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

Market Segmentation

Asset Performance Management Category Outlook (Revenue, USD Million, 2018 - 2030)
- Predictive Asset Management
- Asset Reliability Management
- Asset Strategy Management
- Others
Asset Performance Management Deployment Outlook (Revenue, USD Million, 2018 - 2030)
- On-premises
- Hosted
  - Public Cloud
  - Private Cloud
Asset Performance Management Vertical Outlook (Revenue, USD Million, 2018 - 2030)
- Energy and Utilities
- Oil & Gas
- Manufacturing
- Metal & Mining
- Transportation
- Government & Public Sector
- Chemical & Pharmaceutical
- Others
Asset Performance Management Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
  - North America Asset Performance Management Market, by Category
    - Predictive Asset Management
    - Asset Reliability Management
    - Asset Strategy Management
    - Others
  - North America Asset Performance Management Market, by Deployment
    - On-premises
    - Hosted
      - Public Cloud
      - Private Cloud
  - North America Asset Performance Management Market, by Vertical
    - Energy and Utilities
    - Oil & Gas
    - Manufacturing
    - Metal & Mining
    - Transportation
    - Government & Public Sector
    - Chemical & Pharmaceutical
    - Others
  - U.S.
    - U.S. Asset Performance Management Market, by Category
      - Predictive Asset Management
      - Asset Reliability Management
      - Asset Strategy Management
      - Others
    - U.S. Asset Performance Management Market, by Deployment
      - On-premises
      - Hosted
        
        Public Cloud
        
        Private Cloud
    - U.S. Asset Performance Management Market, by Vertical
      - Energy and Utilities
      - Oil & Gas
      - Manufacturing
      - Metal & Mining
      - Transportation
      - Government & Public Sector
      - Chemical & Pharmaceutical
      - Others
  - Canada
    - Canada Asset Performance Management Market, by Category
      - Predictive Asset Management
      - Asset Reliability Management
      - Asset Strategy Management
      - Others
    - Canada Asset Performance Management Market, by Deployment
      - On-premises
      - Hosted
        
        Public Cloud
        
        Private Cloud
    - Canada Asset Performance Management Market, by Vertical
      - Energy and Utilities
      - Oil & Gas
      - Manufacturing
      - Metal & Mining
      - Transportation
      - Government & Public Sector
      - Chemical & Pharmaceutical
      - Others
  - Mexico
    - Mexico Asset Performance Management Market, by Category
      - Predictive Asset Management
      - Asset Reliability Management
      - Asset Strategy Management
      - Others
    - Mexico Asset Performance Management Market, by Deployment
      - On-premises
      - Hosted
        
        Public Cloud
        
        Private Cloud
    - Mexico Asset Performance Management Market, by Vertical
      - Energy and Utilities
      - Oil & Gas
      - Manufacturing
      - Metal & Mining
      - Transportation
      - Government & Public Sector
      - Chemical & Pharmaceutical
      - Others
- Europe
  - Europe Asset Performance Management Market, by Category
    - Predictive Asset Management
    - Asset Reliability Management
    - Asset Strategy Management
    - Others
  - Europe Asset Performance Management Market, by Deployment
    - On-premises
    - Hosted
      - Public Cloud
      - Private Cloud
  - Europe Asset Performance Management Market, by Vertical
    - Energy and Utilities
    - Oil & Gas
    - Manufacturing
    - Metal & Mining
    - Transportation
    - Government & Public Sector
    - Chemical & Pharmaceutical
    - Others
  - Germany
    - Germany Asset Performance Management Market, by Category
      - Predictive Asset Management
      - Asset Reliability Management
      - Asset Strategy Management
      - Others
    - Germany Asset Performance Management Market, by Deployment
      - On-premises
      - Hosted
        
        Public Cloud
        
        Private Cloud
    - Germany Asset Performance Management Market, by Vertical
      - Energy and Utilities
      - Oil & Gas
      - Manufacturing
      - Metal & Mining
      - Transportation
      - Government & Public Sector
      - Chemical & Pharmaceutical
      - Others
  - U.K.
    - U.K. Asset Performance Management Market, by Category
      - Predictive Asset Management
      - Asset Reliability Management
      - Asset Strategy Management
      - Others
    - U.K. Asset Performance Management Market, by Deployment
      - On-premises
      - Hosted
        
        Public Cloud
        
        Private Cloud
    - U.K. Asset Performance Management Market, by Vertical
      - Energy and Utilities
      - Oil & Gas
      - Manufacturing
      - Metal & Mining
      - Transportation
      - Government & Public Sector
      - Chemical & Pharmaceutical
      - Others
  - France
    - France Asset Performance Management Market, by Category
      - Predictive Asset Management
      - Asset Reliability Management
      - Asset Strategy Management
      - Others
    - France Asset Performance Management Market, by Deployment
      - On-premises
      - Hosted
        
