Fairfield Market Research Asset Performance Management Market Size, Share, Type 2030

Asset Performance Management Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Published Date: Upcoming | Format:

Industry: Information & Communications Technology


Request Customization Request Customization * New Version Available

Crossing an approximate revenue of US$2 Bn in 2022, global asset performance management market is expected to display a strong double-digit CAGR by the end of 2030.

Market Analysis in Brief

Asset performance management (APM) involves people, processes, and technologies to improve the uptime with higher revenue and longevity of physical assets to conserve cash while reducing operating costs, and business risk. APM leads to improvements in executive metrics like revenue, margin, customer satisfaction, work-in-process (WIP) inventory, and return on assets (ROA). The growing trend of adopting a new approach to asset performance management with Industry 4.0 is driving the progress of global asset performance management market. It introduces a new technology, leading to a paradigm shift in industrial productivity—a new attitude that can be applied to asset performance management. Operational AI makes some of the most powerful but difficult-to-use components of Industry 4.0 that are available to reliability, and operations teams.

Key Report Findings

  • Industry 4.0 delivers the capabilities required for a sophisticated asset performance management approach
  • Demand from the energy and utilities sector remains maximum
  • The government and private sector segment holds promise to unlock new opportunities
  • North America leads its way whereas Europe represents a lucrative asset performance management market

Growth Drivers

Advent of Next-gen Technologies

The global asset performance management market is rising with the growing demand to achieve the maximum economic return on assets, and the growing requirement for asset maintenance based on risk, which are propelling the asset performance management software market forward. Furthermore, factors such as the growing popularity of cloud-based APM software among end-users are fuelling the worldwide APM market expansion.

The advent of technology such as the Industrial Internet of Things (IIoT), and the growing need for Big Data Analytics in the industrial vertical will provide a lucrative opportunity in the worldwide asset performance management market. According to Statista, in 2020, global IIoT industry was valued at around US$216.13 Bn, and in 2021, it was valued at US$263 Bn. In the following years, the industry is predicted to rise in size, reaching US$1.11 Tn by 2028.

Advanced Developments amid Pandemic

The introduction of advanced asset management solutions by major players (during the pandemic) assists organizations in improving their performance management and lowering maintenance costs. This in turn promotes the growth of asset performance management market. In October 2020, Siemens Energy, and Bentley Systems cooperated were involved in creation of an asset performance management solution for oil and gas companies. This solution combines Bentley Systems Inc.'s asset performance software capabilities with Siemens Energy's oil and gas equipment knowledge. The technology will assist businesses throughout the oil and gas industry in increasing equipment uptime, and reliability while lowering safety risks, and maintenance expenses.

Overview of Key Segments

Demand from Energy and Utilities Sector High

The energy and utilities sector currently holds the greatest share the asset performance management market valuation. The segment's growth is expected to be fuelled by the increasing importance of re-evaluating strategy and incorporating advanced technology into organizational processes. Furthermore, the growing need to meet rising needs for reliable energy services has enabled managers and other officials to use asset performance management solutions to track asset performance and conditions to meet rising demands. Moreover, firms' increasing attention to predictive maintenance techniques for their assets is thought to be fuelling segment growth.

Opportunities Abound in Government and Public Sector

The government and public sector is expected to generate rapid growth in demand for asset performance management solutions over the forecast period. Various businesses are expanding their operations to reach more customers. As a result, enterprises are turning to cloud-based solutions and services to give answers to their customers more efficiently. Additionally, the increased digitization of public sector organizations to provide a better customer experience is likely to fuel demand for asset performance management in this segment of the global asset performance management market space.

Growth Opportunities Across Regions

North America to Spearhead

North America is expected to dominate the global Asset performance management market over the forecast period. The fast use of modern technologies such as assets on the go, as well as advances in industrial technology, are some of the reasons driving the asset performance management market in the area.

Furthermore, established players such as Aspen Technology, Inc., Bentley Systems, Incorporated, Detechtion Technologies, and IBM Corporation are pushing the asset performance management market in this area. Growing demand for high-speed data networks, as well as the significant presence of software vendors in the region, are driving regional market expansion.

Moreover, increasing investments by enterprises in IT infrastructure, specifically for cloud infrastructure research and development, are fuelling regional market expansion. Companies in North America are experiencing good business conditions and supportive government policies, allowing them to create and offer superior cloud platforms, resulting in increased market acceptance of asset performance management.

