GVR Report cover Asset Performance Management Market Size, Share, & Trends Report

Asset Performance Management Market Size, Share, & Trends Analysis Report By Category (Predictive Asset Management, Asset Reliability Market), By Deployment (On-premise, Hosted), By Vertical, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-3-68038-727-8
  • Number of Pages: 161
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Technology

Report Overview

The global asset performance management market size was valued at USD 17.54 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.8% from 2022 to 2030. The market is anticipated to witness significant growth over the forecast period on account of the increasing demand for digital solutions across various industries such as oil & gas, manufacturing, and chemical among others, for reducing operational expenses. The asset performance management (APM) system helps collect different kinds of data from all the assets such as machinery, heavy equipment, and so on, using sensors. Through the integration of disparate data sources, the APM system builds a data analytics platform that provides a comprehensive view of all operational assets across the industrial facility. Customers can utilize this information to improve asset management processes and prioritize maintenance activities.

U.S. asset performance management market size, by category, 2020 - 2030 (USD Billion)

The integration of the APM system with complementary solutions such as mobile solutions and geographic information system (GIS) solutions is enabling more efficient use cases of the APM system, thereby contributing to the steady market growth. Furthermore, state-of-the-art APM systems in the market leverage the industrial internet of things (IIoT) to provide equipment reliability. As equipment reliability is the fundamental capability of the APM systems, there is an increasing attraction towards the systems from the industrial sector. 

APM is an integrated suite of solutions and services, which includes various software that are used to monitor aspects such as asset health and asset reliability. They are also used to plan strategies for asset maintenance and divestment. For instance, the Predix solution by General Electric includes different products such as APM Health, APM Reliability, APM Strategy, and APM Integrity. APM system provides various insights at the point of action to increase asset life, minimize unplanned repair work, decrease downtime, lower maintenance costs, and reduce the risk of equipment failure.

Amidst the outbreak of the COVID-19 pandemic, several organizations have organized work-from-home facilities for their employees. Moreover, IT initiatives and the transfer of cash and resources for infrastructure support and collaborative applications have been put on hold by organizations across the globe to enable new ways of working and better manage short-term implications. Organizations are also focused on using solutions that support advanced planning and mitigate the impact of similar events in the near future.

The changing situation of COVID-19 is necessitating the need to gain visibility and control over assets in businesses. At this juncture, technologies such as Blockchain, IIoT, AI, and machine learning are expected to play a significant role in rebuilding trade and securing assets over the forecast period. Thus, the integration of advanced technologies with APM solutions has increased considerably.

Currently, the market players are leveraging digital twin technology to increase the efficiency of the APM systems. A digital twin is a digital representation of a physical object or system. It acts as a separate complementary technology to the APM systems, which are modeled on operational technology (OT) data streams. This technology can simulate asset behaviors to anticipate potentially critical and harmful operating conditions to avoid unforeseeable damages to the assets, thereby significantly improving asset performance and utilization.

With the APM systems, companies from asset-intensive industries can address various issues, including labor safety risks, environmental risks, increasing maintenance and operational costs, and poor decision-making, among others. The overall benefits of the systems, numerous technological advancements such as IIoT and digital twin, and the gaining interest in digital asset management solutions are expected to contribute significantly to the growth of the market over the forecast period.

Deployment Mode Insights

The hosted systems segment accounted for a considerable market share of over 34% in 2021. The growth of the segment can be primarily attributed to the growing demand for public cloud deployment as it provides numerous options in terms of solutions and computing resources to meet the growing needs of organizations of all sizes and from all verticals. Furthermore, the growing need of companies to access new enhancements and tools and gain a competitive edge is encouraging them to deploy public cloud solutions as cloud providers maintain and update the technical ecosystem in the public cloud deployment model.

The complex requirements related to the various customized machinery and equipment belonging to the asset-intensive organizations, significant customizations in the APM systems, and the misconceptions regarding data security when working with cloud-based systems are primary reasons for adopting on-premises APM systems.

Category Insights

The asset reliability management segment accounted for the largest market share of over 30% in 2021. The large share of this segment is primarily attributed to the extensive offering of reliability management solutions from numerous market players. Moreover, the growing need for companies to shift to machine or equipment life is creating traction in this segment. Additionally, the increasing need to reduce excessive operational costs on maintenance is observed as a driving factor contributing to the segment growth.

However, the predictive asset management segment is expected to grow at the highest growth rate exceeding 13% over the forecast period. Various state-of-the-art computing tools and processes, such as risk-based inspection, neural networks, machine learning, safety integrity level analysis, statistical modeling tools, root cause failure analysis, algorithms, and so on, are used to derive helpful insights. Many of these processes can provide preventive measures for asset failures. As a result, the companies are now able to change their asset management strategies.

