PUBLISHER: The Business Research Company | PRODUCT CODE: 1465662
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465662
Asset performance management (APM) encompasses a holistic approach aimed at maximizing the performance and reliability of physical assets within an organization. This strategy integrates diverse technologies, methodologies, and processes to ensure optimal operational efficiency, effectiveness, and safety throughout the entire lifecycle of assets.
Key components of asset performance management include solutions and services. Solutions typically comprise software platforms, tools, or systems tailored to monitor, analyze, and optimize asset performance. These solutions can be deployed both on-premises and in the cloud, catering to various organizations ranging from large enterprises to small and medium-sized enterprises (SMEs). Asset Performance Management finds application across multiple sectors including energy and utilities, manufacturing, government and defense, chemicals, telecommunications, healthcare and pharmaceuticals, consumer goods, food and beverages, and others.
The asset performance management market research report is one of a series of new reports from The Business Research Company that provides asset performance management market statistics, including asset performance management industry global market size, regional shares, competitors with an asset performance management market share, detailed asset performance management market segments, market trends and opportunities, and any further data you may need to thrive in the asset performance management industry. This asset performance management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The asset performance management market size has grown rapidly in recent years. It will grow from $2.62 billion in 2023 to $2.98 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. Historical growth in this domain can be attributed to several factors. These include the aging and deterioration of assets over time, the imposition of regulatory requirements governing asset maintenance and management, imperatives to reduce costs associated with asset upkeep, and a strategic shift from reactive to proactive maintenance practices.
The asset performance management market size is expected to see rapid growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. Anticipated growth in the forecast period can be attributed to several key factors. These include advancements in predictive analytics and the integration of Internet of Things (IoT) technologies, which enable more efficient asset management practices. Additionally, there is a growing focus on sustainability and Environmental, Social, and Governance (ESG) initiatives, prompting organizations to invest in more environmentally friendly asset management solutions. Moreover, there is a shift towards outcome-based contracts, where service providers are incentivized based on the performance and reliability of assets rather than simply providing maintenance services. Major trends expected in this period include the adoption of predictive maintenance practices, leveraging AI and machine learning for predictive analytics, implementation of condition-based monitoring techniques, development of asset health indexing systems, and optimization of lifecycle costs to maximize the value of assets over their entire lifespan.
The escalating demand for a digital workforce is poised to propel the growth of the asset performance management market in the foreseeable future. A digital workforce represents the integration of cutting-edge technologies such as artificial intelligence (AI), automation, and machine learning into the workforce, augmenting human capabilities and streamlining tasks. This demand is fueled by factors such as the proliferation of remote work, escalating requirements for automation, cost efficiencies, and scalability. Asset performance management harnesses the capabilities of digital workforces to bolster data analysis, enable predictive maintenance, optimize operations, automate routine tasks, facilitate real-time monitoring, and ultimately drive efficiency and cost savings across diverse industries. For instance, reports published by CompTIA in October 2023 indicate a surge in technology workers in the US, reaching 9,156,390 in 2022 with a 3.2% annual growth rate, showcasing a substantial increase from the previous year. Furthermore, according to reports by the International Federation of Robotics in October 2022, the installation of industrial robots in the USA witnessed a 31% increase in 2021, reaching 50,712 units compared to the preceding year. Hence, the burgeoning digital workforce is a key catalyst driving the growth of the asset performance management market.
Key players in the asset performance management market are actively focusing on the development of innovative solutions, exemplified by Lumada APM, to offer predictive maintenance solutions coupled with sophisticated analytics. Lumada APM harnesses digital technologies to optimize the performance, reliability, and maintenance of industrial assets, offering a comprehensive approach to asset management. For instance, in October 2023, Hitachi Energy Ltd., a Switzerland-based technology corporation, introduced Lumada APM, a next-generation asset performance management solution. This solution empowers operators to monitor critical asset conditions and forecast failures through data-driven modeling and AI-powered prognostics. Additionally, it integrates system reliability engineering methodologies to ensure safe and reliable operations by assessing risks and simulating intervention scenarios. Lumada APM also incorporates a reliability-centered asset maintenance strategy, facilitating proactive maintenance decisions and streamlined management through a single-pane glass interface. These features collectively enable organizations to adopt proactive maintenance strategies, anticipate trends, mitigate system risks, allocate budgets effectively, and optimize asset reliability and availability across asset-intensive industries.
In July 2022, Envision Digital International, a Singapore-based developer of an AIoT (Artificial Intelligence of Things) operating system, successfully acquired QOS Energy for an undisclosed sum. This strategic acquisition is designed to fortify Envision Digital International's renewable energy management offerings, with a particular emphasis on distributed energy systems. The move further solidifies its position as a prominent global leader in the market for renewable energy management solutions. QOS Energy, headquartered in France, is recognized for providing asset performance management solutions tailored for renewable energy assets.
Major companies operating in the asset performance management market are Microsoft Corporation, Hitachi Ltd., Siemens AG, International Business Machines Corporation, General Electric Company, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Asea Brown Boveri Ltd., Jacobs Engineering Group Inc., Emerson Electric Co., Rockwell Automation Inc., Worley Limited, Xylem Inc., Hexagon AB, Trimble Inc., Arcadis NV, Yokogawa lectric Corporation, Mott MacDonald Group Limited, PTC Inc., GHD Group Pty Ltd, National Instruments Corporation, Bentley Systems Incorporated, Aspen Technology Inc.
North America was the largest region in the asset performance management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the asset performance management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the asset performance management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The asset performance management market includes revenues earned by entities by providing services such as consulting services, predictive maintenance services, lifecycle management services, and integration services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Asset Performance Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on asset performance management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for asset performance management ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The asset performance management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.