Market Research Future (MRFR) will be publishing a cooked research report on the “Global Asset Performance Management (APM) Market” that contains information from 2022 to 2030.
Global Asset Performance Management (APM) Market is projected to grow at a CAGR of 11.1% during the forecast period: MRFR
The Asset Performance Management (APM) Market is predicted to reach USD 30.5 billion by 2030, registering a 11.1% CAGR during the forecast period, 2022–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The asset performance management market is expected to witness high growth during the forecast period. Application of IT and OT in the manufacturing sector and high demand for improving machine efficiency, productivity, and performance are some of the factors driving the growth of the market.
Asset performance management (APM) encompasses the capabilities of data capture, integration, visualization, and analytics tied together to improve the reliability and availability of physical assets. It is an ideal system for managing asset performance. It uses sensors to obtain relevant data from the machinery, equipment, and other industrial assets. It then builds data analytics to offer a complete view of all operational assets of the industrial facility. This software decreases administrative costs, improves service, and gives organizations greater visibility into asset utilization, costs, and maintenance. Usually, asset performance management (APM) includes advanced features such as condition monitoring, predictive maintenance, asset integrity management, reliability-centered maintenance, and others. Moreover, asset performance management (APM) systems comprise innovative technologies such as asset health data collection, prediction, visualization, and analytics.
Segmental Analysis
The scope of the global asset performance management (APM) market has been segmented based on offering, Deployment Mode, and Industry Vertical.
Based on the offering, the global asset performance management (APM) market is segmented into software type and services.
Based on deployment mode, the global asset performance management (APM) market is segmented into on-premises and cloud. During the projected period, the cloud deployment mode is expected to rise rapidly.
Based on vertical, the global asset performance management (APM) market is segmented into Food & Beverages, Energy and Utility, Manufacturing, Logistics & Transport & Supply Chain, Chemicals, and Others. Energy and Utility is expected to hold the largest market share in 2021 and is expected to register second highest CAGR.
Regional Analysis
Geographically, the global asset performance management (APM) market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to be the largest market for asset performance management during the forecast period. The market in this region has been further categorized into the US, Canada, and Mexico. In 2021, the US-dominated the asset performance management market, followed by Canada and Mexico. Advances in industrial technology and rapid adoption of advanced technologies such as assets on the go in the region are some of the factors responsible for the growth of the asset performance management market in the region. Moreover, the presence of industry giants, such as Aspen Technology, Inc., Bentley Systems, Incorporated, Detechtion Technologies, and IBM Corporation, is one of the driving factors for the growth of the asset performance management market in this region.
Moreover, the growing use of AI and increasing penetration of the industrial internet of things (IIoT) and other smart connected devices are other factors expected to drive the market growth in North America. Furthermore, the growing demand for digital transformation across end users and increasing convergence of different technologies, such as cloud computing and artificial intelligence, has strongly impacted the region.
Key Players
The key players in the global Asset Performance Management (APM) market are Aspen Technology (US), AVEVA Group PLC (UK), Bentley Systems Incorporated (US), Detechtion Technologies (Canada), IBM Corporation (US), Operational Sustainability LLC (US), Rockwell Automation (US), SAP SE (Germany), SAS Institute Inc. (US), Schneider Electric (France) and Others