The US Reigns Supreme

The United States is predicted to contribute the most to the market growth here. One of the important reasons driving the market here is the presence of several significant players in the United States. In May 2021, the US-based AspenTech presented an AI Workbench solution. It enables operations and data scientists to work together to meet business needs. AspenTech users can count on secure dividends, efficiency, and dependability because of the combination of industry-specific application knowledge and asset optimization skills. As a result of such measures, the North American asset performance management market is expected to grow significantly throughout the assessment period.

On the other hand, In Canada, many computer scientists, data analysts, and software engineers use cloud-based solutions and services. This also contributes to the expansion of the North American regional market.

Europe Reflects Ample Opportunity

Europe is likely to have a significant market value and increase at a significant rate throughout the projection period. The quick adoption of asset performance management systems across numerous industrial realms can be ascribed to the rise. In addition, the region is home to a number of well-known businesses that are taking steps to expand their market positions, thereby bolstering the asset performance management industry.

Global Asset Performance Management Market: Competitive Landscape

A few of the players in the asset performance management market include AVEVA (UK), AspenTech (US), Bentley Systems (US), GE Digital (US), SAP (Germany), IBM (US), Detechtion Technologies (US), ARMS Reliability (US), ABB (Switzerland), Uptake (US), DNV (Norway), SAS (US), Siemens Energy (Germany), Oracle (US), Infor (US), Nexus Global (US), BISTel (South Korea), Operational Sustainability (US), Rockwell Automation (US), IPS Intelligent Process Solutions (Germany), Yokogawa (Japan), Honeywell (US), Emerson (US), GrayMatter (US), and Plasma (US).

Recent Notable Developments

  • In January 2020, AVEVA announced the renewal of its asset performance management portfolio, which includes AVEVA AMP Assessment, AVEVA Asset Strategy Optimization, and AVEVA Asset Strategy Library. Users may now manage their capital assets with better confidence, safety, and efficiency
  • In 2021, GE Digital released upgrades to its SmartSignal predictive maintenance software that assists industrial firms in proactively predicting, diagnosing, forecasting, and preventing equipment faults. SmartSignal is available as a separate software product or as part of the GE Digital asset performance management software solution
  • In 2021, Bentley Systems said that it is developing apps for photorealistic, real-time visualization, and simulation of digital twins of large-scale industrial and civil infrastructure projects using the NVIDIA Omniverse platform. It will provide real-time, immersive 3D/4D experiences, enabling the physics-based simulation of even the largest and most complex infrastructure assets

Regional Classification of the Global Asset Performance Management Market is Listed Below:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

 Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Asset Performance Management Market

  • Asset Performance Management Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2019 - 2022
  • Market Value at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

Post Sale Support, Research Updates & Offerings

We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.

  • The report will be prepared in a PPT format and will be delivered in a PDF format.
  • Additionally, Market Estimation and Forecast numbers will be shared in Excel Workbook.
  • If a report being sold was published over a year ago, we will offer a complimentary copy of the updated research report along with Market Estimation and Forecast numbers within 2-3 weeks’ time of the sale.
  • If we update this research study within the next 2 quarters, post purchase of the report, we will offer a Complimentary copy of the updated Market Estimation and Forecast numbers in Excel Workbook.
  • If there is a geopolitical conflict, pandemic, recession, and the like which can impact global economic scenario and business activity, which might entirely alter the market dynamics or future projections in the industry, we will create a Research Update upon your request at a nominal charge.

1. Executive Summary
     1.1. Global Asset Performance Management Market: Snapshot
     1.2. Future Projections, 2023 - 2030, (US$ Mn)
     1.3. Key Segment Analysis and Competitive Insights
     1.4. Premium Insights

2. Market Overview
     2.1. Market Definitions and Segmentation
     2.2. Market Dynamics
            2.2.1. Driver
            2.2.2. Restraint
            2.2.3. Industry Challenges & Opportunities
     2.3. Market Forces Analysis
            2.3.1. Value Chain Analysis
            2.3.2. Porters Five Forces Analysis
     2.4. Challenges and Solutions
     2.5. Supply Chain Impact Analysis
     2.6. COVID-19 Impact Analysis
            2.6.1. Pre and Post Covid-19 Analysis
     2.7. Regulatory Scenario
     2.8. Economic Analysis

