Asset Performance Management Market

Asset Performance Management Market Size and Share - Key Statistics and Trends

The Asset Performance Management Market is projected to expand at a CAGR of 9.9% during the forecast period to reach USD 4.7 billion by 2028, size was valued 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.

The asset performance management market is poised for substantial growth in the coming years, driven by several key factors:

  • Increasing Emphasis on Operational Efficiency
  • Adoption of IoT and Industry 4.0 Technologies
  • Shift towards Predictive and Prescriptive Maintenance
  • Regulatory Compliance and Safety Requirements
  • Rising Demand for Cloud-based Solutions

These growth factors collectively contribute to the expansion of the Asset Performance Management market, positioning it as a critical component of modern industrial operations and maintenance strategies.

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Increasing Emphasis on Operational Efficiency:

  • Organizations across industries are focusing on maximizing the efficiency of their assets to reduce operational costs and improve overall productivity. APM solutions provide predictive maintenance and real-time monitoring capabilities that help in optimizing asset performance.

Adoption of IoT and Industry 4.0 Technologies:

  • The integration of Internet of Things (IoT) devices and sensors allows for real-time data collection from assets. APM leverages this data to monitor asset health, detect anomalies, and predict failures before they occur, thereby minimizing downtime and optimizing asset lifecycle management.

Shift towards Predictive and Prescriptive Maintenance:

  • Traditional maintenance practices are being replaced by predictive and prescriptive maintenance strategies enabled by APM solutions. By analyzing historical data and using machine learning algorithms, APM systems can predict asset failures and recommend optimal maintenance schedules, improving asset reliability and uptime.

Regulatory Compliance and Safety Requirements:

  • Industries such as oil and gas, manufacturing, and utilities are subject to stringent regulatory requirements regarding asset performance, safety, and environmental impact. APM solutions help organizations comply with these regulations by ensuring assets are maintained according to standards and minimizing risks.

Rising Demand for Cloud-based Solutions:

  • Cloud-based APM solutions offer scalability, flexibility, and cost-effectiveness, making them increasingly popular among organizations. Cloud platforms enable real-time data access, remote monitoring, and centralized asset management, facilitating better decision-making and operational efficiency.

Asset performance management Market Share - Global Industry Landscape

The asset performance management market is characterized by the presence of several key players competing for market share. Some of the leading companies in the asset performance management industry include:

  • AVEVA (UK)
  • SAP (Germany)
  • ABB (Switzerland)
  • DNV (Norway)
  • GE Digital (US)

These companies are recognized for their innovative APM solutions that leverage advanced technologies to drive operational efficiency, reduce costs, and improve asset reliability across various industries.

AVEVA (UK):

  • Market Share: AVEVA is a significant player in the APM market, known for its comprehensive software solutions that integrate engineering, operations, and performance management. They have a strong presence in industries such as oil and gas, power generation, and manufacturing.
  • Key Offerings: AVEVA offers APM solutions that include predictive maintenance, asset reliability, and performance optimization. Their offerings leverage advanced analytics, AI, and digital twin technology to improve asset performance, reduce downtime, and enhance operational efficiency.

SAP (Germany):

  • Market Share: SAP is a leading global provider of enterprise software solutions, including APM solutions that cater to various industries worldwide.
  • Key Offerings: SAP offers APM solutions as part of its broader enterprise asset management (EAM) and SAP S/4HANA platforms. Their offerings focus on asset lifecycle management, predictive maintenance, and real-time analytics to help organizations maximize asset reliability, minimize risks, and optimize maintenance strategies.

ABB (Switzerland):

  • Market Share: ABB is a prominent player in the APM market, especially within the industrial automation and energy sectors.
  • Key Offerings: ABB provides APM solutions that encompass asset health monitoring, condition-based maintenance, and performance optimization. Their offerings leverage IoT, machine learning, and cloud-based analytics to enhance asset reliability, operational efficiency, and safety across industries.

DNV (Norway):

  • Market Share: DNV (formerly known as DNV GL) is a global quality assurance and risk management company with expertise in APM solutions, particularly in asset integrity management and risk-based maintenance.
  • Key Offerings: DNV offers APM solutions that focus on asset integrity, reliability-centered maintenance (RCM), and risk assessment. Their offerings help organizations in energy, maritime, and process industries manage operational risks, comply with regulatory standards, and improve asset performance.

GE Digital (US):

  • Market Share: GE Digital is a leading provider of industrial software solutions, including APM offerings that cater to manufacturing, power generation, and oil and gas sectors.
  • Key Offerings: GE Digital offers APM solutions under its Predix platform, which includes asset reliability management, predictive maintenance, and operational analytics. Their solutions integrate data from sensors and equipment to optimize asset performance, reduce unplanned downtime, and enhance productivity.

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

Asset Performance Management Market Size,  Share & Growth Report
Report Code
TC 7630
RI Published ON
8/17/2023
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