Market Analysis
Market Research Future (MRFR) projects the global asset performance management (APM) market to reach USD 30.5 billion at 11.1% CAGR from 2022 to 2030 (forecast period). Asset Performance Management (APM) is an approach to managing assets that prioritize business objectives in addition to traditional asset reliability and maintenance management. It is an integrated process that involves the capture, integration, and visualization of data from various sources in order to monitor asset performance. APM utilizes data-driven analytics to identify, diagnose, and prioritize impending equipment problems in real time, allowing organizations to take proactive measures to ensure the optimal performance of their assets. APM software solutions can also be used to optimize operational assets such as plants, equipment, and systems to reduce downtime and increase efficiency.
Strong Demand for Improving Machine Efficiency, Productivity, and Performance
Asset performance management (APM) is a collection of software tools and applications aimed to improve the dependability and accessibility of physical assets that are critical to the operation of a company. The incorporation of APM software in the industry aids in the improvement of physical asset availability and reliability. It also lowers operating costs and reduces risk factors in the business.
According to MRFR analysis, the APM market would rise rapidly during the forecast period. Some of the factors driving market expansion include the use of IT (Information Technology) and OT (Operational Technology) in the manufacturing industry, as well as high demand for enhancing machine efficiency, productivity, and performance.
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Key Players
The key players of the global asset performance management industry are Aspen Technology (US), Detechtion Technologies (Canada), AVEVA Group PLC (UK), Bentley Systems, Incorporated (US), IBM Corporation (US), Operational Sustainability, LLC (US), SAS Institute Inc. (US), Rockwell Automation (US), SAP SE (Germany), and Schneider Electric (France). Apart from these, other players that have a significant market share that include ABB (Switzerland), ARMS Reliability (Australia), DNV GL (Norway), GE Digital (US), IPS (Germany), SAP SE (Germany), Siemens (Germany), Uptake Technologies Inc. (US).
Market Segmentation
The global APM industry has been segmented on the basis of offering, deployment mode, vertical, and region.
Based on the offering, the global APM market has been segmented into software types and services. The software type segment has been further split into data management software, enterprise asset management software, predictive asset analytics tools, and pattern recognition software.
Based on deployment mode, the global APM market has been segmented into cloud and on-premise. On-premise deployment accounted for a comparatively larger market share of 63.3% in 2018; it is anticipated to register a CAGR of 9.5% during the forecast period. In comparison, the cloud-based deployment mode is projected to register a higher CAGR during the forecast period.
Based on vertical, the global APM market has been segmented into manufacturing, oil gas, energy utility, healthcare, IT telecommunication, and others. 0il gas segment accounted for the largest market share in 2018; it is projected to register a CAGR of 11.2% during the review period. Whereas, the energy utility segment is projected to register the highest CAGR during the forecast period.
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Regional Analysis
North America to Dominate the Global Market
North America is likely to dominate the APM market and maintain its dominance during the forecast period. Advances in industrial technology and the region's quick adoption of new technologies such as asset on the go are some of the reasons driving the region's asset performance management market expansion. Furthermore, the presence of established companies such as Aspen Technology, Inc., Bentley Systems, Incorporated, Detechtion Technologies, and IBM Corporation is one of the propelling factors for the growth of this region's asset performance management market.
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