Asset Performance Management Market

Asset Performance Management Market- Analysis, Outlook, Growth Trends, and Forecast

The global asset performance management is estimated at USD 2.5 Bn in 2021 and USD 2.7 Billion in 2022. The trade is expected to procure USD 7 Bn by 2032, exhibiting a healthy CAGR of 9.8% during the timeframe of 2022-2032.

“Increasing inclination towards the adoption of a modern approach to asset performance management with Industry 4.0 is expected to generate significant market opportunities. Also, the growing popularity of digital twin solutions for asset performance management is projected to drive the industry in the coming time.”

The growing need to manage assets efficiently and optimize total cost ownership (TCO) is likely to play a vital role in developing the global asset performance management market during the forecast period. Also, the surging demand for asset performance management software among SMEs and large enterprises in various spheres is projected to augment the market size in the future.

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What are the Major Factors Propelling the Global Asset Performance Management?

Increasing inclination toward digitalization by various sectors such as mining, oil, power & utilities, and others tend to escalate the expansion of the global asset performance management market. For instance, General Electric. Digital invested around USD 1 Trillion, for the growth of Predix APM solutions, based on the Predix Platform.

Introduction of advanced asset management solutions during the pandemic by renowned players to assist enterprises to boost their performance management and optimize maintenance costs which is projected to fuel the growth of the APM market. For instance, in October 2020, Siemens Energy and Bentley Systems announced their collaboration to roll out a performance management solution for oil and gas operators. This solution provides asset performance software capabilities of Bentley Systems Inc. with Siemens Energy’s oil & gas device proficiency. It will also assist enterprises across the oil & gas sector to augment the device’s reliability and lessen the maintenance costs.

The growing need to generate maximum financial returns on the assets and increasing demand for maintenance of assets on the basis of risks are anticipated to bolster the industry in the forecast period. Asset performance management solutions are assisting enterprises in saving enormous funds by streamlining their maintenance operations and allowing organizations to better understand the status of their equipment.

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What are the Emerging Trends in the Global Asset Performance Management Market?

The emergence of Industry 4.0 is expected to offer various scopes of expansion to the market in the coming time. Industry 4.0 offers new technologies and a productive approach to the industry. Operational AI offers some of the most efficient yet complicated parts of Industry 4.0 available to reliability and operations teams. For RCM and Condition-based Maintenance (CBM) analyses, Industry 4.0 technologies offer the historical data accumulated from several organizations, which is necessary for an absolute understanding of the device’s specifics and failures during the time.

For instance, AVEVA, a globally renowned player in industrial software, and OSIsoft, a known player in real-time industrial data software and services announced the acquisition of OSIsoft by Aveva for USD 5 Bn. The acquisition aims to offer methodical services for the largest digital transformation projects in history, including across Industry 4.0 and IIoT.

Digital twins technology is projected to be another lucrative opportunity in the market. It can complement asset performance technology and observe its behavior to control the untimely failure of machines or devices. Implementation of these assets to obtain excellence can be leveraged by established players in the market.

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What are the Factors Limiting the Asset Performance Management Market Growth?

Lack of expertise and poor management in building user adoption process is expected to hinder the market growth during the forecast period. Also, lack of knowledge while shortlisting the solution that matches the best with the enterprises is another cause affecting the market.

Besides, limited awareness about cyber security is projected to restrain the market expansion in the coming time. However, the emergence of IIoT and the growing demand for big data analytics in the industrial sector are likely to counter the negative impact and offer significant opportunities for market growth in the coming time.

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Comparative View of Adjacent Asset Performance Management Market

Comparative View of Adjacent Industry 4.0 Market

Comparative View of Adjacent Big Data Analytics Market

What is the segmentation analysis of the Global Asset Performance Management Market?

Based on components, the global asset performance management market is segmented into solutions and services.

Based on organization size, the global asset performance management market is segmented into SMEs and Large Enterprises.

Based on deployment type, the global asset performance management market is segmented into cloud and on-premises.

Based on vertical, the global asset performance management market is segmented into energy and utilities, manufacturing, government and defense, chemicals, healthcare and pharmaceuticals, telecommunications, consumer goods and foods beverages, and others.

Which Segments hold the Most Lucrative Prospects?

