Asset Performance Management

Asset Performance Management

Asset performance management (APM) is a strategy that businesses use to optimize the reliability and efficiency of their physical assets (such as machinery, equipment, and infrastructure) throughout their entire life cycle. APM involves using data analysis, predictive maintenance techniques, and other tools to monitor and optimize the performance of assets. Some of the factors such as companies can minimize downtime, reduce maintenance costs, and extend the lifespan of their assets are driving the growth of the market. The Asset Performance Management (APM) market refers to the vendors and solutions that provide software and services for APM. This market includes a variety of technologies such as predictive analytics, condition monitoring, and asset management software, among others.

The Asset Performance Management Market is expected to grow at a strong CAGR of 10.2% during the forecast period owing to the increasing demand for cost-effective and efficient maintenance. Moreover, with the increasing availability of sensor technology and advanced analytics tools, it has become easier to collect and analyze data from industrial assets in real-time, this has enabled the development of more accurate and effective APM solutions. Moreover Asset maintenance and divestment strategies can also be developed using them. For instance, General Electric's Predix solution, for example, offers several products like APM Health, APM Reliability, APM Strategy, and APM Integrity.

• Based on component, the market is segmented into solutions and services. Amongst these the solution segment will grow with high CAGR during the forecast period. As it provides real-time insights into asset performance and help businesses identify potential issues before they become major problems, allowing for proactive maintenance and repairs. Hence, these are the factors driving the growth of the segment.
• Based on deployment mode, the market is segmented into on-premise and cloud. Among these the cloud segment is expected to hold major share in the market during the forecast period. The factors such as Cloud-based asset performance management solutions are highly scalable, allowing organizations to easily add or remove assets as needed without requiring additional hardware or software. Moreover, Cloud-based solutions typically require less upfront investment and ongoing maintenance costs, making them more cost-effective than traditional on-premise solutions which are driving the growth of the market.
• Based on product category, the market is segmented into asset integrity management, asset reliability, enterprise asset management, field service management, plant asset management. Asset Integrity Managemnt segment held considerable share of the market in 2021. Asset Integrity Management market is driven by several factors, including regulatory requirements, the need to minimize downtime and maintenance costs, and the desire to extend the lifespan of aging assets. The segment includes a range of technologies and services, such as non-destructive testing (NDT), corrosion monitoring, structural integrity assessment, and risk-based inspection (RBI).
• Based on industrial verticals, the market is segmented into oil & gas, energy & power, pharmaceutical, food & beverages, pulp & paper and chemical manufacturing. Among these chemical manufacturing segment will attain higher CAGR during the forecast period due to the increased demand for automation and digitization. Moreover, many chemical manufacturing facilities were built decades ago and are now reaching the end of their useful lives. This has led to an increased focus on asset performance management, as manufacturers seek to extend the life of their infrastructure and reduce downtime.
• For a better understanding of the market adoption of the Image to code industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), Rest of World. Asia Pacific region is leading the market due to rising demand for energy and infrastructure development in the region. China and Japan are expected to be the largest markets for APM solutions in the region, due to their large manufacturing industries and investments in digital transformation. Other countries, such as India, South Korea, and Australia, are also expected to experience significant growth in the APM market.
• Some of the major players operating in the market include IBM; UpKeep Technologies, Inc.; Fracttal Tech S.L ; Fiix by Rockwell Automation Inc.; GE DIGITAL; Siemens Energy; eMaint by Fluke Corporation; SAP; Oracle; AssetFuture.