        Public Cloud
        
        Private Cloud
    - France Asset Performance Management Market, by Vertical
      - Energy and Utilities
      - Oil & Gas
      - Manufacturing
      - Metal & Mining
      - Transportation
      - Government & Public Sector
      - Chemical & Pharmaceutical
      - Others
- Asia Pacific
  - Asia Pacific Asset Performance Management Market, by Category
    - Predictive Asset Management
    - Asset Reliability Management
    - Asset Strategy Management
    - Others
  - Asia Pacific Asset Performance Management Market, by Deployment
    - On-premises
    - Hosted
      - Public Cloud
      - Private Cloud
  - Asia Pacific Asset Performance Management Market, by Vertical
    - Energy and Utilities
    - Oil & Gas
    - Manufacturing
    - Metal & Mining
    - Transportation
    - Government & Public Sector
    - Chemical & Pharmaceutical
    - Others
  - China
    - China Asset Performance Management Market, by Category
      - Predictive Asset Management
      - Asset Reliability Management
      - Asset Strategy Management
      - Others
    - China Asset Performance Management Market, by Deployment
      - On-premises
      - Hosted
        
        Public Cloud
        
        Private Cloud
    - China Asset Performance Management Market, by Vertical
      - Energy and Utilities
      - Oil & Gas
      - Manufacturing
      - Metal & Mining
      - Transportation
      - Government & Public Sector
      - Chemical & Pharmaceutical
      - Others
  - India
    - India Asset Performance Management Market, by Category
      - Predictive Asset Management
      - Asset Reliability Management
      - Asset Strategy Management
      - Others
    - India Asset Performance Management Market, by Deployment
      - On-premises
      - Hosted
        
        Public Cloud
        
        Private Cloud
    - India Asset Performance Management Market, by Vertical
      - Energy and Utilities
      - Oil & Gas
      - Manufacturing
      - Metal & Mining
      - Transportation
      - Government & Public Sector
      - Chemical & Pharmaceutical
      - Others
  - Japan
    - Japan Asset Performance Management Market, by Category
      - Predictive Asset Management
      - Asset Reliability Management
      - Asset Strategy Management
      - Others
    - Japan Asset Performance Management Market, by Deployment
      - On-premises
      - Hosted
        
        Public Cloud
        
        Private Cloud
    - Japan Asset Performance Management Market, by Vertical
      - Energy and Utilities
      - Oil & Gas
      - Manufacturing
      - Metal & Mining
      - Transportation
      - Government & Public Sector
      - Chemical & Pharmaceutical
      - Others
  - South America
    - South America Asset Performance Management Market, by Category
      - Predictive Asset Management
      - Asset Reliability Management
      - Asset Strategy Management
      - Others
    - South America Asset Performance Management Market, by Deployment
      - On-premises
      - Hosted
        
        Public Cloud
        
        Private Cloud
    - South America Asset Performance Management Market, by Vertical
      - Energy and Utilities
      - Oil & Gas
      - Manufacturing
      - Metal & Mining
      - Transportation
      - Government & Public Sector
      - Chemical & Pharmaceutical
      - Others
  - Brazil
    - Brazil Asset Performance Management Market, by Category
      - Predictive Asset Management
      - Asset Reliability Management
      - Asset Strategy Management
      - Others
    - Brazil Asset Performance Management Market, by Deployment
      - On-premises
      - Hosted
        
        Public Cloud
        
        Private Cloud
    - Brazil Asset Performance Management Market, by Vertical
      - Energy and Utilities
      - Oil & Gas
      - Manufacturing
      - Metal & Mining
      - Transportation
      - Government & Public Sector
      - Chemical & Pharmaceutical
      - Others
- Middle East & Africa
  - Middle East & Africa Asset Performance Management Market, by Category
    - Predictive Asset Management
    - Asset Reliability Management
    - Asset Strategy Management
    - Others
  - Middle East & Africa Asset Performance Management Market, by Deployment
    - On-premises
    - Hosted
      - Public Cloud
      - Private Cloud
  - Middle East & Africa Asset Performance Management Market, by Vertical
    - Energy and Utilities
    - Oil & Gas
    - Manufacturing
    - Metal & Mining
    - Transportation
    - Government & Public Sector
    - Chemical & Pharmaceutical
    - Others

