Asset Performance Management Market

Global Asset Performance Management Market by 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), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: BFSI-3183
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 184
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  • Pub. Date: Upcoming
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The global asset performance management market was valued at USD 3819.6 million in 2020 and is estimated to reach USD 8304.8 million in 2028, expanding at a CAGR of 10.3% during the forecast period, from 2020 to 2028. The asset management system uses sensors to collect important data from machinery and heavy equipment, 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 key takeaways

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 the report:

 

Attributes

Details

Report Title

Asset Performance Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

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),

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

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.


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.

Assets Performance Management Market insights:

Service segment to hold significant market share

In the 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.

Asset Performance Management Market by taxonomy

Cloud segment to hold key market share

Based on deployment, 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.

Small enterprises segment to grow

In the 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, thus 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.

Chemicals industry segment to grow during the forecast period

In the 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.

The market in Asia Pacific to grow at a high pace

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 Performance Management Market by regions

Segments

Segments Covered in the Report

By Product Types

  • Software
    • Asset Strategy
    • Asset Reliability
    • Asset Health Management
    • Conditional Monitoring
    • Predictive Asset Management
    • Others
  • Services
    • Managed Services
    • Professional Services
By Deployment Type
  • Cloud
  • On-premise
By Organization Size
  • SMEs
  • Large Enterprises
By End-use Industries
  • Energy & Utilities
  • Manufacturing
  • Government & Defense
  • Chemicals
  • Healthcare & Pharmaceuticals
  • Telecommunications
  • Consumer Goods
  • Foods & Beverages
  • Others
By Regions
  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa
By Key Players
  • 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.

Competitive Landscape

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.

Asset Performance Management Market by key players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Asset Performance Management Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Asset Performance Management Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Asset Performance Management Market - Supply Chain
  4.5. Global Asset Performance Management Market Forecast
     4.5.1. Asset Performance Management Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Asset Performance Management Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Asset Performance Management Market Absolute $ Opportunity
5. Global Asset Performance Management Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Asset Performance Management Market Size and Volume Forecast by End Users
     5.3.1. Energy & Utilities
     5.3.2. Manufacturing
     5.3.3. Government & Defense
     5.3.4. Chemicals
     5.3.5. Healthcare & Pharmaceuticals
     5.3.6. Telecommunications
     5.3.7. Consumer Goods
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Asset Performance Management Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Asset Performance Management Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Asset Performance Management Demand Share Forecast, 2019-2026
7. North America Asset Performance Management Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Asset Performance Management Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Asset Performance Management Market Size and Volume Forecast by End Users
     7.4.1. Energy & Utilities
     7.4.2. Manufacturing
     7.4.3. Government & Defense
     7.4.4. Chemicals
     7.4.5. Healthcare & Pharmaceuticals
     7.4.6. Telecommunications
     7.4.7. Consumer Goods
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Asset Performance Management Demand Share Forecast, 2019-2026
8. Latin America Asset Performance Management Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Asset Performance Management Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Asset Performance Management Market Size and Volume Forecast by End Users
     8.4.1. Energy & Utilities
     8.4.2. Manufacturing
     8.4.3. Government & Defense
     8.4.4. Chemicals
     8.4.5. Healthcare & Pharmaceuticals
     8.4.6. Telecommunications
     8.4.7. Consumer Goods
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Asset Performance Management Demand Share Forecast, 2019-2026
9. Europe Asset Performance Management Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Asset Performance Management Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Asset Performance Management Market Size and Volume Forecast by End Users
     9.4.1. Energy & Utilities
     9.4.2. Manufacturing
     9.4.3. Government & Defense
     9.4.4. Chemicals
     9.4.5. Healthcare & Pharmaceuticals
     9.4.6. Telecommunications
     9.4.7. Consumer Goods
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Asset Performance Management Demand Share Forecast, 2019-2026
10. Asia Pacific Asset Performance Management Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Asset Performance Management Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Asset Performance Management Market Size and Volume Forecast by End Users
     10.4.1. Energy & Utilities
     10.4.2. Manufacturing
     10.4.3. Government & Defense
     10.4.4. Chemicals
     10.4.5. Healthcare & Pharmaceuticals
     10.4.6. Telecommunications
     10.4.7. Consumer Goods
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Asset Performance Management Demand Share Forecast, 2019-2026
11. Middle East & Africa Asset Performance Management Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Asset Performance Management Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Asset Performance Management Market Size and Volume Forecast by End Users
     11.4.1. Energy & Utilities
     11.4.2. Manufacturing
     11.4.3. Government & Defense
     11.4.4. Chemicals
     11.4.5. Healthcare & Pharmaceuticals
     11.4.6. Telecommunications
     11.4.7. Consumer Goods
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Asset Performance Management Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Asset Performance Management Market: Market Share Analysis
  12.2. Asset Performance Management Distributors and Customers
  12.3. Asset Performance Management Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. AVEVA Group plc
     12.4.2. DNV GL
     12.4.3. Bentley Systems
     12.4.4. Nexus Global Business Solutions, Inc
     12.4.5. Oracle Corporation Incorporated
     12.4.6. Flowserve Corporation
     12.4.7. GE Digital

Segments Covered in the Report

By Product Types

  • Software
    • Asset Strategy
    • Asset Reliability
    • Asset Health Management
    • Conditional Monitoring
    • Predictive Asset Management
    • Others
  • Services
    • Managed Services
    • Professional Services
By Deployment Type
  • Cloud
  • On-premise
By Organization Size
  • SMEs
  • Large Enterprises
By End-use Industries
  • Energy & Utilities
  • Manufacturing
  • Government & Defense
  • Chemicals
  • Healthcare & Pharmaceuticals
  • Telecommunications
  • Consumer Goods
  • Foods & Beverages
  • Others
By Regions
  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa
By Key Players
  • 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.

Asset Performance Management Market by key players

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