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.
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.
Gather more insights about the market drivers, restrains and growth of the Global Asset Performance Management Market
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 factors for the steady growth of the market. Moreover, cloud-based APM systems are enabling companies to manage their assets cost-effectively.
Asset Performance Management Market Report Highlights
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 assetsThe 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 segmentThe 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 businessesThe manufacturing industry segment held a significant share of the market owing to the presence of many small and large manufacturing plants across the globeAsia 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 ThailandBrowse through Grand View Research's Next Generation Technologies Industry Research Reports.
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Grand View Research has segmented the global asset performance management market based on category, deployment, vertical, and region.
Asset Performance Management Category Outlook (Revenue, USD Million, 2018 - 2030)
Predictive Asset ManagementAsset Reliability ManagementAsset Strategy ManagementOthersAsset Performance Management Deployment Outlook (Revenue, USD Million, 2018 - 2030)
On-premiseHostedPublic CloudPrivate CloudAsset Performance Management Vertical Outlook (Revenue, USD Million, 2018 - 2030)
Energy & UtilitiesOil & GasManufacturingMetal & MiningGovernment & Public SectorTransportationChemical & PharmaceuticalOthersAsset Performance Management Regional Outlook (Revenue, USD Million, 2018 - 2030)
North AmericaS.CanadaMexicoEuropeGermanyK.FranceAsia PacificChinaIndiaJapanSouth AmericaBrazilMEAOrder a free sample PDF of the Asset Performance Management Market Intelligence Study, published by Grand View Research.
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