Asset Performance Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Asset Performance Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global asset performance management market size reached US$ 20.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 40.4 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.

Asset performance management (APM) relies on pattern recognition, artificial intelligence (AI), machine learning (ML), and data capture, integration, visualization and analytics for improving the reliability and availability of physical assets. It assists in reducing unplanned downtime, maintenance costs, the total cost of ownership (TCO) for assets, plants, and environment, health, and safety (EH&S) threats. It also helps optimize asset performance, increase return on assets (ROA), and improve visibility of operations. As a result, APM finds extensive applications in the manufacturing, healthcare, information technology (IT), and telecommunications industries around the world.

Asset Performance Management Market Trends:
The rising digital transformation of different industry verticals presently represents one of the key factors propelling the growth of the market. Besides this, businesses operating in the food and beverage (F&B) industry face numerous challenges in executing different production processes, maintaining various systems and equipment, and managing the supply chain, prices, and availability of incoming raw materials. Consequently, APM solutions are increasingly being utilized as they aid in empowering the workforce and improving the overall equipment effectiveness (OEE). Moreover, these solutions enable businesses to evaluate financial risks and reward different asset investment and management strategies. In addition, APM solutions help assure that assets have the required capability for optimal operating performance to meet the dynamic business and production goals. These product benefits are strengthening the growth of the market. Apart from this, numerous asset-intensive businesses, particularly in the chemical, mining, oil and gas, and power and utility industries, are employing industrial internet of things (IIoT) and cognitive technologies to help enhance equipment reliability. This is offering lucrative growth opportunities to leading players operating in the industry.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global asset performance management market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment mode, organization size and industry vertical.

Breakup by Component:

Solution
Service

Breakup by Deployment Mode:

On-premises
Cloud-based

Breakup by Organization Size:

Large Enterprises
Small and Medium-sized Enterprises

Breakup by Industry Vertical:

Energy and Utilities
Oil and Gas
Manufacturing
Mining and Metals
Healthcare and Life Sciences
Chemical and Pharmaceuticals
Government and Defense
IT and Telecom
Food and Beverages
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd, Aspen Technology Inc., AVEVA Group plc, Bentley Systems Incorporated, Detechtion Technologies, DNV GL, GE Digital (General Electric Company), International Business Machines Corporation, Oracle Corporation, Rockwell Automation Inc., SAP SE, Sas Institute Inc., Schneider Electric SE and Siemens Energy AG.

Key Questions Answered in This Report
1. What was the size of the global asset performance management market in 2022?
2. What is the expected growth rate of the global asset performance management market during 2023-2028?
3. What are the key factors driving the global asset performance management market?
4. What has been the impact of COVID-19 on the global asset performance management market?
5. What is the breakup of the global asset performance management market based on the component?
6. What is the breakup of the global asset performance management market based on deployment mode?
7. What is the breakup of the global asset performance management market based on the organization size?
8. What is the breakup of the global asset performance management market based on the industry vertical?
9. What are the key regions in the global asset performance management market?
10. Who are the key players/companies in the global asset performance management market?