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 by Component (Solutions (Asset Strategy, Asset Reliability, and Predictive Asset Management) and Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2028

The asset performance management market size is expected to grow from USD 2.9 billion in 2023 to USD 4.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period. Requirement to extend life span of assets with help of advanced technologies and growing inclination toward adoption of new approach to asset performance management with Industry 4.0 to offer opportunities for the growth of asset performance management market. Lack of skilled workforce and poor management skills represents a significant challenge for the growth of the asset performance management market.

“As per component, the services segment is projected to witness a higher CAGR during the forecast period. “

On the basis of services, the asset performance management market is segmented into two categories: professional and managed services. These services assist in building, assessing, and leveraging asset performance management environments to avoid time wastage and effort on a failed implementation. Enterprises need active support from skilled professionals to minimize their downtime during the pre-and post-installation of asset performance management solutions. These services provide the necessary support to uphold the efficiency of business processes, increase enterprise growth, and reduce unwanted operational expenses.

“As per deployment type, the on-premises segment to hold a larger market share in 2023.“

The on-premises deployment of asset performance management solutions and services is a commonly used practice. It offers enterprises the power to manage risks, business processes, and industry policies and enables compliance management. Security and compliance are major concerns for businesses to manage the ever-increasing demand for customer experience. The adoption of on-premises asset performance management solutions reduces security risks and helps in boosting customer experience. The secure feature of on-premises has led to the modernization of operations to increase response rates, enhance efficiency, and reduce costs. On-premises deployment is a traditional approach to implement asset performance management solutions across enterprises.

“As per organization size, the SMEs segment is projected to grow at a higher CAGR during the forecast period.”

Asset performance management enables organizations to evaluate the variables that affect asset performance while in the field, ranging from feedstock in a pump to the training or work habits of the site crew. Asset performance management solutions monitor every asset and generate data. The generated data can allow technicians to perform more accurate Root Cause Analysis (RCA). In this way, teams throughout the organization can understand the process parameters that can lead to failures or reduced asset performance, enabling them to align more effectively across the supply network; improve planning; and reduce inventory, loss-of-market, and logistics costs. These factors are also expected to encourage SMEs to adopt asset performance management solutions and services at a rapid pace.

The breakup of the profiles of the primary participants is given below:

By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%

By Designation: C-Level Executives: 50%, Director Level: 30%, and Others: 20%

By Region: North America: 25%, Europe: 30%, Asia Pacific: 30%, Middle East & Africa: 10%, Latin America: 5%

Note: Others include sales managers, marketing managers, and product managers

Note: Tier 1 companies have revenues more than USD 100 million; tier 2 companies’ revenue ranges from USD 10 million to USD 100 million; and tier 3 companies’ revenue is less than 10 million

Source: Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis

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).

Research coverage:

The market study covers the asset performance management market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component, deployment type, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall asset performance management market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (need to meet regulatory compliance and reporting standards across asset-centric organizations, growing need to manage assets efficiency and sustainability and optimize total cost of ownership, demand for making informed business decisions with predictive asset maintenance, increased digital workforce and reliability culture, and growing need to optimize asset performance management strategy with a 360-degree view of asset performance), restraints (concerns over data security and confidentiality and impact of stringent government rules and regulations), opportunities (requirement to extend life span of assets with help of advanced technologies, growing inclination toward adoption of new approach to asset performance management with industry 4.0, rising trend of proactive asset performance management with iiot, predictive, and prescriptive analytics, adoption of digital twin solutions for asset performance management to drive better return on assets, and inclination of organizations toward cloud-based deployments to overcome on-premises limitations), and challenges (lack of skilled workforce and poor management skills and difficulties with integration and implementation of asset performance management with existing applications) influencing the growth of the asset performance management market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the asset performance management market.

Market Development: Comprehensive information about lucrative markets – the report analyses the asset performance management market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the asset performance management market.

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like AVEVA, SAP, GE Digital, IBM, ABB, Emerson, Bentley Systems, Rockwell Automation, Fluke, DNV,among others in the asset performance management market.