3. Global Asset Performance Management Market Outlook, 2019 - 2030
     3.1. Global Asset Performance Management Market Outlook, by Component, Value (US$ Mn), 2019 - 2030
            3.1.1. Key Highlights
            3.1.2. Solutions
                    3.1.2.1. Asset Strategy
                    3.1.2.2. Asset Reliability
                    3.1.2.3. Predictive Asset Management
                    3.1.2.4. Misc.
            3.1.3. Services
     3.2. Global Asset Performance Management Market Outlook, by Organization Size, Value (US$ Mn), 2019 - 2030
            3.2.1. Key Highlights
                    3.2.1.1. Large Enterprises
                    3.2.1.2. SMEs
     3.3. Global Asset Performance Management Market Outlook, by Verticals, Value (US$ Mn), 2019 - 2030
            3.3.1. Key Highlights
                    3.3.1.1. Energy & Utilities
                    3.3.1.2. Oil & Gas
                    3.3.1.3. Automotive
                    3.3.1.4. Metal & Mining
                    3.3.1.5. Government & Public Sector
                    3.3.1.6. Healthcare & Life sciences
                    3.3.1.7. Chemicals
                    3.3.1.8. IT & Telecommunications
                    3.3.1.9. Consumer Goods, Food & Beverage
                    3.3.1.10. Misc.
     3.4. Global Asset Performance Management Market Outlook, by Deployment Mode, Value (US$ Mn), 2019 - 2030
            3.4.1. Key Highlights
                    3.4.1.1. Cloud
                    3.4.1.2. On-premises
     3.5. Global Asset Performance Management Market Outlook, by Region, Value (US$ Mn), 2019 - 2030
            3.5.1. Key Highlights
                    3.5.1.1. North America
                    3.5.1.2. Europe
                    3.5.1.3. Asia Pacific
                    3.5.1.4. Latin America
                    3.5.1.5. Middle East & Africa
            3.5.2. Market Attractiveness Analysis

4. North America Asset Performance Management Market Outlook, 2019 - 2030
     4.1. North America Asset Performance Management Market Outlook, by Component, Value (US$ Mn), 2019 - 2030
            4.1.1. Key Highlights
            4.1.2. Solutions
                    4.1.2.1. Asset Strategy
                    4.1.2.2. Asset Reliability
                    4.1.2.3. Predictive Asset Management
                    4.1.2.4. Misc.
            4.1.3. Services
     4.2. North America Asset Performance Management Market Outlook, by Organization Size, Value (US$ Mn), 2019 - 2030
            4.2.1. Key Highlights
                    4.2.1.1. Large Enterprises
                    4.2.1.2. SMEs
     4.3. North America Asset Performance Management Market Outlook, by Verticals, Value (US$ Mn), 2019 - 2030
            4.3.1. Key Highlights
                    4.3.1.1. Energy & Utilities
                    4.3.1.2. Oil & Gas
                    4.3.1.3. Automotive
                    4.3.1.4. Metal & Mining
                    4.3.1.5. Government & Public Sector
                    4.3.1.6. Healthcare & Life sciences
                    4.3.1.7. Chemicals
                    4.3.1.8. IT & Telecommunications
                    4.3.1.9. Consumer Goods, Food & Beverage
                    4.3.1.10. Misc.
     4.4. North America Asset Performance Management Market Outlook, by Deployment Mode, Value (US$ Mn), 2019 - 2030
            4.4.1. Key Highlights
                    4.4.1.1. Cloud
                    4.4.1.2. On-premises
     4.5. North America Asset Performance Management Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
            4.5.1. Key Highlights
                    4.5.1.1. U.S.
                    4.5.1.2. Canada

