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The asset performance management market size is estimated to grow at a CAGR of 11.73% between 2022 and 2027. The market size is forecast to increase by USD 14,356.91 million. The growth of the market depends on several factors, including the rapid adoption of asset management software and the growing importance of asset tracking, the increasing need to comply with asset performance management standards, and the expansion of IT infrastructure. The global asset performance management market refers to the market for software solutions and services designed to optimize the performance, reliability, and efficiency of physical assets within organizations. Asset performance management solutions help businesses effectively manage and maintain their assets throughout their lifecycle, enabling them to improve operational efficiency, reduce downtime, minimize maintenance costs, and enhance overall productivity.
This asset performance management market report extensively covers market segmentation by end-user (energy and utilities, oil and gas, manufacturing, government and public sector, and others), component (solution and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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One of the key factors driving the asset performance management (APM) market growth is the rapid adoption of asset management software and the growing importance of asset tracking. Traditionally, asset management and tracking were mostly handled manually with the support of Excel sheets. But over the years, due to the growing adoption of complex cloud technologies, and daily updates of license-based software, manual analysis through spreadsheets has become more complex.
Hence, there is an increase in the adoption of asset management software across the enterprise as it helps in reducing the labor required for extracting information on the location, configuration, and identification of computer hardware and software while improving the reliability and completeness of this information. Factors such as cost reductions through improved purchasing, better utilization of assets, monitoring maintenance contracts and software licensing costs, and better management of the overall life cycle of IT assets are expected to drive the asset performance management market growth during the forecast period.
A key factor shaping the APM market growth is the growing adoption of cloud-based asset performance management services. The increasing adoption of cloud-based asset management systems across industries such as BFSI, telecom, healthcare, and manufacturing, including small, medium, and large-sized organizations due to its advantages such as flexibility and cost benefits associated with these models.
One of the main reasons for the increasing adoption by these enterprises is to improve the scalability of hardware and resources offered by cloud solution providers. Some of the key benefits of this cloud base asset performance management service include accurate tracking, efficient operations, financial accountability, and easy reporting. Hence, such factors are expected to drive the asset performance management market growth during the forecast period.
Integration and implementation issues are one of the key challenges hindering the asset performance management market growth. One of the key challenges faced by the enterprise in the integration and implementation of asset performance management solutions is the lack o awareness about the benefits of such solutions resulting in employing solutions that do not cater to the particular organizational requirement.
As a result, the implemented solution may fail to meet the desired business requirement. Furthermore, enterprises find it challenging to integrate asset performance management software into the existing business applications due to the lack of expertise and knowledge of customization of asset performance management solutions according to the business needs, which can hinder the asset performance management market growth during the forecast period.
The energy and utilities segment is estimated to witness significant growth during the forecast period. Asset performance management plays a crucial role in the energy and utilities segment as it helps in maximizing asset uptime, minimizing downtime, and improving operational efficiency.
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The energy and utilities segment was the largest segment and was valued at USD 3,786.76 million in 2017. Some of the key applications of asset performance management in the energy and utilities sector include monitoring and maintaining the performance of turbines in power plants, monitoring and managing assets in the renewable energy sector, including wind farms, solar installations, and hydroelectric plants, and also monitoring and managing transmission and distribution assets such as transformers, substations, switchgear, and power lines. Hence, such wide applications of asset performance management across industries is expected to significantly drive the market growth during the forecast period.
The increasing organizational requirements for specific needs are expected to drive the growth of the solution segment during the forecast period. This segment can be referred to as software or technology that enables enterprises to monitor, analyze, and optimize the performance of their assets. Some of the main advantages of these solution segments include enhancing operational efficiency, reducing downtime, minimizing maintenance costs, and improving overall asset performance. The most common type of asset performance management solutions used across industries is predictive maintenance solutions, condition monitoring solutions, and asset reliability solutions. These solutions support enterprises in determining the optimal maintenance strategies, prioritizing maintenance tasks, and improving asset availability. Hence, such applications are expected to drive the market growth during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors for the significant growth of the global transplant box market in North America is due to the factors such as the presence of large IT companies and growing technological advances such as digitalization in the US and Canada. There is increasing adoption of asset performance management across industries in North America due to the rising adoption of cloud computing services. Enterprises in several countries such as US and Canada are adopting mobility management applications, along with IoT and machine learning, to utilize the opportunities for better connectivity and accessibility of corporate resources. Hence, such factors are expected to drive the asset performance management market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global asset performance management market witnessed a significant slowdown due to the partial shutdown of operations of several end-user sectors, such as small and medium-sized enterprises (SMEs) and large enterprises in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of business activities. Such factors are expected to drive the market during the forecast period.
The Asset Performance Management Market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Asset Performance Management Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bentley Systems Inc: The company offers asset performance management software such as AssetWise ALIM, AssetWise Asset Reliability, AssetWise 4D Analytics, AssetWise Linear asset management, and iTwin Experience.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The asset performance management market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Asset Performance Management Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.73% |
Market growth 2023-2027 |
USD 14,356.91 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.14 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 42% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Baker Hughes Co., Bentley Systems Inc., Detechtion Technologies, DNV Group AS, Emerson Electric Co., General Electric Co., Honeywell International Inc., Infor Inc., International Business Machines Corp., IPS Intelligent Process Solutions GmbH, Nexus Global Business Solutions Inc., Operational Sustainability LLC, Oracle Corp., Plasma Computing Group Inc., Rockwell Automation Inc., SAP SE, SAS Institute Inc., Siemens AG, and Yokogawa Electric Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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