Asset Performance Management Market
Asset Performance Management Market Forecasts to 2030 - Global Analysis By Component (Hardware, Software and Service), Deployment (Cloud-Based Deployment and On-Premises Deployment), Organization Size, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $3.27 BN |
|
Projected Year Value (2030) |
US $7.21 BN |
|
CAGR (2023 - 2030) |
11.9% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Asset Performance Management Market is accounted for $3.27 billion in 2023 and is expected to reach $7.21 billion by 2030 growing at a CAGR of 11.9% during the forecast period. Asset Performance Management (APM) involves optimizing the lifecycle of physical assets to enhance efficiency and reliability. It integrates data analytics, machine learning, and predictive maintenance to monitor, analyze, and manage asset health. APM aims to minimize downtime, reduce maintenance costs, and maximize overall performance. This proactive approach enhances operational excellence and ensures the sustained performance of assets in industries such as manufacturing, energy, and infrastructure.
According to the National Bureau of Statistics of China, the country's asset performance management output increased by 3.6% compared to the same period in 2022.
Market Dynamics:
Driver:
Increasing complexity of industrial operations
The escalating complexity of modern industrial operations, characterized by intricate processes, diverse technologies, and interconnectivity, serves as a pivotal driver of asset performance management. As industries adopt advanced technologies and intricate machinery, the need for effective APM solutions intensifies. These systems enable proactive maintenance, optimize asset utilization, and enhance overall operational efficiency. Consequently, the growing intricacy of industrial landscapes fuels the demand for sophisticated APM solutions, positioning the market as a crucial facilitator in ensuring seamless and high-performance industrial operations.
Restraint:
Data security concerns
Organizations, particularly in industries subject to strict regulations, may hesitate to adopt APM solutions due to fears of potential data breaches or unauthorized access to sensitive information. The increasing reliance on data-driven technologies amplifies these concerns, creating a barrier to widespread adoption despite the potential benefits of optimizing asset performance through APM systems.
Opportunity:
Globalization of businesses
As companies expand their operations globally, the demand for centralized, integrated APM solutions rises. APM tools that offer a holistic view of assets across diverse geographical locations become crucial for optimizing performance and minimizing downtime. The need for real-time monitoring, predictive maintenance, and compliance with industry standards on a global scale positions APM solutions as essential for businesses navigating the challenges and opportunities presented by the interconnected and dynamic nature of the global marketplace.
Threat:
High initial implementation costs
The asset performance management often entails high initial implementation costs due to the need for sophisticated technology integration, data analytics infrastructure, and customized solutions tailored to specific industry needs. These costs can pose a barrier to entry for smaller enterprises and limit widespread adoption. Organizations may also be hesitant to make substantial upfront investments, hindering the market growth.
Covid-19 Impact
The covid-19 pandemic has influenced the asset performance management market by accelerating the adoption of digital solutions. The increased focus on remote monitoring and predictive maintenance to ensure operational continuity and efficiency has driven demand for APM technologies. Industries, such as manufacturing and energy, have recognized the importance of resilient asset management systems in mitigating disruptions. The pandemic has underscored the value of APM in enhancing asset reliability, reducing downtime, and optimizing overall performance amid challenging global conditions.
The cloud-based deployment segment is expected to be the largest during the forecast period
The cloud-based deployment segment is estimated to have a lucrative growth, due to its scalable, flexible, and accessible solutions. Leveraging the cloud enables real-time data storage, analytics, and collaboration, fostering seamless integration across diverse industrial assets. This approach reduces infrastructure costs, ensures data security, and facilitates remote monitoring. With the ability to harness extensive computing power, cloud-based APM optimizes maintenance strategies, enhances predictive analytics, and streamlines decision-making processes.
