. Asset Performance Management Market Characteristics
3. Asset Performance Management Market Trends And Strategies
4. Asset Performance Management Market – Macro Economic Scenario
5. Global Asset Performance Management Market Size and Growth
…..
32. Global Asset Performance Management Market Competitive Benchmarking
33. Global Asset Performance Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Asset Performance Management Market
35. Asset Performance Management Market Future Outlook and Potential Analysis
36. Appendix
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