By deployment type, the cloud segment is expected to record a CAGR of 8.9% during the forecast period. Organizations across various sectors are inclining towards the cloud for digital transformation, bolstering the segmental growth in the forecast period. Industries like chemical and oil & gas are adopting cloud-based asset performance management systems, thereby, making the segment a lucrative one. However, concerns associated with the safety and security of cloud-based systems are likely to limit the expansion of the segment.

By component, the solutions segment is projected to exhibit a CAGR of 9.3% during the assessment period. Expansion of the solutions segment can be attributed to their capabilities to offer necessary support to withhold the efficiency of business processes, lessen operational expenses and augment enterprise growth.

Which are the Most Remunerative Regions in the Asset Performance Management Market?

According to the analysis, North America is projected to dominate the global asset performance management market during the forecast period. The U.S is expected to make the maximum contribution in bolstering the regional market. Estimations reveal that the U.S is predicted to expand at 9.4% CAGR in the forecast period. The U.S is home to various key players in the market, which is one of the key factors driving the regional market.

For instance, in May 2021, AspenTech, a renowned player in the U.S, introduced an AI Workbench solution. It allows operations and data scientists to collaborate for business-specific demands. The amalgamation of industry-specific application knowledge and asset optimization skills provides AspenTech users with the assurance of safe dividends, efficiency, and reliability. Owing to such initiatives, the market in North America is projected to garner significant market value in the assessment period.

Europe is projected to hold considerable market value and is expected to record a healthy CAGR during the forecast period. The growth can be credited to the rapid adoption of asset performance management systems across various industrial spheres. As per the analysis, the U.K is expected to expand at a CAGR of 9% in the forecast period.

Also, the region comprises some renowned players that take several initiatives to strengthen their roots in the market, thus, augmenting the asset performance management trade. For instance, in January 2020, AVEVA announced renewed asset performance management portfolio, AVEVA AMP Assessment, AVEVA Asset Strategy Optimization, and AVEVA Asset Strategy Library. Users now have greater reliability, safety, and efficiency in managing their capital assets.

APAC is projected to be the fastest-developing region during the forecast period. The rapid growth of the regional market can be attributed to the presence of developing countries such as; China, South Korea, and Japan. Estimations reveal China to procure USD 518.8 Million and record a 9.2% CAGR in the forecast period. South Korea is valued at USD 290.9 Million with an 8.8% CAGR and Japan at USD 440 Million with a 9.0% growth rate during the forecast period. The aforementioned countries are the leading countries in the region in terms of asset performance management software solutions and services, thereby, benefitting the market.

What is the Competitive Analysis of the Global Asset Performance Management Market?

To enhance their influence in the worldwide asset performance management market, enterprises are focused on partnerships, launching new products, mergers & acquisitions, and others. Key players in the global asset performance management market include AVEVA Group, IBM, Bentley Systems, SAP, Siemens Energy AG, among others.

Some of the recent key developments among players are:

• In April 2021, GE Digital announced updates to its SmartSignal predictive maintenance software solution, which assists industrial companies in proactively predicting, forecasting, diagnosing, and controlling device failures.
• In April 2021, Bentley Systems disclosed that it is developing applications using the NVIDIA Omniverse platform for photorealistic, real-time visualization and simulation of digital twins of massive-scale industrial and civil infrastructure projects.

Report Scope

Key Segments Covered

By Component

• Asset Performance Management Solutions
  • Asset Strategy Management
  • Asset Reliability Management
  • Predictive Asset Management
  • Others (Asset Integrity Management & Condition Monitoring)
• Asset Performance Management Services
  • Managed Services
  • Professional Services

By Organization Size

• Asset Performance Management for Large Enterprises
• Asset Performance Management for SMEs

By Deployment Type

• Cloud-based Asset Performance Management
• On-Premises Asset Performance Management

By Vertical

• Asset Performance Management for Energy and utilities
• Asset Performance Management for Manufacturing
• Asset Performance Management for Government and Defense
• Asset Performance Management for Chemicals
• Asset Performance Management for Healthcare and Pharmaceuticals
• Asset Performance Management for Telecommunications
• Asset Performance Management for Consumer Goods and Foods Beverages

By Region

• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America