5. Europe Asset Performance Management Market Outlook, 2019 - 2030
     5.1. Europe Asset Performance Management Market Outlook, by Component, Value (US$ Mn), 2019 - 2030
            5.1.1. Key Highlights
            5.1.2. Solutions
                    5.1.2.1. Asset Strategy
                    5.1.2.2. Asset Reliability
                    5.1.2.3. Predictive Asset Management
                    5.1.2.4. Misc.
            5.1.3. Services
     5.2. Europe Asset Performance Management Market Outlook, by Organization Size, Value (US$ Mn), 2019 - 2030
            5.2.1. Key Highlights
                    5.2.1.1. Large Enterprises
                    5.2.1.2. SMEs
     5.3. Europe Asset Performance Management Market Outlook, by Verticals, Value (US$ Mn), 2019 - 2030
            5.3.1. Key Highlights
                    5.3.1.1. Energy & Utilities
                    5.3.1.2. Oil & Gas
                    5.3.1.3. Automotive
                    5.3.1.4. Metal & Mining
                    5.3.1.5. Government & Public Sector
                    5.3.1.6. Healthcare & Life sciences
                    5.3.1.7. Chemicals
                    5.3.1.8. IT & Telecommunications
                    5.3.1.9. Consumer Goods, Food & Beverage
                    5.3.1.10. Misc.
     5.4. Europe Asset Performance Management Market Outlook, by Deployment Mode, Value (US$ Mn), 2019 - 2030
            5.4.1. Key Highlights
                    5.4.1.1. Cloud
                    5.4.1.2. On-premises
     5.5. Europe Asset Performance Management Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
            5.5.1. Key Highlights
                    5.5.1.1. Germany
                    5.5.1.2. France
                    5.5.1.3. U.K.
                    5.5.1.4. Italy
                    5.5.1.5. Rest of Europe
            5.5.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Asset Performance Management Market Outlook, 2019 - 2030
     6.1. Asia Pacific Asset Performance Management Market Outlook, by Component, Value (US$ Mn), 2019 - 2030
            6.1.1. Key Highlights
            6.1.2. Solutions
                    6.1.2.1. Asset Strategy
                    6.1.2.2. Asset Reliability
                    6.1.2.3. Predictive Asset Management
                    6.1.2.4. Misc.
            6.1.3. Services
     6.2. Asia Pacific Asset Performance Management Market Outlook, by Organization Size, Value (US$ Mn), 2019 - 2030
            6.2.1. Key Highlights
                    6.2.1.1. Large Enterprises
                    6.2.1.2. SMEs
     6.3. Asia Pacific Asset Performance Management Market Outlook, by Verticals, Value (US$ Mn), 2019 - 2030
            6.3.1. Key Highlights
                    6.3.1.1. Energy & Utilities
                    6.3.1.2. Oil & Gas
                    6.3.1.3. Automotive
                    6.3.1.4. Metal & Mining
                    6.3.1.5. Government & Public Sector
                    6.3.1.6. Healthcare & Life sciences
                    6.3.1.7. Chemicals
                    6.3.1.8. IT & Telecommunications
                    6.3.1.9. Consumer Goods, Food & Beverage
                    6.3.1.10. Misc.
     6.4. Asia Pacific Asset Performance Management Market Outlook, by Deployment Mode, Value (US$ Mn), 2019 - 2030
            6.4.1. Key Highlights
                    6.4.1.1. Cloud
                    6.4.1.2. On-premises
     6.5. Asia Pacific Asset Performance Management Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
            6.5.1. Key Highlights
                    6.5.1.1. China
                    6.5.1.2. Japan
                    6.5.1.3. South Korea
                    6.5.1.4. India
                    6.5.1.5. Rest of Asia Pacific
            6.5.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Asset Performance Management Market Outlook, 2019 - 2030
     7.1. Latin America Asset Performance Management Market Outlook, by Component, Value (US$ Mn), 2019 - 2030
            7.1.1. Key Highlights
            7.1.2. Solutions
                    7.1.2.1. Asset Strategy
                    7.1.2.2. Asset Reliability
                    7.1.2.3. Predictive Asset Management
                    7.1.2.4. Misc.
            7.1.3. Services
     7.2. Latin America Asset Performance Management Market Outlook, by Organization Size, Value (US$ Mn), 2019 - 2030
            7.2.1. Key Highlights
                    7.2.1.1. Large Enterprises
                    7.2.1.2. SMEs
     7.3. Latin America Asset Performance Management Market Outlook, by Verticals, Value (US$ Mn), 2019 - 2030
            7.3.1. Key Highlights
                    7.3.1.1. Energy & Utilities
                    7.3.1.2. Oil & Gas
                    7.3.1.3. Automotive
                    7.3.1.4. Metal & Mining
                    7.3.1.5. Government & Public Sector
                    7.3.1.6. Healthcare & Life sciences
                    7.3.1.7. Chemicals
                    7.3.1.8. IT & Telecommunications
                    7.3.1.9. Consumer Goods, Food & Beverage
                    7.3.1.10. Misc.
     7.4. Latin America Asset Performance Management Market Outlook, by Deployment Mode, Value (US$ Mn), 2019 - 2030
            7.4.1. Key Highlights
                    7.4.1.1. Cloud
                    7.4.1.2. On-premises
     7.5. Latin America Asset Performance Management Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
            7.5.1. Key Highlights
                    7.5.1.1. Brazil
                    7.5.1.2. Mexico
                    7.5.1.3. Rest of Latin America
            7.5.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Asset Performance Management Market Outlook, 2019 - 2030
     8.1. Middle East & Africa Asset Performance Management Market Outlook, by Component, Value (US$ Mn), 2019 - 2030
            8.1.1. Key Highlights
            8.1.2. Solutions
                    8.1.2.1. Asset Strategy
                    8.1.2.2. Asset Reliability
                    8.1.2.3. Predictive Asset Management
                    8.1.2.4. Misc.
            8.1.3. Services
     8.2. Middle East & Africa Asset Performance Management Market Outlook, by Organization Size, Value (US$ Mn), 2019 - 2030
            8.2.1. Key Highlights
                    8.2.1.1. Large Enterprises
                    8.2.1.2. SMEs
     8.3. Middle East & Africa Asset Performance Management Market Outlook, by Verticals, Value (US$ Mn), 2019 - 2030
            8.3.1. Key Highlights
                    8.3.1.1. Energy & Utilities
                    8.3.1.2. Oil & Gas
                    8.3.1.3. Automotive
                    8.3.1.4. Metal & Mining
                    8.3.1.5. Government & Public Sector
                    8.3.1.6. Healthcare & Life sciences
                    8.3.1.7. Chemicals
                    8.3.1.8. IT & Telecommunications
                    8.3.1.9. Consumer Goods, Food & Beverage
                    8.3.1.10. Misc.
     8.4. Middle East & Africa Asset Performance Management Market Outlook, by Deployment Mode, Value (US$ Mn), 2019 - 2030
            8.4.1. Key Highlights
                    8.4.1.1. Cloud
                    8.4.1.2. On-premises
     8.5. Middle East & Africa Asset Performance Management Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
            8.5.1. Key Highlights
                    8.5.1.1. GCC
                    8.5.1.2. South Africa
                    8.5.1.3. Rest of Middle East & Africa
            8.5.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape
     9.1. Company Market Share Analysis, 2021
     9.2. Competition Matrix (By Tier and Size of companies)
     9.3. Strategic Collaborations
            9.3.1. Joint Ventures
            9.3.2. Mergers & Acquisitions
     9.4. Company Profiles
            9.4.1. ABB Ltd.
                    9.4.1.1. Company Overview
                    9.4.1.2. Product Portfolio
                    9.4.1.3. Financial Overview
                    9.4.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
            9.4.2. Baker Hughes
            9.4.3. Aveva Group Plc
            9.4.4. Bently Systems
            9.4.5. GE Digital
            9.4.6. IBM Corporation
            9.4.7. Aspen Technology Inc.
            9.4.8. DNV GL A/S
            9.4.9. SAP SE
            9.4.10. SAS Institute Inc.
            9.4.11. Siemens AG
            9.4.12. Oracle

