IMARC Group, a leading market research company, has recently releases report titled “Asset Performance Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global asset performance management market share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Asset Performance Management Market?
The global asset performance management market size reached US$ 20.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 40.4 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
What is Asset Performance Management?
Asset performance management (APM) represents advanced solutions that help to manage assets and prioritize business objectives. They mostly rely on advanced technologies, including machine learning (ML)and artificial intelligence (AI), and on data capture, visualization, integration, and analytics to improve the availability and reliability of physical assets. Asset performance management services help to reduce unplanned maintenance costs, unplanned downtime, and the total cost of ownership (TCO) for assets and environment, health, and safety (EH&S) threats. They even aid in optimizing asset performance, improving return on assets (ROA), and enhancing the visibility of operations. Consequently, asset performance management systems find extensive applications across numerous sectors, such as energy, mining, chemical, food and beverages (F&B), manufacturing, healthcare, information technology (IT), telecommunications, etc.
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What are the growth prospects and trends in the asset performance management industry?
The growing digital transformation in several industry verticals is among the key factors driving the asset performance management market. In addition to this, the escalating utilization of the solution in the F&B segment to meet the challenges faced in executing various production processes, maintaining multiple systems and equipment, and managing the supply chain, availability, and prices, of incoming raw materials is acting as another significant growth-inducing factor.
Moreover, the shifting preferences toward asset performance management for enabling businesses to evaluate financial risks and undertake adequate asset investment and management strategies are also positively influencing the global market.
Besides this, the increasing employment of industrial internet of things (IIoT) and cognitive technologies by leading asset-intensive businesses, particularly in the chemical, mining, power, utility, and oil and gas industries to enhance equipment reliability is expected to propel the asset performance management market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Solution
- Service
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup 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
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
ABB Ltd, Aspen Technology Inc., AVEVA Group plc, Bentley Systems Incorporated, Detechtion Technologies, DNV GL, GE Digital (General Electric Company), International Business Machines Corporation, Oracle Corporation, Rockwell Automation Inc., SAP SE, Sas Institute Inc., Schneider Electric SE and Siemens Energy AG.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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