Asset Performance Management Market Value

Asset Performance Management (APM) market has been experiencing significant growth in recent years, driven by the increasing adoption of digital technologies.

PORTLAND, PORTLAND, OR, UNITED STATES, January 29, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, the global asset performance management market size was valued at $3,463 million in 2019, and is projected to reach $7,529 million by 2027, growing at a CAGR of 10.3% from 2020 to 2027.

Asset Performance Management (APM) refers to a set of practices, strategies, and software solutions designed to optimize the performance and maximize the value of an organization's assets. Assets, in this context, can include physical assets such as machinery, equipment, infrastructure, and facilities, as well as digital assets like software and intellectual property.

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The primary goal of Asset Performance Management is to enhance the overall efficiency, reliability, and productivity of assets throughout their lifecycle. This involves monitoring, analyzing, and managing asset performance in real time, as well as predicting and preventing potential failures or downtime. APM solutions often leverage advanced technologies such as data analytics, machine learning, and Internet of Things (IoT) sensors to gather and process relevant data.

The growth of the asset performance management market is driven by several factors such as the increasing need to generate maximum economic return on assets and the growing need for the maintenance of assets based on risk driving the asset performance management market growth. Moreover, factors such as the emerging use of cloud-based APM software among the end users, further boost the growth of the market globally. However, lack of knowledge while selecting the solution that perfectly match with enterprise business and less awareness about cyber security restrain the growth of the asset performance management solution market globally. Furthermore, the emergence of technology such as the industrial Internet of things (IIoT) and increasing demand for big data analytics in the industrial vertical will create lucrative opportunities in the asset performance management market globally.

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Asia-Pacific is expected to witness highest growth rate during the forecast period, owing to growing need to find fault detection system from real-time data, predictive forecast services to reduce downtime of production on based on cloud infrastructure due to its ability to make real-time business decisions fuel the growth of the market in Asia-Pacific. Moreover, in recent decade key players of the market are expanding their presence in emerging countries like India, china, japan as these countries are the strong manufacturing hub for their product. They are heavily investing in these countries with cutting edge technology. This is expected to boost the confidence of Asia-Pacific enterprises to adopt asset performance management software and will further boost the adoption among the end users.

In 2019, the global asset performance management market share was dominated by the large enterprises and is expected to maintain this trend during the forecast period, due to presence of heavy machinery and large amount of data generated by these machinery time to time while it is in running condition is very important for large scale enterprises. . In addition to this, surge in investments in asset performance management by large enterprises is expected to fuel growth of the market. However, the small & medium-sized enterprise are expected to witness the highest growth owing to growing focus towards asset performance and rise in awareness about the befits of maintenance of machinery by analyzing real-time data of assets across SMEs.

Based on industry vertical, energy & utility industry dominated the asset performance management market in 2019, and is expected to maintain its dominance in the upcoming years, due to Industry 4.0 revolution, which digitalizes the energy and utility carrying processes and positively affects business, high production of energy and improved labor productivity. However, the healthcare and life sciences segment is expected to witness the highest growth during the forecast period attributed to the rapid adoption of asset performance management software to empower faster and more convenient access to medical equipment information. In addition, increase in digitalization and better graphical user interaction between doctors and heavy healthcare equipment boost the demand for APM software in the healthcare industry.

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Pre and Post COVID-19 Pandemic Impact Analysis:

Post-COVID-19, the asset performance management market size was valued at $3,790 million in 2020, and is projected to reach $7,529 million by 2027, growing at a CAGR of 10.3% from 2020 to 2027. The market is expected to flourish in the upcoming years, due to the upsurge in the need for organizations to re-evaluate aspects of their performance management system to respond to the current context of their organizations. The companies are leveraging various advanced capabilities offered in intelligent Asset Performance Management (APM) and Enterprise Asset Management (EAM) systems during the pandemic.

These capabilities include connectivity to IoT and Industrial IoT devices, smart sensors, condition monitoring, predictive maintenance, edge devices, and Reliability Centered Maintenance (RCM) systems, to help address and identify potential maintenance issues. On the other hand, the introduction of advanced asset management solutions during the pandemic by leading players to help organizations enhance their performance management and reduce maintenance costs fuels the market.

Some of the key asset performance management industry players profiled in the report include ABB Group, Aveva Inc., Bentley System, GE digital, IBM Corporation, Infor Inc., Oracle Corporation, SAP SE, SAS Institute Inc. and Siemens AG. This study includes market trends, asset performance management market analysis, and future estimations to determine the imminent investment pockets.

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Advantages for Stakeholders:

• This analysis encompasses an examination of the asset performance management market, identifying trends and providing future estimations to pinpoint potential investment opportunities.

• The report offers insights into key drivers, constraints, and opportunities within the asset performance management market.

• Quantitative analysis of the asset performance management market from 2019 to 2027 is provided to underscore the financial strength of the industry.

• Porter’s five forces analysis is employed to illustrate the influence of buyers and suppliers in the asset performance management market.

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