PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1571019
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1571019
The asset performance management market is expected to grow from USD 1.91 billion in 2024 to USD 3.19 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period. Live access to APM platform asset data allows operators, technicians, and management interaction - regardless of location. Moreover, APM systems are enhanced because myriad modern data analytics tools are integrated to understand asset health, predict possible breakdowns, and plan maintenance activities. And even on your staff plans, you must work smarter with asset inspections, recognition of operational failures, and automated on-screen feedback.
Scope of the Report | |
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Years Considered for the Study | 2019-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | USD (Billion) |
Segments | Offering, Asset Type, Deployment Type, Organization Size, Vertical |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
The growing trend toward designing mobile-oriented and user-friendly user interfaces, which provide better accessibility to all the relevant users, is yet another underlying element in the APM industry. These systems help organizations keep track of asset statuses, maintenance requirements, and performance indicators, thus improving management decision-making. Thanks to artificial intelligence and machine learning development, maintaining, managing, and using assets is more accessible with APM platforms that provide prescriptive maintenance ideas and instructions for individual assets. Therefore, businesses implementing modern APM systems enjoy increased asset uptime, less downtime, and operational effectiveness, resulting in more environmentally friendly and economical operations.
"As per services, the professional services hold the largest market share during the forecast period. "
Professional services, including consulting, support, maintenance, implementation, and integration services, dominate the asset performance management (APM) market and will account for the largest share throughout the forecast period. Such services, typically offered after product range sales, are vital for firms that seek to maximize the asset's use and improve the operations' overall effectiveness. They deal with tailoring solutions, linking new technology with old systems, and providing systems to ensure data is handled correctly and all laws are followed. As different sectors find ways of incorporating more advanced technologies, such as AI, IoT, blockchain, and many others, there will also be an increasing need for professional services owing to the sophistication of the surroundings and the level of deployment. This emphasizes the segment's growth as it assists businesses in making data-driven decisions, being dynamic and responsive to changes in the APM market, and working towards sustainability, all of which will influence the APM market going forward.
"As per the asset type, the mobile assets segment will grow at the highest CAGR during the study period.
Among other sectors, mobile assets such as vehicles, construction machines, and portable tools are essential in logistics, construction, and transportation operations. The inherent characteristic of these sectors is the fast pace of operations, leading to abrasive usage, breakdowns, and inefficiencies. Hence, maintenance of these assets is vital since even a little downtime can cause operational disruption and increase costs. This segment is expected to grow in demand and be the most compounded mobile asset activity with the growth register for operational efficiencies and tracking. Organizations enhance their operational processes using focus regions and the latest information technologies to monitor performance, optimize repairs, and perform predictive maintenance. This change will allow businesses to reduce the number of reactive measures and enhance the efficiency of the lifecycle management of mobile equipment. That way, such mobile assets are kept in healthy operating conditions, and maintenance and downtime costs are minimized. Given the evolution of industries in the recent past, mobile asset management systems have been adopted, and this will certainly propel the growth of this segment in asset management as it provides helpful information for a very competitive market that is changing rapidly.
"As per deployment type, the on-premises segment holds the largest market share during the forecast period. "
On-premises deployment of asset performance management (APM) solutions holds the largest market share due to its strong emphasis on data security, control, and customization, making it the preferred choice for industries like oil and gas, utilities, and manufacturing. These sectors deal with sensitive and controlled information and must adhere to stringent privacy policies. Such on-premises solutions allow companies to curtail risks, optimize business activities, and enhance enterprise capabilities while enjoying management of the entire environment. This conventional strategy guarantees self-sustaining operations minimizes security threats and improves customer service by making the provision of services more efficient and dependable. On top of that, on-premises APM solutions come with excellent capabilities such as capturing, analyzing, and reporting data stored in user's servers, which is crucial for companies aiming at secured, eco-friendly, and expandable solutions. Cloud-based solutions have been on the rise over the years. However, large businesses still prefer on-premises deployments due to added safety and increased efficiency of operations, pushing the APM market to remain dominant on-premises throughout the forecast period.
Note: Others include sales managers, marketing managers, and product managers
Note: The rest of the World consists of the Middle East & Africa, and Latin America
Note: Tier 1 companies have revenues of more than USD 100 million; tier 2 companies' revenue ranges from USD 10 million to USD 100 million; and tier 3 companies' revenue is less than 10 million
Source: Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis
Some of the significant vendors offering asset performance management solutions and services across the globe include ABB (Switzerland), GE Vernova (US), AVEVA (UK), IBM (US), SAP (Germany), Emerson (US), Rockwell Automation (US), DNV (US), Fluke (US), Bentley Systems (US), Siemens Energy (Germany), Oracle (US), Yokogawa (Japan), SAS (US), Arms Reliability (Australia), Synopsys (US), Honeywell (US), Prometheus Group (US), Hexagon (Sweden), Nexus Global (US), Detechtion Technologies (US), IPS Intelligent Process Solutions (Germany), Plasma (US), Tenna (US), Uptake (US), UpKeep (US), Shoreline AI (US), MentorAPM (US), Fracttal (Spain), MicroAI (US), VROC (Australia), Operational Sustainability (US), Qualer (US), and MaintainX (US).
The study provides an in-depth analysis of the asset performance management market from 2019 based on contemporary market trends and developments and its potential growth from 2024 to 2029. It provides detailed market trends, a competitive landscape, market size, forecasts, and analysis of the vital asset performance management players. This market study analyzes asset performance management growth rate and penetration across all the major regions.
The report will help market leaders and new entrants with information on the closest approximations of the revenue numbers for the overall asset performance management market and its subsegments. It will also help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.