Asset Performance Management Market Worth $4.0 Billion By 2026 - Report by MarketsandMarkets™

Chicago, June 30, 2022 (GLOBE NEWSWIRE) -- According to a new market research report "Asset Performance Management Market by Component (Solutions (Asset Strategy, Asset Reliability, and Predictive Asset Management) and Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets™, the Asset Performance Management Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period, to reach USD 4.0 billion by 2026 from USD 2.5 billion in 2021. Key factors that are expected to drive the growth of the market are the rising demand to meet regulatory compliance and reporting standards across asset-centric organizations, growing need to manage assets efficiency, manage assets sustainability, and optimize total cost of ownership (TCO). These factors are driving the demand for asset performance management.

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274 - Tables
57 - Figures
284 - Pages

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Scope of the Report

The Asset Performance Management Market is fragmented as there is presence of large number players across market. The major factors that are expected to drive the adoption of asset performance management (APM) software among large enterprises, as well as SMEs across several verticals, including energy and utilities, manufacturing, government and defense, chemicals, healthcare and pharmaceuticals, telecommunications, consumer goods and food and beverages, and others (real estate, and transportation and logistics), are increasing adoption of cloud and digital transformation. Developing countries across APAC and MEA are expected to offer more opportunities for vendors in the market. The COVID-19 pandemic and the proliferation of remote work environments have created new complex barriers for businesses to overcome. The COVID-19 pandemic has reinforced the need for companies in the industrial sector to implement digital technologies and harness the power of data to ensure they remain operational. Asset performance management solutions integrate data about online and offline equipment to help organizations visualize plant performance, enhance workforce efficiency, and apply AI for predictive maintenance and resolution.

Based on components, the Asset Performance Management Market is segmented into two categories: solutions and services. The services segment for asset performance management is expected to grow at a higher CAGR due to the need of professional and managed services for ensuring smooth functioning of asset performance management solutions. These services assist in building, assessing, and leveraging asset performance management environments to avoid time wastage and effort on a failed implementation. Enterprises need active support from skilled professionals to minimize their downtime during the pre-and post-installation of asset performance management solutions. These services provide the necessary support to uphold the efficiency of business processes, increase enterprise growth, and reduce unwanted operational expenses.

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The Asset Performance Management Market is segmented by deployment type into on-premises and cloud. The cloud segment is expected to hold a higher share of the Asset Performance Management Market as organizations across various regions are adopting cloud for digital transformation rapidly. The on-premises model is adopted specifically by large enterprises as the budget allocation generally is high for installing asset performance management software products and services in companies’ equipment compared with SMEs.

Chemicals is one of the fastest-growing verticals with respect to the adoption of advanced technologies and services due to high maintenance and repair costs charged because of caustic substances and safety issues around hazardous chemical inventory. The continual expense of maintenance and the rising costs of materials have pushed various chemicals manufacturers into the process of finding bleeding-edge technology to control, maintain, and improve production. Asset performance management solutions prioritize works orders, automate inventory control, improve safety and compliance throughout the production plant, and build cost-saving preventive maintenance. In terms of a chemical plant, engineers will know when a component inside a reactor is wearing down before it fails.

The Asset Performance Management Market is segmented into five regions: North America, Europe, APAC, MEA, and Latin America. The asset performance management report provides insights into these regional markets in terms of market size, growth rates, future trends, market drivers, and COVID-19 impact. North America is expected to hold the highest market share in the overall Asset Performance Management Market during the forecast period. Following North America, Europe is expected to hold the second-highest market share during the forecast period. High need to streamline operational processes and adoption of predictive analytics for monitoring equipment health and receive early warnings is expected to drive the North American and Europe markets. APAC and MEA are also expected to witness high growth rates during the forecast period.

Asia Pacific has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period. In addition, the IT spending across organizations in the region is gradually increasing, which is projected to lead to a surge in the adoption of asset performance management software solutions. China, Japan, and India are the leading countries in terms of the adoption of asset performance management software solutions and services in the region. While the expenditure on technology solutions in APAC has increased, a setback is witnessed due to the recent COVID-19 pandemic. The COVID-19 pandemic makes it more urgent for business leaders across APAC to increase their rate of cloud adoption and digital transformation. Also, the current pandemic has forced the government and public sector across APAC to shift toward digital innovation and meet regulatory compliance standards, which is driving huge market opportunities for asset performance management vendors.

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North America to account for the highest market share during the forecast period

The Asset Performance Management Market is segmented into five regions: North America, Europe, APAC, MEA, and Latin America. The asset performance management report provides insights into these regional markets in terms of market size, growth rates, future trends, market drivers, and COVID-19 impact. North America is expected to hold the highest market share in the overall Asset Performance Management Market during the forecast period. Following North America, Europe is expected to hold the second-highest market share during the forecast period. High need to streamline operational processes and adoption of predictive analytics for monitoring equipment health and receive early warnings is expected to drive the North American and Europe markets. APAC and MEA are also expected to witness high growth rates during the forecast period.

The Asset Performance Management Market comprises major providers, such as AVEVA (UK), AspenTech (US), Bentley Systems (US), GE Digital (US), SAP (Germany), IBM (US), Detechtion Technologies (US), ARMS Reliability (US), ABB (Switzerland), Uptake (US), DNV (Norway), SAS (US), Siemens Energy (Germany), Oracle (US), Infor (US), Nexus Global (US), BISTel (South Korea), Operational Sustainability (US), Rockwell Automation (US), IPS Intelligent Process Solutions (Germany), Yokogawa (Japan), Honeywell (US), Emerson (US), GrayMatter (US), and Plasma (US). The study includes an in-depth competitive analysis of key players in the Asset Performance Management Market with their company profiles, recent developments, COVID-19 developments, and key market strategies.

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