USD 2.64 Billion
Asset Performance Management Market Size, Share, Growth Analysis, By Component (On-Premises and Cloud Based), By Industry Vertical (Energy & Utilities, Food & Beverages), By Deployment Mode (Software, Solution), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG40J2002 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
0
|Figures:
0
Asset Performance Management Market Insights
Global Asset Performance Management Market size was valued at USD 2.64 Billion in 2022 poised to grow from USD 2.90 Billion in 2023 to USD 6.17 Billion by 2031, growing at a CAGR of 9.9% in the forecast period (2024-2031).
Through the use of asset performance management software, operators can continuously examine and investigate overall asset performance to obtain critical insights for asset utilization planning. The program aids in the interpretation and analysis of all asset data provided in both input and output format. A.P. is a computer program that predicts future events regarding asset performance duplication of statistics forecaster and historical performance data is put together for countries to help them make informed decisions. Therefore, it facilitates enhanced reliability and availability of physical assets to develop businesses depending on them. In addition, it simulates appropriately before any given asset breaks down so that such occurrences do not hinder production.
It also aids in improving asset maintenance, keeping an eye on the state of operational assets, and facilitating quick decisions about maintenance and replacement. Most operational heads, managers, security staff, and other important decision-makers inside organizations use the data to help them make informed decisions that will shorten unscheduled work and extend asset life. Throughout the forecast period, the global asset performance management market will be driven by the growing requirement to optimize asset performance management strategy with a 360-degree view of asset performance. Gathering and evaluating data to increase asset availability and dependability is the foundation of a strong asset performance management plan.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Deployment Mode
Fastest Growth
Deployment Mode
Growth Rate
9.9%
Global Asset Performance Management Market ($ Bn)
Country Share by North America (%)
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Asset Performance Management Market Segmental Analysis
The global asset performance management market is segmented based on Component, Industry Vertical and Deployment Mode. Based on the Component, the market is divided into Software and Services. Based on the Industry Vertical, the market is segmented into Energy and Utilities, Oil and Gas, Food and Beverages and Others. Based on Deployment Mode, the market is divided into On-Premises and Cloud Based. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and Middle East & Africa.
Analysis by Deployment Mode
As per categorization by deployment mode, the market is classified as on-premises and cloud based. Among these, on-premises earned the largest share and continues to dominate the market. Due to its strong security and customizable features, the On-premises Deployment Mode continues to have a prominent position in the global asset performance management market. The primary objectives of innovations are to enhance real-time asset management and increase compatibility and interoperability with existing systems. It is this combination of learning how to manage data and keeping up with rules that keeps it on top.
The scalability, affordability, and accessibility of the Cloud-based Deployment Mode are projected to make it the fastest-growing sector in the global asset performance management market. Cloud solutions can be leveraged by organizations to drive acceptance and innovation in APM strategies, thanks to improved collaboration, real-time data analytics, and decreased IT overhead.
Analysis by Industry Vertical
Predictive analytics and Internet of Things integration are the main areas of innovation in the Energy and Utilities sector of the global asset performance management market, with the goal of maximizing asset efficiency and reliability. Owing to pressing needs of efficient resource management, adherence to government policies and various aspects around sustainable energy concepts this industry has been able to dominate.
As enhanced supervision demands, increased need for high grade guarantees, as well as operational effectiveness, it is anticipated that the fastest-growing segment within the global asset performance management market will be food and drink production companies. Quick uptake will be stimulated by innovations in predictive maintenance and instantaneous control systems that enhance productivity while minimizing wastage.
Global Asset Performance Management Market By Deployment Mode (%)
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Asset Performance Management Market Regional Insights
North America holds the leading position in the global asset performance management market. This is owing to its advanced technological framework, substantial investments in digital modernization, and focus on operational efficiency across various sectors, The region is home to several well-known corporations and innovative startups driving the development of cutting-edge APM solutions. Apart from that, there is a need for companies to make certain that they have unfailing asset management procedures on account of rigorous regulations set in industries like manufacturing, utilities and energy. Furthermore, incorporation of IoT, AI as well as data analytics into asset management plans is becoming a common norm in the region which fortify its leadership. This allows organizations to enhance the productivity of their assets while reducing the time lost on repairs or replacements and achieving their goals related to sustainability.
