According to market research report on "Asset Performance Management Market by Component (Solutions and Services), Solution (Asset Strategy Management, Asset Reliability Management, Predictive Asset Management), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Asset Performance Management (APM) Market size is projected to grow from USD 3.3 billion in 2020 to USD 6.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period.
The major factors driving the growth of the market include the rising need for risk-based maintenance, the need to maximize economic return on assets, and increasing adoption of cloud-based applications.
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Large enterprises segment to hold a larger market size during the forecast period
The use of traditional reactive maintenance leads to higher costs, low asset availability, and lack of reliability. It has become very important for large enterprises to adopt APM solutions that leverage proactive maintenance and advanced analytics. APM solutions offers large enterprises with components, such as condition-based monitoring, scenario modelling, and predictive analytics solutions to make more proactive decisions. This adoption results in reduced costs, and reduced unplanned downtime, enabling companies to focus on more business-critical assets leading to better productivity.
Cloud deployment type to record a faster growth rate during the forecast period
Cloud technology is being widely adopted by businesses, owing to its various benefits, such as increased storage, scalability, flexibility, portability, and compliance. Small and Medium-sized Enterprises (SMEs), in particular, are adopting the cloud deployment type largely due to its cost-effectiveness and ability to produce advanced results. Asset-intensive organizations prefer cloud-deployed solutions, as this type offers scalability and agility in organizations and provides more functions than on-premises solutions at an affordable cost.
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109 - Tables
36 - Figures
147 - Pages
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Asia Pacific to be the fastest growing region during the forecast period
Asia Pacific (APAC) comprises the fastest growing economies, such as China, India, and Singapore and technologically advanced countries, such as Japan and Australia. The region is expected to gain traction in the APM market, due to benefits, such as improved asset utilization, extended asset life, and reduction in maintenance costs. Many emerging economies in the APAC region are likely to adopt APM solutions because of their high demands, specifically in the oil and gas, transportation and logistics, healthcare, and energy and utilities verticals.
Market Players
Some prominent players across all service types profiled in the Asset Performance Management Market study are ABB (Switzerland), SAP (Germany), GE Digital (US), IBM (US), AVEVA (UK), OSIsoft (US), Bentley Systems (US), Siemens (Germany), Oracle (US), Infor (US), AspenTech (US), DNV GL (Norway), eMaint (US), Nexus Global (US), Accruent (US), Aptean (US), Operational Sustainability (US), Rockwell Automation (US), ARMS Reliability (Australia), IPS (Germany) and Uptake Technologies (US).
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Over recent years, the term APM has become increasingly used by lots of vendors and tools.
As the founder of a company who creates these types of tools, I definitely have some opinions on Application Performance Monitoring vs Application Performance Management.
It’s important to know the difference if you are planning to use an APM tool to troubleshoot app issues and need more visibility into performance bottlenecks.
However, a simple HTTP ping type check is hardly enterprise grade or advanced application monitoring.
Parsing your web server access logs to see how many requests you are getting and how long they take on average.
They are merely alerting mechanisms to tell you there is a problem.
The global Automated People Mover(APM) market witness high demand in the forecasted period due to the ever-increasing urbanization has led to an increase in the demand for public transportation systems.
Automated people mover (APM) is a type of small scale automated guideway transit system.
The Research report presents a complete assessment of the Market and contains a future trend, current growth factors, attentive opinions, facts, and industry validated market data.
A special chapter in the study presents Impact Analysis of COVID-19 on Global Automated People Mover(APM) Market along with tables and graphs related to various country and segments showcasing impact on growth trends.
What's Trending in Market:High Demand due to Ability to Handle Medium-High Traffic makes Monorail an Attractive Proposition in Tier-2 CitiesDelivering Seamless Passenger Experience through Enhanced FunctionalityChallenges:The Growing Concern Related to High Installation Cost of MaglevRestraints:Lack of Innovation and R in the Automated People Mover MarketMarket Growth Drivers:The Rising Requirement for Reliable TransportationThe Increasing Traffic Congestion and Environmental Sustainability has resulted in a Growing Demand for Voluminous and Clean Transport Systems The Global Automated People Mover(APM) Market segments and Market Data Break Down are illuminated below: by Type (Monorail, Duorail, Automated Guide Way Transit, Others), Application (Airports, Urban Transit, Amusement Parks, Shopping or Commercial Center, Others), Size (Large, Medium, Compact), Propulsion (Electric, Maglev) To comprehend Global Automated People Mover(APM) market dynamics in the world mainly, the worldwide Automated People Mover(APM) market is analyzed across major global regions.
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