Global Asset Performance Management Market Report and Forecast 2024-2032

Global Asset Performance Management Market Outlook

The global asset performance management market attained a value about USD 5.23 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 10.1% to reach about USD 12.42 billion by 2032.        

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Growing Demand for Digital Asset Performance Management Solutions Bolstering the Market Growth

The market growth of asset performance management can be attributed to the rapid digitisation of various industries, such as manufacturing, chemical, and oil and gas, among others. This is leading to a surge in the deployment of several digital solutions to manage the performance of assets to minimise the risk and operating expenses, hence fuelling the market growth. Moreover, asset performance management solutions facilitate the decision-making process while surging the cost-effectiveness of the operation, due to which it is extensively adopted in leading industries, which, in turn, is driving the industry growth.

The growing awareness regarding the advantages and significance of asset performance management to enhance profitability among enterprises is expected to aid the market growth. In addition, the increasing popularity of digital asset performance management solutions and the potential integration of digital twin technology and industrial internet of things (IIoT) are expected to contribute remarkably towards the growth of the asset performance management industry in upcoming years.

Asset Performance Management: Market Segmentation

Asset performance management refers to the deployment of various assets to achieve specific business goals. It is the approach adopted by businesses to improve the availability and reliability of physical assets and profitability while minimising operating costs and risk. It can be multifunctional to perform both identifications of underperforming assets and then follow-up asset performance and identify any necessary actions for the production plant.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

The major components of asset performance management are:

• Solution
• Service

By deployment mode, the market is divided into:

• On-Premise
• Cloud

Based on organisation size, the market is bifurcated into:

• Large Enterprises
• Small and Medium Enterprises

The market can be broadly categorised on the basis of its industry vertical into:

• Energy and Utilities
• Oil and Gas
• Manufacturing
• Mining and Metals
• Healthcare and Life Sciences
• Chemical and Pharmaceuticals
• Government and Defence
• IT and Telecom
• Food and Beverages
• Others

The EMR report looks into the regional markets of asset performance management like North America, Europe, the Asia pacific, Latin America, and the Middle East and Africa.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Rising Concerns over Plant Workers Health and Various Other Uses of APM to Augment the Market Growth

The growing deployment of asset performance management services and software solutions monitor the reliability and health of various assets, which is bolstering the market growth. As regulations concerning manufacturing plants are increasingly becoming more stringent, owing to growing environmental consciousness and rising concerns regarding labour exploitation, the requirement of constant monitoring of the plants is surging, which is escalating the deployment of asset performance management solutions.

In addition, the deployment of asset performance management solutions can prevent accidents by offering efficient preventive measures, which is further augmenting the market growth. Although the market growth may be hindered by the growing competition within the industry, the development of cost-efficient asset performance management solutions is expected to bolster the growth of the industry. Furthermore, the increasing demand to manage efficiency, health, and sustainability of assets while optimising their total cost of ownership is estimated to surge the adoption of asset performance management solutions, which is projected to drive the market growth in the forecast period.

Key Industry Players in the Global Asset Performance Management Market

The report presents a detailed analysis of the following key players in the global asset performance management market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• ABB Ltd
• SAP SE
• Oracle Corporation
• International Business Machines Corporation
• AVEVA Group plc
• Siemens Energy Global GmbH & Co. KG
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report