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

Asset Performance Management Market Size, Share & Trends Analysis Report By Category, By Deployment (On-premises, Hosted), By Vertical, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-3-68038-727-8
  • Number of Pages: 161
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Report Overview

The global asset performance management market size was valued at USD 19.32 billion in 2022 and is expected to expanding at a compound annual growth rate (CAGR) of 12.0% from 2023 to 2030. The market is anticipated to witness significant growth during  the forecast period on account of the increasing demand for the digital solutions across various industries such as oil & gas, manufacturing, and chemical among others, for reducing operational expenses. 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 towards the steady market growth. Furthermore, state-of-the-art APM systems in the market leverage industrial internet of things (IIoT) to provide equipment reliability. As the 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 the 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 reduces the risk of equipment failure.

Amidst the outbreak of the COVID-19, several organizations have structured work-from-home facilities for their employees. Moreover, IT initiatives and the transfer of cash and resources for the infrastructure support and collaborative applications have been put on hold by the 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.

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 is modelled on operational technology (OT) data streams. This technology can simulate asset behaviours 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 labour 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 towards digital asset management solutions is expected to contribute significantly to the growth of the market over the forecast period.

Category Insights

The asset reliability management segment accounted for the largest market share of more than  30.0% in 2022. The large share of this segment is primarily attributed to the extensive offering of the reliability management solutions from numerous market players. Moreover, the growing need of  companies to extend  the machine or equipment life is creating traction in this segment. Additionally, 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 expand at the highest growth rate exceeding 13.0% during  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 the helpful insights. Many of these processes can provide preventive measures for the asset failures. As a result, the companies are now able to change their asset management strategies from predictive to preventive.

Deployment Insights

The hosted systems segment accounted for the considerable market share of above over 35.0% in 2022. The growth of the segment can be primarily attributed to the increasing 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 system are the primary reasons towards adopting on-premises APM systems.

Vertical Insights

The energy & utilities segment accounted for the largest market share of above  18.0%  in 2022. The increasing relevance of re-evaluating strategies and implementing sophisticated technology in the company processes are anticipated to drive growth of the segment. Moreover, growing need to cater increasing demands for satisfactory energy services has enabled managers and other officials to involve asset performance management solutions to monitor asset working and conditioning in order to fulfill increasing demands. Additionally, rising focus of the 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, 2022 (%)

The government and public sector segment is expected to witness rapid growth during  the forecast period. Various firms are expanding their company operations to serve wider markets. This is creating demand for the cloud-based solutions and services for the 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 demand for the asset performance management in this sector.

Regional Insights

North America dominated the global market with a share of above  30.0% in 2022. The increasing demand for high-speed data networks and the considerable presence of software vendors in the region are the factors contributing to the regional market growth. Furthermore, growing investments by the organizations in IT infrastructure, specifically for research and development of cloud infrastructure, is further fueling the regional market growth.

Asset Performance Management Market Trends, by Region, 2023 - 2030

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.

Asia Pacific is expected to register the highest CAGR during  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 during  the forecast period.

Key Companies & Market Share Insights

The asset performance management market is significantly competitive and is characterized by the presence of a numerous players operating at the global level.  Growing interest of the 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 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.

Increased need for the mobility and data portability is driving demand for the 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 & acquisitions, and new product development. Some  prominent players in  global asset performance management market include:

  • ABB Ltd

  • Aspen Technology, Inc.

  • AVEVA Group plc

  • Bentley Systems, Incorporated


  • GE Digital

  • International Business Machines Corporation

  • Rockwell Automation

  • SAP SE

  • SAS Institute, Inc.

  • Siemens Energy

Asset Performance Management Market Report Scope

Report Attribute


Market size value in 2023

USD 21.37 billion

Revenue forecast in 2030

USD 47.18 billion

Growth rate

CAGR of 12.0%  from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD billion and  CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors,  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 Energy; SAS Institute, Inc.; International Business Machines Corporation; Rockwell Automation.

Customization scope

Free report customization (equivalent up to 8 analyst’s 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


Global Asset Performance Management Market Segmentation

This report forecasts revenue growth at global, regional, and country levels in addition to provides an analysis of the industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global asset performance management market report based on the category, deployment, vertical, and region:

Global Asset Performance Management Market Report Segmeanstion

  • Category Outlook (Revenue, USD Million; 2018 - 2030)

    • Predictive Asset Management

    • Asset Reliability Management

    • Asset Strategy Management

    • Others

  • Deployment Outlook (Revenue, USD Million; 2018 - 2030)

    • On-premises

    • Hosted

      • Public Cloud

      • Private Cloud

  • Vertical Outlook (Revenue, USD Million; 2018 - 2030)

    • Energy & Utilities

    • Oil & Gas

    • Manufacturing

    • Mining & Metal

    • Government & Public Sector

    • Transportation

    • Chemical & Pharmaceutical

    • Others

  • Region Outlook (Revenue, USD Million; 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    •  Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • South America

      • Brazil

    • MEA

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