Asset Performance Management Market Outlook 2031
The global asset performance management market size was valued at USD 4646.96 Million in 2022 and is expected to surpass USD 11229.19 Million by 2031, expanding at a CAGR of 10.3% during the forecast period, 2023–2031. The asset management system uses sensors to collect important data from machinery heavy equipment, and other assets and creates a data analytics platform to offer a comprehensive view of all assets functioning across an industrial site.
Companies can use this holistic approach to manage asset performance and prioritize maintenance actions. The asset performance market is estimated to expand significantly during the forecast period, as it is used in many sectors such as oil & gas, manufacturing, and chemical as part of their efforts in decreasing expenses.
Asset Performance Management Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand to meet regulatory compliance and standards across asset-centric companies is projected to boost the market.
- Integration of asset performance management systems with complementary solutions, such as mobile solutions and geographic data system (GIS) solutions, is leading to more efficient use cases for asset performance management system deployment, which is contributing to plug growth. As maintenance approaches have progressed from reactive to preventive to predictive maintenance, asset performance management is assisting organizations in saving millions of dollars by streamlining their processes.
Scope of Asset Performance Management Report Market
The report on the global assets performance management market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Asset Performance Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Type (Software [Asset Strategy, Asset Reliability, Asset Health Management, Conditional Monitoring and Predictive Asset Management, and Others] and Services [Managed Services and Professional Services]), Deployment Type (Cloud and On-premise), Organization Size (SMEs and Large Enterprises), End-use Industries (Energy & Utilities, Manufacturing, Government & Defense, Chemicals, Healthcare & Pharmaceuticals, Telecommunications, Consumer Goods, Foods & Beverages, and Others),
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
AVEVA Group plc, DNV GL, Bentley Systems, Nexus Global Business Solutions, Inc, Oracle Corporation Incorporated, Flowserve Corporation, GE Digital, IBM Corporation, MaxGrip B.V, SAP SE, SAS Institute Inc.
Assets Performance Management Market Segment Insights
Type Segment Analysis
In terms of type, the assets performance management market can be bifurcated into software and services. The software segment is divided into asset strategy, asset reliability, asset health management, conditional monitoring and predictive asset management, and others. The services segment is split into managed services and professional services.
The services segment is projected to hold a significant share of the market due to increasing need for professional and managed services for ensuring smooth functioning of performance of assets. These services help in the creation, assessment, and utilization of asset performance management settings to avoid wasting time and resources on poor deployment.
Additionally, services provide the required assistance to maintain business process efficiency, boost enterprise growth, and eliminate unnecessary operational costs.
Deployment Type Segment Analysis
Based on deployment type, the market is categorized as cloud and on-premise. High adoption of cloud for digital transformation is expected to drive the cloud segment during the forecast period. The on-premise model is adopted in large enterprises due to high budget allocation as compared with SMEs.
Organization Size Segment Analysis
In terms of organization size, the asset performance management market is classified into SMEs and large organizations. Asset performance management software tracks all assets and delivers data, thus allowing technicians to perform root cause analysis, enabling teams to understand parameters causing failure in the performance of assets and enabling them to improve planning and reducing inventory, loss-of-market, and logistics costs. These factors enable SMEs to quickly adopt asset performance management solutions and services.
End-Use Industries Segment Analysis
In terms of end-use industries, the market is divided into energy & utilities, manufacturing, government & defense, chemicals, healthcare & pharmaceuticals, telecommunications, consumer goods, foods & beverages, and others.
The chemical segment is projected to expand at a rapid pace during the forecast period. Rising maintenance and material costs have encouraged numerous chemical companies to seek cutting-edge technology to control, maintain, and increase production.
Asset performance management software prioritizes work orders, automates inventory control, improves safety and compliance in the manufacturing facility, and implements cost-effective preventative maintenance.
In terms of regions, the global asset performance management market can be split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific has seen rapid and advanced adoption of new technologies; therefore, the market in the region is expected to grow at a rapid pace during the forecast period. Furthermore, IT investment in the region is increasing, which is expected to fuel the adoption of asset performance management software solutions. China, Japan, and India are leading countries in the region.
- Asset Strategy
- Asset Reliability
- Asset Health Management
- Conditional Monitoring
- Predictive Asset Management
- Managed Services
- Professional Services
- Energy & Utilities
- Government & Defense
- Healthcare & Pharmaceuticals
- Consumer Goods
- Foods & Beverages
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- AVEVA Group plc
- DNV GL
- Bentley Systems
- Nexus Global Business Solutions, Inc
- Oracle Corporation Incorporated
- Flowserve Corporation
- GE Digital
- IBM Corporation
- MaxGrip B.V
- SAP SE
- SAS Institute Inc.
Key players in the asset performance management market are AVEVA Group plc, DNV GL, Bentley Systems, Nexus Global Business Solutions, Inc, Oracle Corporation Incorporated, Flowserve Corporation, GE Digital, IBM Corporation, MaxGrip B.V, SAP SE, SAS Institute Inc. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.