Westford, US, Oct. 17, 2024 (GLOBE NEWSWIRE) -- The global asset performance management market size was valued at $2.90 Billion in 2023 and expected to reach $6.17 Billion by 2031, growing at a CAGR of 9.9% from 2024 to 2031. The market is expected to grow significantly during the forecast period due to the rising demand for digital solutions across industries, such as oil & gas, manufacturing and chemicals, and others to curb operational expenses. APM system helps collect all forms of data from all forms of assets, such as machinery, heavy equipment and so on using sensors. The APM system, with the help of its data analysis software, interchanges between any facilities data.
An analytics platform is created for customers to best demonstrate all operational assets. They help by keeping all this information out to users, allowing them to streamline asset management processes and analyze which assets require priority maintenance. The APM system uses mobile solutions and geographic information system solutions among others, which are enabling few efficient use cases of the APM systems that drive the market. Another biggest driver is that APM systems in the market leverage industrial internet of things which provide equipment reliability as the fundamental capabilities of the APM systems. This is increasingly attracting the industrial sectors.
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Browse in-depth TOC on the "Asset Performance Management Market" Pages – 197, Tables – 95, Figures – 76
Asset Performance Management Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $2.90 Billion |
| Estimated Value by 2031 | $6.17 Billion |
| Growth Rate | Poised to grow at a CAGR of 9.9 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Industry Vertical, Deployment Mode, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Growing demand for IIoT to improve productivity |
| Key Market Opportunities | Increasing priority of predictive maintenance |
| Key Market Drivers | Increasing adoption of asset management software |
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Increasing Adoption of Asset Management Software to Improve Performance of Company Assets
It should be noted that the market is driven by the rapid uptake of asset management software and the increasing importance of asset tracking. Infrastructure support is essential for asset-intensive industries to ensure optimal performance of their asset base. Old tracking methods such as manual handling or incurring excel sheets are not capable of tracking the asset of a vast company. Besides, the asset tracking field is becoming more complex with the availability of higher industrial sensors, digital twin, and complex OT. In addition, with the growth of asset systems, such as mechanical and neural networks are being utilized for their automation. The systems use machine learning, statistical modeling tools, and algorithms to provide a comprehensive analysis of asset behavior, estimate labor safety and environment risks, and provide real-time insight. Furthermore, the hosted systems segment, especially public cloud offers huge benefits, such as the availability of abundant computing resources and the ability to scale up or down.
Growing Usage of Cloud-Based Asset Performance Management Services to Reduce Expenses of Asset Management
The market observes the increasing adoption of cloud-based asset performance management services. The use of cloud computing solutions to support the infrastructure has also become more popular among asset-intensive industries because of their flexibility and the reduction of costs. One of the applications of these solutions is the deployment of the digital twin technology. A digital twin is a 3D image of an asset that demonstrates its behavior, which is imitated through combined use of the asset’s sensors and industrial neural networks. Using machine learning algorithms and statistical modeling systems, risk-based inspection technologies may leverage efficiency of operational technology to decrease human labor safety and environmental risks. Furthermore, the hosted clouds systems segment provided by public clouds offer adequate computational resources to monitor asset performance and employ predictive maintenance in real-time. Cloud-based asset performance management systems guarantee immediate access to crucial data, which allows to track assets and the liquidity of reserves and make informed decisions.
Increasing Demand for Digital Transformation to Boost Market Growth in North America
Growing adoption of Industrial Internet of Things and rise in the use of Artificial Intelligence and other smart connected devices are the two factors driving the growth of North America asset performance management market. Additionally, the region increased its IT budget as there has been a rising demand for digital transformation from a lot of end users and developers in the convergence of different technologies, such as cloud computing and artificial intelligence. Also, the IT budget increased due to an increasing need to control heavy machinery because higher production has been happening in the industry.
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Asset Performance Management Market Insights
Driver
- Increasing popularity of asset management to monitor assets of companies
- Growing investments in asset management software by market leaders
- Increasing necessity to increase the economic returns on assets
Restraints
- Lack of understanding while choosing appropriate asset solutions
- Lack of skill among employees
- Increasing concern over data security and confidentiality
Key Players Operating in Asset Performance Management Market
- AVEVA (UK)
- SAP (Germany)
- GE Digital (US)
- IBM (US)
- ABB (Switzerland)
- Emerson (US)
- Bentley Systems (US)
- Rockwell Automation (US)
- Fluke (US)
- DNV (Norway)
- Siemens Energy (Germany)
Key Questions Answered in Asset Performance Management Market
- Which is the main factor driving the market?
- Who are the key players in the market?
- Which is the dominating region in the market?
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