Asset Performance Management Market Dynamics

Drivers: Integration Of Asset Performance Management Systems With Complementary Technologies For More Efficient Use Cases

Asset Performance Management (APM) solutions are designed to improve the reliability and availability of physical assets, while also reducing unexpected downtime and operational expenses. APM encompasses a range of solutions, including predictive maintenance, condition monitoring, strategy management, and reliability management. These solutions are utilized in various industries such as oil & gas, energy & utility, and manufacturing to optimize asset performance and decrease maintenance costs. The advent of the fourth industrial revolution, also known as Industry 4.0, has spurred the use of Internet of Things (IoT) technologies like industrial sensors in numerous sectors. This increased adoption has facilitated the swift implementation of APM solutions. Furthermore, industrial equipment failure can lead to Environmental, Health, and Safety (EH&S) hazards. By enhancing asset health and ensuring compliance with federal and environmental regulations, APM solutions assist companies in mitigating EH&S risks. The integration of Geographic Information Systems (GIS) and unmanned aerial vehicles, or drones, allows APM software to provide a superior customer experience through real-time asset performance monitoring. Drones are particularly useful for capturing 3D images of assets located in remote areas and transmitting this information via the company’s internal GIS-enabled APM software. APM providers are continually innovating and developing new solutions that incorporate the latest technologies. This strategy of new product development has enabled many companies to attract a large global customer base. For example, in 2021, AVEVA Group expanded its APM offerings by introducing AVEVA Asset Strategy Optimization, AVEVA APM Assessment, and AVEVA Asset Strategy Library solutions to the market.

Growing Adoption Of Cloud-Based Asset Performance Management Systems And Increasing Need For Data Security

Asset Performance Management (APM) solutions are commonly employed by large and medium-sized businesses to track their asset performance and consequently lower the total cost of ownership (TCO). The deployment of on-premise APM systems necessitates a substantial physical infrastructure, leading to significant costs. These high implementation costs may deter Small and Medium Enterprises (SMEs) from adopting APM solutions. Cloud-based APM solutions, on the other hand, are cost-effective as they eliminate the need for extensive infrastructure, resulting in a lower TCO compared to on-premise software. As a result, the demand for cloud-based APM software among SMEs is expected to rise in the future. For example, the operations and maintenance supervisors and the reliability team at the Oman Gas Company experienced issues with data accessibility regarding asset health and performance status. The company transitioned to a cloud-based APM solution, which enabled these teams to receive email alerts and notifications, allowing them to promptly address any issues. This shift to cloud-based solutions improved the company’s data accessibility and is likely to benefit other companies facing similar challenges. However, the cloud-based model raises cybersecurity concerns among enterprises as their asset-related information is stored at a third-party location. For instance, nearly 90% of oil & gas companies in the Middle East currently use cloud-based solutions for all their business applications, including asset management.

Restrains: High Prices Of Asset Performance Management Systems Due To Complex And Customized System Requirements

Unexpected asset downtime is a significant challenge for major industrial players across various sectors. It escalates the total Operating Expenses (OPEX) and subsequently impacts the companies’ overall sales. As a result, many companies aim to implement an Asset Performance Management (APM) system to prevent unforeseen breakdowns or mechanical failures. The physical structure of an APM system is notably intricate, necessitating a range of industrial sensors, storage infrastructure, display monitors, networking equipment, and APM software during installation. It also requires high-speed broadband to ensure seamless connectivity between sensors and systems, enabling real-time transmission of asset performance information to enterprises. To facilitate an efficient APM solution, an enterprise must establish an integrated business process. The solution aids in offering a comprehensive view of business operations by leveraging advanced data analytics, artificial intelligence, and digital twin technologies. It also enables enterprises to monitor their assets’ health in real-time, thereby enhancing overall operational efficiency. Deploying an on-premises APM system incurs a higher cost compared to cloud-based solutions, making it challenging for Small and Medium Enterprises (SMEs). As of 2021, approximately 3.8 million SMEs in Pakistan, accounting for 80-90% of the country’s private enterprises from the industrial, trade, and services sectors, were severely impacted by the COVID-19 pandemic. These organizations needed digital asset management solutions but were unable to adopt advanced APM solutions due to their high costs, hindering the APM adoption rate in Pakistan. Industries may take nearly six months to recover the costs associated with APM solutions integrated with Geographic Information Systems (GIS), artificial intelligence, and digital twin technologies.

What Does This Report Include?

This section will provide insights into the contents included in this asset performance management market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Asset performance management market qualitative analysis

Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
- Company overview
- Financial performance
- Product benchmarking
- Latest strategic developments

Asset performance management market quantitative analysis

Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance

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