Asset Performance Management (APM) Market Projected to Hit USD 18.7 Billion at a 10.7% CAGR by 2030- Report by Market Research Future (MRFR)

Market Research Future Insights

The global Asset Performance Management Market is estimated to be worth USD 18.7 Billion by 2030, registering a 10.7% CAGR during the forecast period (2022- 2030).

Asset performance management (APM) includes a set of software tools and applications that are designed to ameliorate the reliability and accessibility of physical assets that play a pivotal role in an enterprise’s operation process. The integration of APM software in the industry helps to enhance the availability and reliability of physical assets. Besides, it reduces operating expenses and minimizes risk factors in the business.

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The market is expected to witness significant growth over the forecast period on account of the boosting demand for digital solutions across many industries like as oil & gas, manufacturing, and chemical among others, for reducing operational expenditures. The asset performance management (APM) market system helps collect different types of data from all the assets like machinery, heavy equipment, and so on, applying sensors. Through the integration of distinct data sources, the APM system builds a data analytics platform that provides an entire view of all operational assets across the industrial facility. Customers can use this information to ameliorate asset management processes and prioritize maintenance activities.

Market Report Scope:

Regional Analysis

The global Asset Performance Management Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

North America pacified the global market with a share of over 34% in 2021. The accelerating demand for high-speed data networks and the substantial presence of software vendors in the region are contributing to regional market growth.

The Asia Pacific region is anticipated to register the topmost CAGR over the forecast period. The regional market is avouching growth due to the revelatory investments by large firms and the implementation of new technologies across industries and enterprises. The market in Asia- Pacific is projected to gather a share of 20% in 2018. China is anticipated to be a leading country-level market and is anticipated to register a 12.2% CAGR succeeded by Japan with 11.3%; India is anticipated to be the fast-growing country-level market, registering the top CAGR over the next few years.

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Market Segmentation

The global Asset Performance Management Market is segmented into the following types;

By Component

• Solutions
• Asset strategy management
• Asset reliability management
• Predictive asset management
• Others (Asset integrity management and condition monitoring)
• Services
• Managed services
• Professional services

By Deployment Type

• On-premises
• Hosted
• Public Cloud
• Private Cloud

By Enterprises Size

• Small and medium-sized enterprises
• Large enterprises

By Vertical 

• Foods and Beverages
• Energy and Utilities
• Consumer Goods
• Telecommunications
• Healthcare and Pharmaceuticals
• Chemicals
• Government and Defense
• Manufacturing
• Others

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Key Players

The global Asset Performance Management Market prominent key players are Aspen Technology (US), AVEVA Group PLC (UK), Bentley Systems, Incorporated (US), Detechtion Technologies (Canada), IBM Corporation (US), Operational Sustainability, LLC (US), Rockwell Automation (US), SAP SE (Germany), SAS Institute Inc. (US), and Schneider Electric (France). Apart from these, other companies that have a significant market share that include ABB (Switzerland), ARMS Reliability (Australia), DNV GL (Norway), GE Digital (US), IPS (Germany), SAP SE (Germany), Siemens (Germany), Uptake Technologies Inc. (US).

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