Asset Performance Management Market Worth $47.18 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, March 15, 2023 /PRNewswire/ -- The global asset performance management market size is expected to reach USD 47.18 billion by 2030, registering a CAGR of 12.0% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The Asset Performance Management market has evolved during time in response to technological advancements and the changing needs of the incumbents in many end-use industries and sectors, particularly small and medium businesses.

Key Industry Insights & Findings from the report:

• The asset performance management market is gaining traction owing to the rapid industrial shift towards digitization of monitoring and maintenance activities. The companies are actively investing in digital solutions to manage their assets.
• The use of advanced processes and tools such as regression analysis, neural network analysis, Monte Carlo simulation, and so on in the APM systems is driving the growth of the predictive asset management segment.
• The public cloud segment is expected to register significant growth during the forecast period as it helps businesses in improving cost structures and setting up a control center to arrange, monitor, and coordinate various components of their businesses.
• The manufacturing industry segment held a significant share of the market owing to the presence of many small and large manufacturing plants across the globe.
• Asia Pacific is anticipated to register the highest growth rate during the forecast period owing to the increasing popularity of social media, growing investments by tech giants in establishing IT infrastructures in this region, and the rising preference for e-commerce and m-commerce, particularly in emerging economies such as India, Indonesia, and Thailand.

Read 161 page market research report, "Asset Performance Management Market Size, Share & Trends Analysis Report By Category, By Deployment (On-premises, Hosted), By Vertical, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Asset Performance Management Market Growth & Trends

The market for asset performance management is predicted to increase due to the growing usage of APM solutions to achieve operational excellence. Companies are becoming more capable of maximizing the use and upkeep of their operational assets, such as plants, equipment, and infrastructure. Heavy machinery, heavy equipment, turbine engines, power transformers, and other possessions are among the assets that firms adopting APM systems regularly monitor.

The market witnessed significant growth during the COVID-19 outbreak.  Growth in the adoption of the work-from-home model by organizations created the need for secure, scalable, reliable, and cost-effective off-premises and virtual technology services. Organizations from all sectors invested considerably in cloud computing solutions to facilitate their operations and engage clients and employees effortlessly. Thus, asset performance management provided several growth opportunities to marketers during the pandemic.

The asset performance management system includes various solutions such as asset strategy and risk management, predictive asset management, reliability-centered maintenance, and condition-based maintenance, among others. These have a high demand from end-use industries such as energy & utilities, mining & metal, oil & gas, and manufacturing. The manufacturing industry is expected to emerge as one of the prominent markets in terms of revenue during the forecast period. The APM systems, coupled with IIoT, and the increasing adoption of cloud solutions are expected to be crucial factos for the steady growth of the market. Moreover, cloud-based APM systems are enabling companies to manage their assets cost-effectively.

The energy & utilities industry segment holds the largest share owing to the high number of customers who are actively investing in APM systems to manage their assets. For instance, Tata Power, one of the largest power companies from India, is leveraging AVEVA Group plc.'s PRiSM Predictive Asset Analytics for equipment problems and early warning notifications. The APM system helped Tata Power to achieve improved reliability and performance of its critical assets. Additionally, the system contributed to control the maintenance costs by its predictive analysis.

Furthermore, the asset performance management market is highly competitive and fragmented, wherein few companies hold the maximum market share. Consistent dominance in the market by legacy companies can be attributed to investments in research and development of advanced cloud-based services, which has been one of the key factors driving their revenues. However, growth in the introduction of advanced cloud solutions and related offerings by start-ups is also creating significant traction in the global market.

Asset Performance Management Market Segmentation

Grand View Research has segmented the global asset performance management market based on category, deployment, vertical, and region.

Asset Performance Management Market - Category Outlook (Revenue, USD Million, 2018 - 2030)

• Predictive Asset Management
• Asset Reliability Management
• Asset Strategy Management
• Others

Asset Performance Management Market - Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• On-premise
• Hosted
• Public Cloud
• Private Cloud

Asset Performance Management Market - Vertical Outlook (Revenue, USD Million, 2018 - 2030)

• Energy & Utilities
• Oil & Gas
• Manufacturing
• Metal & Mining
• Government & Public Sector
• Transportation
• Chemical & Pharmaceutical
• Others

Asset Performance Management Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Asia Pacific
• China
• India
• Japan
• South America
• Brazil
• MEA

List of Key Players of Asset Performance Management Market

• ABB Ltd
• Aspen Technology, Ltd
• AVEVA Group plc
• Bentley Systems, Incorporated
• DNV GLAS
• GE Digital
• International Business Machines Corporation
• Rockwell Automation
• SAP SE
• SAS Institute, Inc.
• Siemens Energy

Check out more related studies published by Grand View Research:

• Asset Management Market - The global asset management market size is expected to reach USD 3,677.39 billion by 2030, registering a CAGR of 34.7% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The three key trends that will drive the industry growth are the increasing number of High-Net-Worth Individuals (HNWIs), the government-incentivized shift to individual retirement plans, and the expansion of Sovereign Wealth Funds (SWFs). With increasing assets and associated costs, market vendors must maintain or increase their technology and data management investment to maximize distribution opportunities and comply with regulations and reporting. Other factors driving the industry include the need to reduce equipment downtime and ensure optimum utilization of the available resources.
• Enterprise Asset Management Market - The global enterprise asset management market size is estimated to reach USD 19.68 billion by 2030, according to a new study by Grand View Research, Inc., expanding at a CAGR of 16.7% from 2022 to 2030. Several companies use enterprise asset management (EAM) systems to improve work productivity, streamline processes, increase company agility, and manage facilities. Cloud-based EAM solutions and services optimize critical enterprise assets and gather business intelligence for decision-making. Furthermore, these solutions allow businesses to reduce their overhead costs. Technical support and services, such as managed services with integrated debugging and performance monitoring tools, are better with cloud-based EAM systems. EAM solutions will continue to rise as more businesses invest in their IT infrastructure.
• Infrastructure Asset Management Market - The global infrastructure asset management market size is expected to reach at USD 41.04 billion by 2025, registering a CAGR of 8.9% from 2019 to 2025, according to a new report by Grand View Research, Inc. Technological advancements such as Internet of Things (IoT) and automation for infrastructure have resulted in application of analytical and business intelligence tools for infrastructure management solutions.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/asset-performance-management-market-worth-47-18-billion-by-2030-grand-view-research-inc-301772799.html

[ Back To TMCnet.com's Homepage ]