DUBLIN–(BUSINESS WIRE)–The “Global Asset Performance Management Market Size, Share and Trend Analysis Report by Category (Predictive Asset Management, Asset Reliability Market), By Deployment (on site, hosted), by vertical forecast and by segment, 2022-2030″ the report has been added to from ResearchAndMarkets.com offer.
The global asset performance management market size is expected to reach USD 47.18 billion by 2030, registering a CAGR of 11.8% from 2022 to 2030.
AVEVA Group plc
Aspen Technology Inc.
International Commercial Machinery Society
Bentley Systems, Incorporated
SAS Institute, Inc.
The market has evolved in response to technological advancements and the changing needs of incumbents across many end-use sectors and industries, particularly small and medium-sized businesses. The asset performance management market is expected to rise owing to the growing use of asset performance management (APM) solutions to achieve operational excellence.
Companies are increasingly able to maximize the use and maintenance of their operational assets, such as plants, equipment and infrastructure. Heavy machinery, heavy equipment, turbine engines, power transformers and other assets are some of the assets that companies adopting APM systems regularly monitor.
The market has witnessed significant growth during the COVID-19 pandemic. The growth in adoption of the work-from-home model by organizations has created the need for secure, scalable, reliable, and cost-effective offsite and virtual technology services. Organizations across all industries have invested heavily in cloud computing solutions to facilitate their operations and engage customers and employees effortlessly. Thus, asset performance management has provided several growth opportunities for marketers during the pandemic.
The asset performance management system includes various solutions such as asset strategy and risk management, predictive asset management, reliability-centric maintenance, and condition-based maintenance, among others. These have high demand from end-use industries such as energy and utilities, mining and metals, oil and gas, and manufacturing. The manufacturing industry is expected to become one of the leading markets in terms of revenue over the forecast period. APM systems, coupled with IIoT, and increasing adoption of cloud solutions are expected to be the crucial factors for the steady growth of the market. Additionally, cloud-based APM systems allow companies to manage their assets cost-effectively.
The energy and utilities industry segment holds the largest share owing to the high number of customers who are actively investing in APM systems to manage their assets. For example, Tata Power, one of India’s largest power companies, uses AVEVA Group plc’s PRiSM Predictive Asset Analytics for equipment problems and early warning notification. The APM system has helped Tata Power improve the reliability and performance of its critical assets. In addition, the system has helped control maintenance costs with its predictive analysis
Asset Performance Management Market Report Highlights
The market is gaining momentum owing to the rapid industrial transition towards digitalization of monitoring and maintenance activities. Companies are actively investing in digital solutions to manage their assets.
The use of advanced processes and tools such as regression analysis, neural network analysis, Monte Carlo simulation, etc. in APM systems is driving the growth of the predictive asset management segment.
The public cloud segment is expected to register significant growth over the forecast period as it helps companies improve cost structures and establish a control center to organize, monitor and coordinate various components of their business.
The manufacturing industry segment holds a major share of the market owing to the presence of numerous small and large manufacturing plants across the globe.
Asia-Pacific is expected to register the highest growth rate during the forecast period owing to the growing popularity of social media, increasing investments by tech giants in setting up IT infrastructure in this region and the growing preference for e-commerce and mobile commerce, especially in emerging economies such as India, Indonesia and Thailand.
Main topics covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Asset Performance Management Market and Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size and Growth Prospects
3.3 Value Chain Analysis of Asset Performance Management Market
3.3.1 Vendor landscape
3.4 Asset Performance Management Market-to-Market Dynamics
3.4.1 Market Driver Analysis
22.214.171.124 Integrating APM with complementary technologies for more efficient use cases
126.96.36.199 Growing adoption of cloud-based APM and increasing data security.
3.4.2 Analysis of market opportunities
188.8.131.52 The rapid industrial shift towards the digitalization of asset monitoring and maintenance activities
3.5 Mapping Penetration and Growth Prospects
3.6 Asset Performance Management Market-Porter’s Five Forces Analysis
3.7 Asset Performance Management-PESTEL Market Analysis
Chapter 4 Asset Performance Management Category Outlook
Chapter 5 Asset Performance Management Deployment Perspectives
Chapter 6 Asset Performance Management Vertical Perspectives
Chapter 7 Asset Performance Management Regional Outlook
Chapter 8 Competitive Analysis
8.1 Recent Developments and Impact Analysis, by Major Market Players
8.2 Categorization of Companies/Competitors (Key Innovators, Market Leaders, Emerging Players)
8.3 Supplier Landscape
8.3.1 Key Company Analysis, 2021
Chapter 9 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/l7pcvz