Pune, India, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Global asset performance management market size was valued at USD 2.75 billion in 2022 and is projected to reach USD 7.99 billion by 2030, exhibiting a CAGR of 14.6% over the estimated period. Fortune Business Insights presents this information in their report titled "Global Asset Performance Management Market Forecast, 2023-2030."
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Key Industry Development:
March 2022 – AVEVA announced a collaboration with Alizent. The deal was aimed at providing customers with solutions equipped with escalated operability, improved confidentiality and cybersecurity, and continuous evolution over the long term.
Key Takeaways
- Asset Performance Management Market size in North America was USD 1.16 billion in 2022
- Pandemic Fueled Industry Expansion Owing to Acceleration in Digital Transformation
- On-premises Segment to Initially Dominate Impelled by Increasing Demand for Data Security
- Predictive Asset Management Segment to Hold Major Share as the Solutions Offer Real-time Analysis
Discover the Leading Players Featured in the Report:
“Companies leading the global Asset Performance Management Market are AVEVA Group Limited (U.S.), IBM Corporation (U.S.), SAP SE (U.S.), Honeywell International Inc. (U.S.), Bentley Systems, Inc. (U.S.), Aspen Technology, Inc. (U.S.), Cognite AS (Norway), General Electric Company (U.S.), Siemens AG (Munich), Hitachi, Ltd. (Japan).”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 14.6% |
| 2030 Value Projection | USD 7.99 billion |
| Base Year | 2022 |
| Asset Performance Management Market Size in 2022 | USD 2.75 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Deployment, Enterprise Type, Type, Industry, and Region |
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Drivers and Restraints:
Market Value to Surge Impelled by Rising Regulatory Compliances
Certain regulations are enforced on industrial units to decrease the negative impact of production on the environment. Besides, many companies are formulating net zero policies, which is set to propel the asset performance management market growth over the forecast period.
However, the industry expansion may be hampered by the growing risk of data threats.
Segmentation
By Deployment
- Cloud
- On-premises
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises
By Industry
- Manufacturing
- Government
- Chemical
- Oil & Gas
- Energy & Utility
- Healthcare
- Others (Mining, Telecommunication)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Ace the Market Owing to Rising Product Deployment
North America is set to dominate the asset performance management market share over the study period. The expansion is driven by the shift to digital platforms and a subsequent rise in software adoption.
The Asia Pacific market is poised to register notable expansion over the forecast period. The rise is impelled by the escalating investment in asset maintenance.
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Competitive Landscape:
Leading Companies Strike Collaborations to Increase Product Reach
Key industry players are centered on adopting an array of strategic deals for strengthening their market positions. Some of these strategies include mergers, collaborations, and partnerships, among others. Additional steps comprise the formation of alliances, research initiatives, and the development and launch of new products.
FAQs
How big is the Asset Performance Management Market?
The Asset Performance Management Market size was USD 2.75 billion in 2022. It is expected to reach USD 7.99 billion by 2030.
How fast is the Asset Performance Management Market growing?
The Asset Performance Management Market will exhibit a CAGR of 14.6% during the forecast period, 2023-2030.
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