Overview
The Global Asset Performance Management (APM) Market is expected to reach 18,765.1 Million by 2025, growing at a CAGR of 10.7% during the forecast period (2018–2025). In this report, Market Research Future (MRFR) includes market segmentation and market dynamics to offer a better glimpse of the market in the coming years.
Applications of IT(Information Technology) and OT(Operational Technology) in the manufacturing sector is expected to drive the growth of asset performance management during the forecast period. Currently, Industry 4.0 is revolutionizing the manufacturing industry. This phase demands the use of intelligent technologies such as machine learning, AI, IoT, and enhanced IT infrastructure to build smart manufacturing plants in the future. The convergence of IT and OT is used to monitor events, processes, and devices and adjust enterprise and industrial operations. IoT solutions customized for asset performance management allow manufacturing firms to plan and optimize present asset requirements, predict asset failure for zero downtime through repairs and replacement of stressed assets, and ensure seamless operations. These technological changes in the manufacturing sector are fueling the adoption and implementation of asset performance management solutions.
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Segmental Analysis
The global APM market has been segmented on the basis of offering, deployment mode, vertical, and region.
Based on the offering, the asset performance management market has been segmented into software type and services. The software type segment has been further categorized as data management software, predictive asset analytics tools, enterprise asset management software (EAM), and pattern recognition software. The EAM software segment accounted for the largest market share of 34.1% in 2018. EAM is widely used to better plan, execute, optimize, and monitor maintenance activities with the associated inventory, skills, labors, tools, materials, and information. Whereas, the predictive asset analytics tools segment is expected to register the highest CAGR of 11.6%. The predictive asset analytics tools enable industries to gain profits on critical assets using predictive maintenance (PdM) programs that support the early detection of equipment failures.
The service segment has been segmented into professional and managed services. The professional services segment accounted for the largest market share valued at USD 1,914.7 million in 2018. Professional service companies of asset performance management have an expert understanding of processes and solutions that makes the industrial processes seamless, which results in increased efficiency and productivity. This is expected to be the major reason for the growth of the professional service market during the forecast period.
Based on deployment mode, the APM market has been categorized into cloud and on-premise. The on-premise segment accounted for the larger market share in 2018, valued at USD 3,875.4 million. The on-premise deployment is more secured and efficient as compared to cloud-based asset management software and hence can be easily deployed by small- and medium-sized enterprises. This would be a major reason for the growth of this market segment during the forecast period. Whereas, the cloud segment of asset performance management market is projected to register higher CAGR during the forecast period.
Based on vertical, the APM market has been categorized into manufacturing, oil & gas, energy & utility, healthcare, IT & telecommunication, and others. The oil & gas segment accounted for the largest market share in 2018; it is expected to register a CAGR of 11.2%, as it improves the industry’s productivity and efficiency. Whereas, the energy & utility segment is expected to gain the highest CAGR during the forecast period.
Competitive Analysis
The prominent players operating in the APM market are Aspen Technology (US), AVEVA Group PLC (UK), Bentley Systems, Incorporated (US), Detechtion Technologies (Canada), IBM Corporation (US), Operational Sustainability, LLC (US), Rockwell Automation (US), SAP SE (Germany), SAS Institute Inc. (US), and Schneider Electric (France). Apart from these, other companies that have a significant market share that include ABB (Switzerland), ARMS Reliability (Australia), DNV GL (Norway), GE Digital (US), IPS (Germany), SAP SE (Germany), Siemens (Germany), Uptake Technologies Inc. (US)
Regional Analysis
Regionally, the APM market has been divided into North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America
Europe was the second-largest market in 2018 in terms of market share; it is projected to grow at a CAGR of 10.9%. Some of the factors that contribute to the growth of the asset performance management market include the presence of companies such as Nexus Global, BMC Software, Inc., Assetic, Schneider Electric, and the rapid growth of manufacturing industry. An Increase in government budgets and the launch of new technologies in the UK are also some of the primary factors contributing to the growth of the global asset performance management market.
The market in Asia-Pacific is projected to gain a share of 20% in 2018. China is expected to be a leading country-level market and is expected to register 12.2% CAGR followed by Japan. Advancements in digital technology are one of the factors promoting the growth of the market during the assessment period.
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A 10.7 % CAGR is estimated to guide the market worth to USD 18,765.1 million by 2025.The energy & utility segment requires constant monitoring, and this is projected to guide the asset performance management market size around the world.
