Global Asset Performance Management Market Research Report — by Offering {Software Type(Data Management Software, Predictive Asset Analytics Tools, Enterprise Asset Management Software, and Pattern Recognition Software) Services(Managed Services And Professional Services)}, Deployment Mode (Cloud, On-Premise), Vertical (Manufacturing, Oil & Gas, Energy & Utility, Healthcare, IT & Telecommunication), and by Region {North America (US, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, Rest of Asia Pacific, and India), the Middle East & Africa, and South America} — Forecast till 2025
Asset Performance Management Market Overview
The global asset performance management (APM) market is expected to reach 18,765.1 million by 2025, growing at a CAGR of 10.7% during the forecast period (2018–2025). In this report, Market Research Future (MRFR) includes market segmentation and market dynamics to offer a better glimpse of the market in the coming years.
Applications of IT(Information Technology) and OT(Operational Technology) in the manufacturing sector is expected to drive the growth of asset performance management during the forecast period. Currently, Industry 4.0 is revolutionizing the manufacturing industry. This phase demands the use of intelligent technologies such as machine learning, AI, IoT, and enhanced IT infrastructure to build smart manufacturing plants in the future. The convergence of IT and OT is used to monitor events, processes, and devices and adjust enterprise and industrial operations.
IoT solutions customized for asset performance management allow manufacturing firms to plan and optimize present asset requirements, predict asset failure for zero downtime through repairs and replacement of stressed assets, and ensure seamless operations. These technological changes in the manufacturing sector are fueling the adoption and implementation of asset performance management solutions.
High demand for improving machine efficiency, productivity, and performance is a primary factor driving the growth of the market during the forecast period. Organizations worldwide are facing pressures of capital and operational expenditure and are actively trying to reduce the same. Cutting down on assets may not always be the solution in such situations. As such, asset performance management systems help improve the efficiency, productivity, and performance of assets. APM solutions automate tasks, such as maintenance planning, thereby reducing unplanned downtime and increasing asset availability. APM can be used to optimize various processes, such as operations, maintenance, and quality management. It is especially helpful in verticals where wastage of resources and inefficiency occur. This approach helps improving key metrics such as uptime, mean time to repair (MTTR), asset longevity, cost, quality/yield, and safety. Successful implementation of these metrics helps improve crucial key performance indicators (KPIs) such as margins, revenue, and customer satisfaction.
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Competitive Analysis
The prominent players profiled in the APM market include Aspen Technology (US), AVEVA Group PLC (UK), Bentley Systems, Incorporated (US), Detechtion Technologies (Canada), IBM Corporation (US), Operational Sustainability, LLC (US), Rockwell Automation (US), SAP SE (Germany), SAS Institute Inc. (US), and Schneider Electric (France). Apart from these, other companies that have significant market share that include ABB (Switzerland), ARMS Reliability (Australia), DNV GL (Norway), GE Digital (US), IPS (Germany), SAP SE (Germany), Siemens (Germany), Uptake Technologies Inc. (US)
Segmental Analysis
The APM market segment has been categorized on the basis of offering, deployment mode, vertical, and region.
Based on offering, the APM market has been segmented into software type (data management software, predictive asset analytics tools, enterprise asset management software, and pattern recognition software) and services (professional and managed)
Based on deployment mode, the APM market comprises on-premise and cloud.
By vertical — manufacturing, oil & gas, energy & utility, healthcare, IT & telecommunication, and others.
Regional Analysis
Geographic analysis of the APM market spans across North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America.
North America is expected to be the largest APM market during the forecast period. The market in this region has been further categorized into the US, Canada, and Mexico. The US accounted for the largest market share of 65% in 2018, and Canada is projected to grow with highest CAGR of 10.8% during the forecast period. Advances in industrial technology and rapid adoption of advanced technologies such as asset on the go in the region are some of the factors responsible for the growth of the asset performance management market in the region.
For the study of the APM market, countries such as Germany, UK, France, Italy, Spain, and Rest of Europe have been studied. According to the analysis, Germany accounted for the largest market share of 26% in 2018 and it is expected to register the highest CAGR 12.4% during the forecast period. Rapid growth of the manufacturing industry, increasing government budgets, and the launch of new technologies in the UK are some of the factors responsible for the growth of the market during the forecast period.
Asia-Pacific is expected to register the highest CAGR during the forecast period. For the purpose of analysis, the market in Asia-Pacific has been categorized as China, Japan, India, and the rest of Asia-Pacific. The market in Asia-Pacific attained a market share of 20% in 2018. Governments of countries such as China, Japan, and India are focused on the development of its manufacturing and oil & gas industries and advancements in digital technology, which can boost the growth of the market during the assessment period.
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