Asset Performance Management Market Worth USD 30.5 Billion, at a 11.1% CAGR By 2030 – Market Research Future (MRFR)
Growing Need to Extend Equipment Life & Achieve Reliability Growth Drives Asset Performance Management Market
New York, USA, June 02, 2023 (GLOBE NEWSWIRE) — According to the research report published by Market Research Future (MRFR), “Asset Performance Management Market Information By Offering, By Deployment Mode, And By Region – Market Forecast Till 2030”, the Asset Performance Management Market could thrive at a rate of 11.1% between 2022 and 2030. The market size will reach around USD 30.5 Billion by the end of the year 2030.
The global asset performance management market is expected to garner rapid revenue growth. The growing adoption of digital asset management software across heavy industries would drive market growth. According to Market Research Future (MRFR), the global asset performance management market value is poised to escalate from USD 13.1 BN in 2022 to USD 30.5 BN by 2030, growing at 11.1% throughout the assessment period (2022-2030).
Asset Performance Management (APM) helps streamline data, reporting, and asset maintenance workflows. Asset performance optimization is crucial for asset-heavy industries, such as oil & gas, food & beverages, and energy & utility, to avoid asset failures and safety risks that can lead to shutdowns, loss of production, generating repairing costs, environmental impacts, and flaring.
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Leading asset performance management market players include,
- AVEVA Group PLC (UK)
- Aspen Technology (US)
- Bentley Systems Incorporated (US)
- IBM Corporation (US)
- Detechtion Technologies (Canada)
- Operational Sustainability LLC (US)
- SAP SE (Germany)
- Rockwell Automation (US)
- Schneider Electric (France)
- SAS Institute Inc. (US)
Implementing preventative maintenance and corrective action plans requires identifying and understanding asset failures, improving asset maintenance & reporting strategies, and streamlining workflows & data coordination among multiple disciplines. Asset performance management solutions facilitate collaboration, establish reporting workflows, and enhance data quality & quantity, as well as better decision-making to extend asset life and achieve reliable growth.
Scope of the Report – Asset Performance Management Market:
|Market Size by 2030||USD 30.5 Billion|
|CAGR during 2022-2030||11.1%|
|Key Market Opportunities||High cost of implementing solutions resulting in less deployment among SMEs Concerns over data security and confidentiality|
|Key Market Dynamics||Application of IT and OT in the manufacturing sector High demand for improving machine efficiency, productivity, and performance|
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The asset performance management market has been growing pervasively over the past few years. The growing adoption of digital asset management software in oil & gas, clinical gadgets, and semiconductor industries is a major driving force. Moreover, growing concerns about mismanaged assets causing significant losses to heavy industries worldwide create major opportunities in the asset performance management market.
Manufacturing and industrial sectors have realized the importance of digital mediums in marketing their products. The proliferation of smart connected equipment and IoT devices, alongside the widespread use of the Internet and mobile devices, encourages the adoption of plant management solutions to boost development initiatives. Conversely, accuracy issues and high costs associated with asset management technologies impede market growth.
The asset performance management market report is segmented into offerings, deployment modes, verticals, and regions. The offering segment is sub-segmented into software and services. The deployment modes segment is sub-segmented into on-premises and cloud.
The vertical segment is sub-segmented into food & beverages, oil & gas, energy & utility manufacturing, healthcare, IT & telecommunication, logistics & transport, supply chain, chemicals, and others. Of these, the food & beverage segment accounts for the largest market share due to strict product quality standards, as well as hygiene and safety procedures.
Leading food & beverage (F&B) and consumer packaged goods (CPG) manufacturing companies are leveraging asset performance management (APM) solutions to respond to a variety of risks associated with product waste, production failures or unplanned shutdowns, disconnected systems, limited resources, and pressure to keep up with production demands, and thus to remain competitive. Further, the region segment is sub-segmented into Europe, the Americas, Asia-Pacific, and rest-of-the-world.
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North America dominates the global asset performance management market with a high adoption rate of advanced technologies. Besides, the increasing demand for new technology, alongside the huge network of asset performance management service providers and well-established enterprises & industries, such as metal & mining, oil & gas, and semiconductor, drive the market growth.
Substantial investments in technology development by market players that offer cutting-edge solutions impact the region’s market shares. Simultaneously, the presence of a well-established infrastructure in the region provides impetus to the asset performance management market size. The US and Canada are major asset performance management markets in the region.
Europe is another lucrative market for asset performance management solutions. The rising demand from the burgeoning industrial sector and the proliferation of manufacturing facilities in the region define the growing market landscape. Certainly, the resurging economy plays a vital role in developing the market landscape. Moreover, government funding support for increasing research & development activities boosts the asset performance management market revenues.
The Asia-Pacific region is rapidly emerging as a promising market for asset performance management solutions. The high uptake of advanced technology in the region is also one of the major driving forces. Additionally, the growing industrial landscape, rapid population growth & urbanization, and the improving economy in this region escalate the asset performance management market value.
The increasing demand for easy-to-use asset management software, increasing digitalization, and investments by market players in this region fuel the market rise. APAC countries such as China and India account for sizable market shares, attracting international players in the region. The APAC asset performance management market will likely continue to value greatly over the forecast period.
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The highly competitive asset performance management market appears fragmented with the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launches to gain a larger competitive advantage. Well-established vendors are eying the APAC region, which offers a significant scope of growth and immense revenue generation opportunities.
For instance, on Apr. 20, 2023, Cognite, a global leader in industrial software, launched a new industry application suite version 2.0 to accelerate value realization for asset performance management. The company aims to advance a suite of industry applications, enabling asset-heavy organizations to leverage its industrial DataOps platform, Cognite InField, Cognite Maintain, Cognite InRobot, and Cognite Data Fusion, for asset performance management use cases.
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