The government & public sector segment is expected to have the highest CAGR during the forecast period
The government & public sector segment is anticipated to witness the highest CAGR growth during the forecast period. Asset performance management in the government and public sector involves optimizing the efficiency and reliability of critical infrastructure assets. It enables proactive maintenance, reducing downtime and improving operational performance. Governments use APM to ensure public facilities, such as transportation systems and utilities, operate reliably and comply with regulations. Ultimately, APM helps governments maximize the value and longevity of public assets while delivering reliable services to citizens.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to significant investments by large firms and the implementation of new technologies across industries and enterprises. China is set to gain a dominant divide up owing to the increasing investment in asset maintenance. Moreover, growing investments in IT infrastructure development in the region by tech giants are anticipated to further offer numerous opportunities for the stakeholders of asset performance management market during the forecast period.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the increasing demand for high-speed data networks and the considerable presence of software vendors in the region. Also, Canada tops with the presence of high number of computer scientists, data analysts, and software engineers using cloud-based solutions and. Additionally, growing investments by organizations in IT infrastructure, specifically for research and development of cloud infrastructure, are further fueling the regional market growth.
Key players in the market
Some of the key players profiled in the Asset Performance Management Market include IBM Corporation, General Electric, ABB Limited, Schneider Electric SE, Siemens AG, Bentley Systems Incorporated, Aspen Technology Inc, Honeywell International, Cognite AS, SAP SE, Rockwell Automation, Infor Inc, Emerson Electric Corporation, Yokogawa Electric Corporation, Detechtion Technologies and Oracle Corporation.
Key Developments:
In March 2023, Cognite AS announced an agreement with Austria-based oil, gas, and chemical company OMV Group to support its digital transformation with DigitUP APM solution. In the long-term agreement, the companies would focus on implementing computerized maintenance management systems for various operational sectors.
In February 2023, Honeywell International Inc. introduced Software as a Service-based solution Honeywell Forge Performance+ for Industrials and Asset Performance for the mining industry for mobile and fixed equipment. The solution would offer huge support for the mining industry’s digital transformation with its industry-specific offerings.
Components Covered:
• Hardware
• Software
• Service
Deployments Covered:
• Cloud-Based Deployment
• On-Premises Deployment
Organization Sizes Covered:
• Large Enterprises
• Medium-Sized Enterprises (SMEs)
• Small Businesses
• Industry-Specific Solutions
End Users Covered:
• Government & Public Sector
• Oil & Gas
• Power Generation
• Transportation & Logistics
• Mining & Metals
• Healthcare
• Telecommunications
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Asset Performance Management Market, By Component
5.1 Introduction
5.2 Hardware
5.2.1 Sensors & Monitoring Devices
5.2.2 Connectivity Solutions
5.2.3 Edge Computing Devices
5.2.4 Communication Equipment
5.3 Software
5.3.1 Asset Health Monitoring Software
5.3.2 Predictive Maintenance Software
5.3.3 Reliability-Centered Maintenance (RCM) Software
5.3.4 Condition Monitoring Software
5.3.5 Asset Reliability Software
5.4 Service
5.4.1 Implementation & Integration Services
5.4.2 Consulting & Training Services
5.4.3 Support & Maintenance Services
6 Global Asset Performance Management Market, By Deployment
6.1 Introduction
6.2 Cloud-Based Deployment
6.3 On-Premises Deployment
7 Global Asset Performance Management Market, By Organization Size
7.1 Introduction
7.2 Large Enterprises
7.3 Medium-Sized Enterprises (SMEs)
