What Is The Current and Historic Market Size Analysis Of The Asset Performance Management Market?
The asset performance management market has seen considerable growth due to a variety of factors.
• The market size for asset performance management has experienced speedy growth in the past years. The market is projected to expand from a worth of $2.98 billion in 2024 to $3.37 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 13.2%.
Factors contributing to the growth during the historic period include asset aging and deterioration, regulatory mandates, the need to cut costs, and the transition from reactive to proactive maintenance.
What Is The Forecast For The Asset Performance Management Market Size?
The asset performance management market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of asset performance management is predicted to experience substantial expansion in the ensuing years. It is projected to reach $5.16 billion by 2029, with a compound annual growth rate (CAGR) of 11.2%.
The expected growth in this forecast period can be credited to developments in predictive analytics, the integration of the internet of things (IoT), emphasis on sustainability and ESG initiatives, and the shift towards outcome-based contracts. The forecast period also anticipates several significant trends such as predictive maintenance, the incorporation of AI and machine learning, condition-based monitoring, asset health indexing, and optimizing lifecycle costs.
What Are The Essential Drivers Behind The Growth Of The Asset Performance Management Market?
Expectations for the asset performance management market's expansion are projected to be fueled by the growing demand for a digital workforce. A digital workforce is defined by the fusion of technologies such as artificial intelligence (AI), automation, and machine learning into the professional world to augment human abilities and make tasks more efficient. The need for a digital workforce is increasing due to factors like the surge in remote work, rising automation demand, cost cutting, and scalability. The application of digital workforces in asset performance management can boost data analysis, promotes predictive maintenance, optimizes business operations, automates common tasks, guarantees real-time monitoring, thereby enhancing efficiency and delivering cost savings to organizations in various sectors. For instance, CompTIA, a US-based non-profit trade association, stated in their October 2023 report that the expected number of technology workers in the US would hit 9,156,390 (3.2% annual growth) in 2022 — an increase of 286,400 jobs from the previous year. Furthermore, as per the October 2022 report by the International Federation of Robotics, a non-profit organization based in Germany, the industrial robots installed in the USA had risen to 50,712 units in 2021, a 31% hike compared to the preceding year. Consequently, the growth of the asset performance management market is being propelled by the expansion of the digital workforce.
How Is The Global Asset Performance Management Market Divided Into Key Segments?
The asset performance management market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment: On-Premises, Cloud
3) By Organization: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Vertical: Energy And Utilities, Manufacturing, Government And Defense, Chemicals, Telecommunications, Healthcare And Pharmaceuticals, Consumer Goods, Food And Beverages, Other Verticals
Subsegments:
1) By Solutions: Asset Performance Management Software, Predictive Analytics Tools, Condition Monitoring Solutions, Maintenance Management Software
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Managed Services
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What New Trends Are Influencing The Asset Performance Management Market?
The primary focus for large corporations within the asset performance management sector is to bring about creative advancements like Lumada APM, a solution offering predictive maintenance along with high-level analytics. Lumada APM uses digital innovation to bolster the performance, dependability, and maintenance of commercial assets and presents a comprehensive approach to asset administration. As an example, Hitachi Energy Ltd., a tech firm based in Switzerland, in October 2023, debuted Lumada APM, a cutting-edge asset performance management solution. This system allows operators to supervise critical asset conditions and predict failures using data-driven modeling and AI-based prognostics. Additionally, it also employs reliability engineering methodologies at the system level, ensuring reliable and safe operations via risk evaluation and scenario simulation. Furthermore, it encompasses a reliability-centered asset maintenance strategy, proactive maintenance decisions, and single-pane glass management. Cumulatively, these elements empower entities to become more forward-thinking in their upkeep strategies, identify future trends, highlight potential system risks, efficiently allocate budget, and ultimately increase asset reliability and availability in asset-dense sectors.
Who Are the Key Players In The Asset Performance Management Market?
Major companies operating in the asset performance management market are:
• Microsoft Corporation
• Hitachi Ltd.
• Siemens AG
• International Business Machines Corporation
• General Electric Company
• Cisco Systems Inc.
• Oracle Corporation
• Honeywell International Inc.
• SAP SE
• Asea Brown Boveri Ltd.
• Jacobs Engineering Group Inc.
• Emerson Electric Co.
• Rockwell Automation Inc.
• Worley Limited
• Xylem Inc.
• Hexagon AB
• Trimble Inc.
• Arcadis NV
• Yokogawa lectric Corporation
• Mott MacDonald Group Limited
• PTC Inc.
• GHD Group Pty Ltd.
• National Instruments Corporation
• Bentley Systems Incorporated
• Aspen Technology Inc.
What Are The Regional Insights Into The Asset Performance Management Market?
North America was the largest region in the asset performance management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the asset performance management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