Vertical Insights

The energy & utilities segment accounted for the largest market share of over 19% in 2021. The increasing relevance of re-evaluating strategies and implementing sophisticated technology in company processes are anticipated to drive the growth of the segment. Moreover, the growing need to cater to increasing demands for satisfactory energy services has enabled managers and other officials to involve asset performance management solutions to monitor asset working and conditioning to fulfill increasing demands. Additionally, the rising focus of companies on predictive maintenance strategies for their asset is also considered to be driving the segment growth.

Global asset performance management market share, by vertical, 2021 (%)

The government and public sector segment is expected to witness rapid growth over the forecast period. Various firms are expanding their company operations to serve wider markets. This is creating the demand for cloud-based solutions and services for organizations to efficiently provide solutions to their consumers. Furthermore, the growing digitization across public sector companies to provide a better customer experience is expected to fuel the demand for asset performance management in this sector.

Regional Insights

North America dominated the global market with a share of over 34% in 2021. The increasing demand for high-speed data networks and the considerable presence of software vendors in the region are contributing to the regional market growth. Furthermore, the growing investments by organizations in IT infrastructure, specifically for research and development of cloud infrastructure, are further fueling the regional market growth. Compared to other regions, companies in North America are witnessing favorable business conditions and supportive government policies, which enable them to develop and introduce better cloud platforms, subsequently leading to an increase in the adoption of asset performance management in the market. The number of computer scientists, data analysts, and software engineers using cloud-based solutions and services is high in Canada. This is further contributing to the growth of the North American regional market.

The Asia Pacific region is expected to register the highest CAGR over the forecast period. The regional market is witnessing growth due to the significant investments by large firms and the implementation of new technologies across industries and enterprises. Several companies have started migrating their workloads to the cloud as they are highly focused on the development of a digital transformation process through cloud technology. Moreover, growing investments in IT infrastructure development in the region by tech giants are anticipated to further offer numerous opportunities for the stakeholders of the asset performance management market over the forecast period.

Key Companies & Market Share Insights

The asset performance management market is significantly competitive and is characterized by the presence of numerous players operating at the global level. The growing interest of organizations in improving asset performance, maintaining equipment health, and reducing time to market is encouraging vendors to introduce advanced asset performance management that could cater to an organization’s demands.

Market players are expanding the capabilities of APM systems with the integration of various complementary technologies such as artificial intelligence (AI), machine learning, mobility, GIS, augmented reality (AR), virtual reality (VR), and mixed reality (MR). The increasing investments in research & development towards cloud-based APM and predictive analysis solutions are improving the APM systems significantly. As such, the advancements and the evolution of digital industrial solutions are paving the way for the rising adoption of the systems across the globe.

The increased need for mobility and data portability is driving the demand for data-centric solutions, which is subsequently driving the demand for asset performance management. To stay competitive in the market, market players are pursuing a variety of growth strategies, including partnerships, strategic agreements and collaborations, mergers and acquisitions, and new product development. Some prominent players in the global asset performance management market include:

  • AVEVA Group plc

  • Aspen Technology, Inc.

  • ABB Ltd

  • Bentley Systems, Incorporated

  • DNV GLAS

  • GE Digital

  • SAP SE

  • Siemens AG

  • SAS Institute, Inc.

  • International Business Machines Corporation

  • Rockwell Automation

Asset Performance Management Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 19.32 billion

Revenue forecast in 2030

USD 47.18 billion

Growth rate

CAGR of 11.8% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Category, deployment, vertical, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; U.K.; France; China; India; Japan; Mexico

Key companies profiled

AVEVA Group plc; Aspen Technology, Inc.; ABB Ltd; Bentley Systems, Incorporated; DNV GLAS; GE Digital; SAP SE; Siemens AG; SAS Institute, Inc.; International Business Machines Corporation; Rockwell Automation.

Customization scope

Free report customization (equivalent up to 8 analyst working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global asset performance management market report based on category, deployment, vertical, and region:

  • Category Outlook (Revenue, USD Billion, 2017 - 2030)

    • Predictive Asset Management

    • Asset Reliability Management

    • Asset Strategy Management

    • Others

  • Deployment Outlook (Revenue, USD Billion, 2017 - 2030)

    • On-Premise

    • Hosted

      • Public Cloud

      • Private Cloud

  • Vertical Outlook (Revenue, USD Billion, 2017 - 2030)

    • Energy & Utilities

    • Oil & Gas

    • Manufacturing

    • Mining & Metal

    • Government & Public Sector

    • Transportation

    • Chemicals & Pharmaceutical

    • Others

  • Region Outlook (Revenue, USD Billion, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Mexico

    • MEA

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