Fort Collins, Colorado, Oct. 05, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Asset Performance Management Market Size, Growth, Share, Statistics Report, By Component (Software, Services), By Deployment (On-premise, Cloud-based), By Organization Size (Large Enterprises, Small & Medium-sized Enterprises), By Industry Vertical, By Region Forecasts, 2023-2032."
According to DataHorizzon Research, the asset performance management market size was valued at USD 2.7 Billion in 2022 and is anticipated to reach USD 6.5 Billion by 2032 with a CAGR of 9.2%.
The published report on the global asset performance management market offers a holistic view of market size, share, segments, and regional analysis in the forecast period.
In the past few years, the change in the business landscape has driven a potential need for asset management, mainly in the oil and mining, healthcare, utilities, and chemical industries. Besides, the Industrial Internet of Things (IIoT) has proved critical to the domain growth that improves the criticality of their business. Thus, asset performance management systems are crucial in driving these improvements to the business areas.
Factors such as the growing use of cloud-based APM solutions and increasing emphasis on energy efficiency drive the asset performance management (APM) market. Cloud-based APM solutions are becoming increasingly popular as they offer scalability, flexibility, and cost-effectiveness, which drives adoption of APM solutions among small and medium-sized enterprises. Also, energy efficiency is a major concern for companies across various industries. APM solutions help companies optimize energy consumption, reduce waste, and improve efficiency.
The growth of the Internet of Things (IoT) and artificial intelligence (AI) technologies is driving the development of advanced APM solutions. These solutions analyze large amounts of data from multiple sources and provide ationable insights to improve asset performance. Stringent regulatory requirements also foster market growth. Regulatory requirements related to asset maintenance and safety are becoming increasingly stringent, driving the adoption of APM solutions that assist companies in complying with these regulations.
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Report Snapshot
| Report Title | Asset Performance Management Market |
| Market Size in 2022 | USD 2.7 Billion |
| Market Size by 2032 | USD 6.5 Billion |
| CAGR from 2023 to 2032 | 9.2% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Component | Software, Services |
| By Deployment | On-premise, Cloud-based |
| By Organization Size | Large Enterprises, Small & Medium-sized Enterprises |
| By Industry Vertical | Energy and Utilities, Oil and Gas, Manufacturing, Mining and Metals, Healthcare and Life Sciences, Chemical and Pharmaceuticals, Government and Defense, IT and Telecom, Food and Beverages, Others |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others |
| Major Market Players | ABB Group, SAP SE, International Business Machines Corporation, Oracle Corporation, SAS Institute Inc., GE Digital, Aveva Inc., Bentley System, Siemens AG, Infor Inc., Emerson, Gray matter, Plasma, Honeywell, Yokogawa, Intelligent Process Solution, Rockwell automation, Operational sustainability, BisTel, Nexus global. |
Segmentation Overview:
The global asset performance management market has been segmented as component, deployment, organization size, industry, and region. Services is a fast-growing segment attributed to the emergence of third-party vendors for asset management. In terms of deployment, on-premises is a fast-growing segment owing to its popularity. Based on industry, the chemicals segment registered a high growth in 2022
North America is a rapidly growing market, accounting for a high-performing market in 2022. Factors such as conducive market conditions, industrial stability, and strategic collaboration among the major players have been pivotal to regional industry growth. Asia Pacific is a fast-growing industry for asset performance management owing to the changing industry dynamics and high spending capacity of key players.
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Asset Performance Management Market Report Highlights:
- The global asset performance management market growth is expected to reach USD 2.7 billion at a CAGR of 9.2% by 2032.
- The rise in workforce digitalization significantly drives the asset performance management market growth. Moreover, digital mediums are widely deployed to create robust business models.
- Based on component, the software segment will dominate in the forthcoming years owing to the demand for robust features in APM software models.
- The on-premise deployment will be a prominent segment in the forecast period as per market projections.
- North America is a significant player in the asset performance management market because of the digitalization across several sectors. Mergers and strategic collaborations among the key players have supplemented the industry development.
- Some prominent players in the asset performance management market report include ABB Group, SAP SE, International Business Machines Corporation, Oracle Corporation, SAS Institute Inc., GE Digital, Aveva Inc., Bentley System, Siemens AG, Infor Inc., Emerson, Gray matter, Plasma, Honeywell, Yokogawa, Intelligent Process Solution, Rockwell Automation, Operational Sustainability, BisTel, and Nexus global.
Industry Trends and Insights:
- Australia-based Income Asset Management (IAM) recently announced the merger between Tactical Global based management (TGM) and Alpha Vista Financial Services (AVFS). This merger augments IAM’s market share.
- In 2023, Arcadis, a leading global design and consultancy, was awarded a five-year enterprise decision analytics (EDA) contract with Infrastructure Ontario, Canada. This venture includes a five-year software subscription for data collection, analytics, and portfolio management.
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Asset Performance Management Market Report Segmentation:
- By Component: Software, services.
- By Deployment: On-premise, cloud-based.
- By Organization Size: Small, medium, and large.
- By Industry: Energy and utilities, oil and gas, manufacturing, mining and metals, healthcare and life sciences, chemical and pharmaceuticals, government and defense, IT and Telecom, food and beverages, and others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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