7.4 Small Businesses
7.5 Industry-Specific Solutions
8 Global Asset Performance Management Market, By End User
8.1 Introduction
8.2 Government & Public Sector
8.3 Oil & Gas
8.4 Power Generation
8.5 Transportation & Logistics
8.6 Mining & Metals
8.7 Healthcare
8.8 Telecommunications
8.9 Other End Users
9 Global Asset Performance Management Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 IBM Corporation
11.2 General Electric
11.3 ABB Limited
11.4 Schneider Electric SE
11.5 Siemens AG
11.6 Bentley Systems Incorporated
11.7 Aspen Technology Inc
11.8 Honeywell International
11.9 Cognite AS
11.10 SAP SE
11.11 Rockwell Automation
11.12 Infor Inc
11.13 Emerson Electric Corporation
11.14 Yokogawa Electric Corporation
11.15 Detechtion Technologies
11.16 Oracle Corporation
List of Tables
1 Global Asset Performance Management Market Outlook, By Region (2021-2030) ($MN)
2 Global Asset Performance Management Market Outlook, By Component (2021-2030) ($MN)
3 Global Asset Performance Management Market Outlook, By Hardware (2021-2030) ($MN)
4 Global Asset Performance Management Market Outlook, By Sensors & Monitoring Devices (2021-2030) ($MN)
5 Global Asset Performance Management Market Outlook, By Connectivity Solutions (2021-2030) ($MN)
6 Global Asset Performance Management Market Outlook, By Edge Computing Devices (2021-2030) ($MN)
7 Global Asset Performance Management Market Outlook, By Communication Equipment (2021-2030) ($MN)
8 Global Asset Performance Management Market Outlook, By Software (2021-2030) ($MN)
9 Global Asset Performance Management Market Outlook, By Asset Health Monitoring Software (2021-2030) ($MN)
10 Global Asset Performance Management Market Outlook, By Predictive Maintenance Software (2021-2030) ($MN)
11 Global Asset Performance Management Market Outlook, By Reliability-Centered Maintenance (RCM) Software (2021-2030) ($MN)
12 Global Asset Performance Management Market Outlook, By Condition Monitoring Software (2021-2030) ($MN)
13 Global Asset Performance Management Market Outlook, By Asset Reliability Software (2021-2030) ($MN)
14 Global Asset Performance Management Market Outlook, By Service (2021-2030) ($MN)
15 Global Asset Performance Management Market Outlook, By Implementation & Integration Services (2021-2030) ($MN)
16 Global Asset Performance Management Market Outlook, By Consulting & Training Services (2021-2030) ($MN)
17 Global Asset Performance Management Market Outlook, By Support & Maintenance Services (2021-2030) ($MN)
18 Global Asset Performance Management Market Outlook, By Deployment (2021-2030) ($MN)
19 Global Asset Performance Management Market Outlook, By Cloud-Based Deployment (2021-2030) ($MN)
20 Global Asset Performance Management Market Outlook, By On-Premises Deployment (2021-2030) ($MN)
21 Global Asset Performance Management Market Outlook, By Organization Size (2021-2030) ($MN)
22 Global Asset Performance Management Market Outlook, By Large Enterprises (2021-2030) ($MN)
23 Global Asset Performance Management Market Outlook, By Medium-Sized Enterprises (SMEs) (2021-2030) ($MN)
24 Global Asset Performance Management Market Outlook, By Small Businesses (2021-2030) ($MN)
25 Global Asset Performance Management Market Outlook, By Industry-Specific Solutions (2021-2030) ($MN)
26 Global Asset Performance Management Market Outlook, By End User (2021-2030) ($MN)
27 Global Asset Performance Management Market Outlook, By Government & Public Sector (2021-2030) ($MN)
28 Global Asset Performance Management Market Outlook, By Oil & Gas (2021-2030) ($MN)
29 Global Asset Performance Management Market Outlook, By Power Generation (2021-2030) ($MN)
30 Global Asset Performance Management Market Outlook, By Transportation & Logistics (2021-2030) ($MN)
31 Global Asset Performance Management Market Outlook, By Mining & Metals (2021-2030) ($MN)
32 Global Asset Performance Management Market Outlook, By Healthcare (2021-2030) ($MN)
33 Global Asset Performance Management Market Outlook, By Telecommunications (2021-2030) ($MN)
34 Global Asset Performance Management Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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