The aspects of lowering functioning costs and diminishing risk factors in the business are estimated to bolster the asset performance management market.COVID-19 Analysis:The business impact of SARS-CoV-2 has been felt across diverse sections of the information technology industry, albeit at different levels.
Novel coronavirus has Performance Asset Management Market to open new avenues for those firms that are on the lookout for solutions that are reliable, efficiently managed, scalable, and are subscription-based, to remain more focused on the core business.
The Performance Asset Management Market Market is bearing lesser impact of the COVID-19 outbreak compared to most other segments of the tech world.In a nutshell, COVID-19 impact on managed services has been fruitful, with the market growth enhanced than before.
Given the prevalent lockdown situation, managed services vendors are now investing heavily in remote-centric worker solutions, which can make the market highly resilient in the coming years, even as the world is currently rushing to achieve a COVID-19 breakthrough.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/8149Competitive Outlook: The prominent contenders operating in the asset performance management market are AVEVA Group PLC (UK), Bentley Systems, Incorporated (US), Detechtion Technologies (Canada), IBM Corporation (US), Operational Sustainability, LLC (US), Aspen Technology (US), SAP SE (Germany), ARMS Reliability (Australia), Siemens (Germany) Rockwell Automation (US), SAP SE (Germany), SAS Institute Inc. (US), and Schneider Electric (France), ABB (Switzerland), DNV GL (Norway), GE Digital (US), IPS (Germany), and Uptake Technologies Inc. (US) to name a few.
Based on the regions, the asset performance management market has been segmented into Europe, the Middle East, Asia Pacific, Africa, North America, and South America.Regional Analysis:The regional study of the asset performance management market includes regions such as Europe, the Middle East, Asia Pacific, Africa, North America, and South America.
Asset Performance Management Market OverviewThe Global APM Market is expected to expand at 10.7% CAGR to reach a market value of 18,765.1 million in 2025.FREE Sample@ https://www.marketresearchfuture.com/sample_request/8149High demand for improving machine efficiency, productivity, and performance is a primary factor driving the growth of the market during the forecast period.
As such, asset performance management systems help improve the efficiency, productivity, and performance of assets.
APM solutions automate tasks, such as maintenance planning, thereby reducing unplanned downtime and increasing asset availability.
APM can be used to optimize various processes, such as operations, maintenance, and quality management.
This approach helps improving key metrics such as uptime, mean time to repair (MTTR), asset longevity, cost, quality/yield, and safety.
Successful implementation of these metrics helps improve crucial key performance indicators (KPIs) such as margins, revenue, and customer satisfaction.Segmental AnalysisThe APM market segment has been categorized on the basis of offering, deployment mode, vertical, and region.Based on offering, the APM market has been segmented into software type (data management software, predictive asset analytics tools, enterprise asset management software, and pattern recognition software) and services (professional and managed)Based on deployment mode, the APM market comprises on-premise and cloud.By vertical — manufacturing, oil & gas, energy & utility, healthcare, IT & telecommunication, and others.Regional AnalysisAsia-Pacific is expected to register the highest CAGR during the forecast period.
Global Asset Performance Management Market Research Report — by Offering {Software Type(Data Management Software, Predictive Asset Analytics Tools, Enterprise Asset Management Software, and Pattern Recognition Software) Services(Managed Services And Professional Services)}, Deployment Mode (Cloud, On-Premise), Vertical (Manufacturing, Oil & Gas, Energy & Utility, Healthcare, IT & Telecommunication), and by Region {North America (US, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, Rest of Asia Pacific, and India), the Middle East & Africa, and South America} — Forecast till 2025Asset Performance Management Market OverviewThe global asset performance management (APM) market is expected to reach 18,765.1 million by 2025, growing at a CAGR of 10.7% during the forecast period (2018–2025).
In this report, Market Research Future (MRFR) includes market segmentation and market dynamics to offer a better glimpse of the market in the coming years.Applications of IT(Information Technology) and OT(Operational Technology) in the manufacturing sector is expected to drive the growth of asset performance management during the forecast period.
The convergence of IT and OT is used to monitor events, processes, and devices and adjust enterprise and industrial operations.
IoT solutions customized for asset performance management allow manufacturing firms to plan and optimize present asset requirements, predict asset failure for zero downtime through repairs and replacement of stressed assets, and ensure seamless operations.
As such, asset performance management systems help improve the efficiency, productivity, and performance of assets.
APM solutions automate tasks, such as maintenance planning, thereby reducing unplanned downtime and increasing asset availability.
