IMARC Group, a leading market research company, has recently releases report titled “Asset Performance Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global asset performance management market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Asset Performance Management
Asset performance management (APM) is a comprehensive approach used by businesses to optimize and enhance the reliability and availability of their physical assets. It encompasses the strategies, methods, and tools to evaluate and improve operational performance. It helps improve reliability, reduce risks, and lower overall operation and maintenance costs. It includes various facets, such as asset strategy management, predictive asset management, reliability-centered maintenance, and condition-based maintenance. It also involves analytics and digital twins to predict equipment failures and schedule preventative maintenance. It finds various applications in manufacturing, energy and utilities, oil and gas, mining, and transportation sectors.
How Big Is the Asset Performance Management Market?
The global asset performance management market size reached US$ 20.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 40.4 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
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What are the growth prospects and trends in the asset performance management industry?
The increasing complexity and cost of maintaining assets in capital-intensive industries are catalyzing the demand for APM solutions. Additionally, the rising utilization of APM by businesses to minimize downtime, reduce maintenance costs, and extend asset life.
Apart from this, digital transformation initiatives across several industries are driving the adoption of APM to analyze data from their assets to make informed decisions. Furthermore, the adoption of the Industrial Internet of Things (IIoT) is positively influencing the market. IIoT devices collect real-time asset data for more precise and predictive maintenance strategies.
Moreover, the growing awareness about the cost and operational benefits of implementing APM solutions, coupled with increasing regulatory pressure for safety and efficiency, is propelling market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Solution
- Service
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Industry Vertical:
- Energy and Utilities
- Oil and Gas
- Manufacturing
- Mining and Metals
- Healthcare and Life Sciences
- Chemical and Pharmaceuticals
- Government and Defense
- IT and Telecom
- Food and Beverages
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
ABB Ltd, Aspen Technology Inc., AVEVA Group plc, Bentley Systems Incorporated, Detechtion Technologies, DNV GL, GE Digital (General Electric Company), International Business Machines Corporation, Oracle Corporation, Rockwell Automation Inc., SAP SE, Sas Institute Inc., Schneider Electric SE and Siemens Energy AG.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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