Pune, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Asset Performance Management Market Size Analysis:
“The Asset Performance Management Market, valued at USD 3.0 billion in 2023, is projected to reach USD 8.4 billion by 2032, growing at a robust CAGR of 12.2% from 2024 to 2032.”
Market Overview
The global Asset Performance Management market is witnessing substantial growth as industries across sectors like energy, utilities, and manufacturing strive for efficient asset utilization. APM solutions help reduce downtime, enhance asset reliability, and lower operational and maintenance costs, making them highly sought after.
On the supply side, technological advancements such as predictive analytics, machine learning, and cloud computing are propelling market innovation. These technologies enable organizations to make data-driven decisions, optimize asset performance, and minimize failures. Increased investments in cloud-based APM solutions further boost market growth, offering scalability and cost-effectiveness. Sectors such as energy, pharmaceuticals, and manufacturing are key contributors to this surge, driven by the need for reliable, efficient, and sustainable operations.
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Major Players Analysis Listed in this Report are:
- ABB Ltd
- AVEVA Group plc
- Aspen Technology, Inc.
- Bentley Systems Incorporated
- AVEVA Group plc
- Rockwell Automation
- SAP SE
- SAS Institute, Inc.
- Siemens Energy
- DNV GLAS
- GE Digital.
Asset Performance Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 3.0 Bn |
| Market Size by 2032 | USD 8.4 Bn |
| CAGR | CAGR of 12.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • APM helps reduce energy consumption and emissions, aligning with global sustainability goals.’ • AI and ML technologies enable more accurate predictions of asset health and performance. |
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Segment Analysis
By Component:
Dominating Segment: In 2023, the Asset Reliability Management segment held the largest market share, accounting for over 33.0%. The increasing need to extend machinery life and reduce operational costs is driving the demand for this segment.
Fastest-Growing Segment: The Predictive Asset Management segment is expected to grow at a CAGR of 14.02% during the forecast period. The integration of advanced computing tools, such as risk-based inspection and machine learning, enables organizations to predict potential asset failures, leading to improved performance and reliability.
By Deployment:
Dominating Segment: In 2023, the Hosted Systems segment led the market with a 35.0% share, driven by growing demand for public cloud deployment, offering scalability and reduced maintenance efforts.
By Organization Size:
Dominating Segment: The Large Enterprises segment captured a 54% market share in 2023, driven by significant budgets and increasing digitalization among large organizations.
Fastest-Growing Segment: The Small and Medium-sized Enterprises (SMEs) segment is expected to grow rapidly, driven by the adoption of cloud-based APM software that optimizes asset management and reduces costs.
By Vertical:
Dominating Segment: The Energy and Utilities sector dominated the market in 2023, holding over 20.0% of the market share. The need for constant monitoring and maintenance of assets in this sector, where uptime is crucial, is driving adoption.
Fastest-Growing Segment: The Chemical and Pharmaceutical industry is projected to grow at the highest CAGR during the forecast period, driven by the need for reliable equipment maintenance in a highly regulated environment.
Asset Performance Management Market Segmentation:
By Component
- Solutions
- Asset Strategy Management
- Asset Reliability Management
- Predictive Asset Management
- Other Solutions
- Services
- Professional Services
- Managed Services
By Deployment
- On-premises
- Cloud
By Organization Size
- Large Enterprises
- SMEs
By Vertical
- Energy & Utilities
- Manufacturing
- Government & Defense
- Chemicals
- Telecommunications
- Healthcare & Pharmaceuticals
- Consumer Goods, Food & Beverages
- Other Verticals
Regional Analysis
Dominating Region: North America
- In 2023, North America held the largest market share, contributing over 38.0% to the global APM market. This dominance is attributed to the strong presence of major APM solution providers and the widespread adoption of advanced technologies such as IoT and AI in asset management. The U.S. energy and manufacturing sectors are heavily investing in APM solutions to optimize asset reliability and minimize downtime. The region’s preference for cloud-based solutions further strengthens its position in the market.
Fastest-Growing Region: Asia-Pacific
- Asia-Pacific is projected to grow at the fastest CAGR during the forecast period, driven by rapid industrialization and increased adoption of APM solutions in energy, utilities, and manufacturing sectors. Countries like China, India, and Japan are embracing digital technologies to enhance operational efficiency. The growing chemical and pharmaceutical industries in the region are also driving demand for APM solutions to ensure equipment reliability and safety. Key applications include predictive maintenance and risk-based inspections in these industries.
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Recent Developments in the Asset Performance Management Market
- October 2023: IBM launched an upgraded version of its Maximo APM software, featuring advanced AI tools for real-time asset monitoring and predictive maintenance solutions.
- September 2023: GE Digital introduced new features in its APM suite, focusing on enhancing predictive analytics for the energy sector, enabling better decision-making and failure prevention.
- August 2023: SAP announced the launch of its next-gen APM solution, featuring cloud-based capabilities and machine learning-driven insights for optimizing asset life cycles.
Key Takeaways
- The Asset Performance Management market is projected to reach USD 8.4 billion by 2032, fueled by predictive maintenance technologies and cloud-based solutions.
- North America leads the market, while Asia-Pacific is expected to experience the fastest growth due to rapid industrialization and digitalization.
- Key industries driving market demand include energy, utilities, pharmaceuticals, and chemicals, with a focus on reducing downtime and enhancing asset reliability.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Asset Performance Management Market Segmentation, by Component
8. Asset Performance Management Market Segmentation, by Vertical
9. Asset Performance Management Market Segmentation, by Deployment
10. Asset Performance Management Market Segmentation, by Organization Size
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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