Among all global asset performance management led regions, Europe has been growing due to a focus on sustainability, adherence to regulations, and digital upheaval schemes. The increasing attention with which environmental protection and efficient resource administration receives from European authorities as well as companies is causing investments into advanced APM solutions. Different branches like manufacturing or energy have seen the advent of Industry 4.0 technology such as IoT (Internet of Things) and predictive analysis techniques that help enhance asset surveillance and optimization span across sectors. Furthermore, the coexistence of well-established industry leaders and creative startups creates a competitive environment that speeds up technology development, allowing European companies to solve climate change concerns and achieve better asset reliability and operational excellence.
Global Asset Performance Management Market By Geography
- Largest
- Fastest
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Asset Performance Management Market Dynamics
Drivers
- Increased use of Digital Labour and Culture of Dependability
Through asset performance management, businesses can move more quickly towards a digital business model. The companies can govern their asset choices by utilizing complete statistics that incorporate effects of operations, availability of resources, and real-time state reports. Through asset performance management, companies can prioritize assets that need repair to minimize the Total Cost of Ownership (TCO) and reduce hazards of unanticipated interruptions for vital assets.
- Proactive Asset Performance Management is Gaining Popularity
In addition to facilitating decisions about when and how to maximize production while proactively avoiding asset and output hazards, predictive/prescriptive skills provide asset lifetime reliability. By guiding maintenance schedule and asset optimization, such real-time analytics remove uncertainty about potential production and asset problems down the road. C-level executives can make more confident risk assessments and performance estimates for the board level with this comprehensive view of plant or site performance.
Restraints
- Concerns over Data Security and Confidentiality
The surge in digitization has coincided with an increase in cyberattacks. Data security has therefore grown to be a top priority for businesses. Businesses using cutting-edge digital technology are exposing their data to dangers. The migration of data from the field to the cloud platform has resulted in a marked increase in cybersecurity concerns due to the possibility of server, network, and communication channel attacks by hostile actors.
- Implementing and Integrating APM with Current Programs being Challenging
Seamless integration is frequently expected. The truth is that complicated interfaces are needed due to the intricate data sequencing required by asset performance management, and since every company has a unique data structure, "out of the box" interfaces are nonexistent. Due to this, companies often use load sheets to transfer data between asset performance management and other technologies.
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Asset Performance Management Market Competitive Landscape
Some major competitors in the global asset performance management market include Schneider Electric, IBM, GE Digital, Siemens and Honeywell. Such firms use advanced technologies like IoT, AI and big data analytics to enhance asset dependability and maximize output performance. To fulfil the growing demand for effective asset management solutions for industries including manufacture utilities or energy sectors, these companies are characterized by strategic partnerships, mergers and continuous innovation within the framework of their activities.
Top Player’s Company Profiles
- AVEVA (UK)
- SAP (Germany)
- GE Digital (US)
- IBM (US)
- ABB (Switzerland)
- Emerson (US)
- Bentley Systems (US)
- Rockwell Automation (US)
- Fluke (US)
- DNV (Norway)
- Siemens Energy (Germany)
- Hexagon (Sweden)
- Oracle (US)
- Honeywell (US)
- Yokogawa (Japan)
Asset Performance Management Key Market Trends
- Rise of Predictive Analytics in Asset Management Through ML and IoT: Predictive Maintenance is Gaining Popularity. Instead of employing more traditional reactive maintenance methods, businesses are switching to predictive analytics powered by machine learning and Internet of Things sensors. Foreseeing equipment issues before they arise enables businesses to reduce downtime, enhance asset longevity and optimize maintenance costs.
- Harnessing IIoT for Data-Driven Decision-Making in APM Systems: APM systems get data from sensors embedded on assets in real-time through the IIoT link. As a result, firms can now track the health, performance, as well as condition of their assets in real-time. By allowing for better management of assets and allowing decisions based on data, the interaction with IIoT systems gives a total understanding of asset performance.
Asset Performance Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in summary, the integration of Internet of Things (IoT) technology and advances in predictive analytics are driving significant growth in the global asset performance management market. APM solutions are increasingly being taken by firms to maximize the use of their assets, minimize their downtime and base all decisions on data that aspires to improve operational efficacy.
The need for creative APM initiatives is being driven by regional leaders that prioritize sustainability and regulatory compliance, such as those in North America and Europe. Leveraging real-time data and advanced analytics will be essential for optimizing asset management procedures and guaranteeing long-term success in a changing marketplace as companies prioritize digital transformation.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.64 Billion |
| Market size value in 2031 | USD 6.17 Billion |
| Growth Rate | 9.9% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Asset Performance Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Asset Performance Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Asset Performance Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Asset Performance Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Asset Performance Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Asset Performance Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Asset Performance Management Market Report Snapshots
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