AVEVA (UK) and SAP (Germany) are leading players in Asset Performance Management Market
The asset performance management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period, to reach USD 4.7 billion by 2028 from USD 2.9 billion in 2023. Need to meet regulatory compliance and reporting standards across asset-centric organizations is expected to drive the growth of the global asset performance management market.
Major vendors in this market are based in North America, and Europe. Some of the key players operating in the asset performance management market are – AVEVA (UK), SAP (Germany), GE Digital (US), IBM (US), ABB (Switzerland), Emerson (US), Bentley Systems (US), Rockwell Automation (US), Fluke (US), and DNV (Norway). These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the asset performance management market.
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AVEVA
AVEVA is a globally recognized technology company that specializes in providing industrial software solutions to empower organizations across various industries. With a rich history of innovation and a strong commitment to enhancing operational efficiency, AVEVA has established itself as a leading player in the digital transformation landscape. Through its comprehensive suite of software offerings, AVEVA enables businesses to harness the power of data-driven insights, advanced analytics, and cutting-edge technologies to optimize their processes, improve asset performance, and achieve greater sustainability. By bridging the gap between IT and operational technology (OT), AVEVA empowers companies to unlock new opportunities, enhance competitiveness, and navigate the complexities of modern industrial challenges.
In January 2023, Schneider Electric acquired AVEVA. This deal would enable both the entities a holistic approach to digital transformation across industrial operations, while reducing energy, carbon, and resource intensity. While AVEVA will henceforth be wholly owned and part of Schneider Electric, it is intended that AVEVA’s business autonomy and future R&D investment will be preserved going forward, thereby helping to meet increasing demand for a stronger portfolio of solutions.
SAP
SAP is a renowned global leader in enterprise software solutions, with a particular emphasis on empowering businesses through cutting-edge Asset Performance Management (APM) capabilities. With a strong foundation in digital innovation, SAP's APM solutions offer organizations the tools they need to unlock the full potential of their assets. By seamlessly integrating data analytics, predictive maintenance, and real-time monitoring, SAP helps companies optimize asset performance, minimize downtime, and enhance operational efficiency. Through a holistic approach, SAP enables industries to make informed decisions, improve asset reliability, and ultimately drive better business outcomes. With a history of technological excellence, SAP's APM solutions play a pivotal role in transforming how industries manage their assets, adapt to market changes, and stay ahead in the competitive landscape.
In April 2021, SAP partnered with Siemens Digital industries software to deliver a new predictive service and collaborative asset management plus integrated enterprise portfolio and project management solutions. The new cloud solutions close the loop between IT and OT systems through a model-based digital thread enabling real-time business information, feedback, and performance data over the entire product or asset lifecycle.
Related Reports:
Asset Performance Management Market by Component (Solutions (Asset Strategy, Asset Reliability, and Predictive Asset Management) and Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2028
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