10. Appendix
     10.1. Acronyms and Abbreviations
     10.2. Research Scope & Assumptions
     10.3. Research Methodology and Information Sources

BASE YEAR

HISTORICAL DATA

FORECAST PERIOD

UNITS

2022

 

2018 - 2022

2023 - 2030

Value: US$ Million

 

REPORT FEATURES

DETAILS

Component Coverage

  • Solution
    • Asset Strategy
    • Asset Reliability
    • Predictive Asset Management
    • Misc.
  • Services

Organization Size Coverage

  • Large Enterprises
  • SMEs

Vertical Coverage

  • Energy & Utilities
  • Oil & Gas
  • Automotive
  • Metal & Mining
  • Government & Public Sector
  • Healthcare & Life sciences
  • Chemicals
  • IT & Telecommunications
  • Consumer Goods, Food & Beverage
  • Misc.

Deployment Mode Coverage

  • Cloud
  • On-premises

Geographical Coverage

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Leading Market Companies

  • ABB Ltd.

  • Baker Hughes
  • Aveva Group Plc
  • Bently Systems     
  • GE Digital
  • IBM Corporation
  • Aspen Technology Inc.
  • DNV GL A/S
  • SAP SE
  • SAS Institute Inc.
  • Siemens AG
  • Oracle

Report Highlights

Market Estimates and Forecast, Market Dynamics, Industry Trends, Production Output, Trade Statistics, Competition Landscape, Component-, Organization Size-, Vertical-, Deployment Mode-, Region-, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply), Key Market Trends

 

Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

View Methodology
Fairfield Quality assured
Fairfield Confidentiality assured
Fairfield Custom research services