Asset Performance Management Market Size Forecast to Reach $ 8,954.2 Million by 2026

(MENAFN- GetNews) Adoption of Advanced Technologies Such As Artificial Intelligence, Cloud, Internet of Things, and Development in Asset Performance Management Provides Significant Opportunities for Asset Performance Management market Growth

The Global Asset Performance Management (APM) market size is forecast to reach $ 8,954.2 million by 2026, growing at a CAGR of 10.6% from 2021 to 2026. APM involves the control of software application output in order to achieve the optimal level of service as measured by performance measurements and customer interaction. The global Asset Performance Management market is being fuelled by growing demand for big data analytics, condition monitoring and predictive asset management. The demand for APM is growing as mobile and cloud networking and storage become more prevalent. Growing business services like e-commerce and online credit processing provide a lot of space for market expansion for Asset Strategy Management. The rising pattern of hybrid cloud deployment is having a big effect on the growth rate of the market, especially among operational technology. Due to the involvement of major players such as SAP, Oracle, and so on to include cloud-based models amid the increasing product releases, the cloud-based deployment model is set to expand at a higher pace thereby impacting the market growth rate during the forecast period 2021-2026.

Asset Performance Management Market Segment Analysis –By Deployment Type

Cloud deployment type is projected to witness significant market growth during the forecast period 2021-2026 with CAGR of 18.6%. With almost every big player launching or extending cloud options, cloud technologies have been universally embraced. Cloud’s inherent on-demand scalability and global scope, as well as increasingly strong big data analytics and AI support, make it a perfect fit for DevOps and cloud-based applications in many ways. Applications also face abrupt performance fluctuations and periodic changes and improvements, due to agile implementation methodologies as well as continuous deployment and iterative cycles. The majority of vendors are positioned around analytics and large data collection functionality. For enterprise IT customers relocating more application and micro-service based workloads to public cloud infrastructures, real-time data collection and analysis is becoming more relevant.

Asset Performance Management Market Segment Analysis – By Organisation Size

Large sized organisation held the highest market share in 2020 with market revenue of around $ 2980.2 million. Enterprise systems require a high degree of scalability to appeal to broad end-users. IT teams in these companies track uptime to ensure consistent results for their enterprise applications. In 2019, New Relic has pioneered the idea of an APM rooted in SaaS and is one of the market pioneers in Asset Performance management. New Relic also offers APM for smartphone applications, automated browser security management and, most recently, infrastructure Management. In this way, APM offers a unique opportunity for larger enterprises to better align tech performance with digital objectives. Furthermore, Small sized organisation is projected to witness significant market growth with CAGR 14.6% during the forecast period 2021-2026. Application efficiency problems have a serious effect on small businesses. APM benefits small businesses from conventional IT programs in a number of areas. It improves the accuracy, speed and efficiency of the devices. It also overcomes conventional IT drawbacks by better scalability and configuration control. High acceptance of Asset Performance based solutions along with increasing attention to regulatory enforcement are some of the factors driving market growth.

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Asset Performance Management Market Segment Analysis – By Geography

North America is estimated to be the leading region in 2020, followed by APAC and Europe. This is owing to the widespread adoption of new technologies in most industries, as well as the country’s strong economy and affordability of Asset Performance Management. In November 2019, the first combined APM and FSM digital system for the food and beverage industries was delivered by SIG in partnership with GE Digital. APAC is expected to rise at the fastest pace, owing to rapid industrialization, infrastructure development, and the growth of the private sector. In July 2020, Multi-cloud IT solutions provider Netmagic Solutions has collaborated with AppDynamics, a Cisco-owned application intelligence firm, to enhance end-user digital experience for companies and gain insight into the success of their technology stack. Furthermore, APM vendors in Europe have expressed interest in having their solutions classified as an AIOps tool. With the advent of microservices, blockchain, and Internet of Things (IoT), data is now replete in IT operations and other organizations. In September 2019, Dutch-Danish MSP Ymor was purchased by Sentia, the Netherlands-based Azure Specialist MSP, with the goal of becoming the dominant player in European Managed Services for dynamic and business-critical cloud applications. In the other hand, Ymor is known to be an application efficiency expert, personally participating, among others, in collaborations with ExtraHop, AppDynamics, and Dynatrace.

Asset Performance Management Market Drivers

Increasing Complexity of Applications

Asset Performance Management (APM) is a key indicator of application reliability. Google has reported that a delay of just half a second can lead to a 20% drop in traffic. Amazon has found that every 100ms of latency cost them 1% in sales. Growing complexities in applications leads to rise in demand for APM. Asset Performance Management software is critical for compliance with service-level agreement (SLA). APM automates actions to recover from application or infrastructure performance issues. Thus, owing to growth of complex applications the market development occurs.

Growing adoption in BFSI

Despite the fact that BFSI deploys a large number of applications, effective maintenance and execution of these important applications remains a major concern. Many businesses do not have Asset Performance measures in order to monitor their progress. According to a report by IBM in 2019, major banking sectors are planning to adopt more than 12-14% of DevOps practices in next 12-18 months. Growing adoption of Devops practices in BFSI will drive the market growth in the forecast period 2021-2026.

Asset Performance Management Market Challenges

High cost of Asset Performance Management software

The high cost of obtaining an APM software license is stifling business expansion. APM will cost anything between $500 and $6,000 a month for a group of 20 servers. Many vendors demand payment on a yearly basis. Furthermore, the majority of the well-known APM applications currently on the market are aimed at large corporations. Millions of small enterprises such as Retrace need an APM solution. In the projected period 2021-2026, the high cost of the tool serves as a deterrent for these businesses.

Asset Performance Management Market Landscape

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Asset Performance Management market. As of 2020, the market for Asset Performance Management market is consolidated with the top players including AppDynamics, Broadcom DX, New Relic Inc., IBM Corp., Dynatrace LLC, HP, CA Technology, Microsoft, among others.

Acquisitions/Technology Launches/Partnerships

In November 2020, Dynatrace announced expanded partnership with SAP. Through incorporating the AI-powered observability and digital experience management capabilities of Dynatrace into SAP Commerce Cloud, customers gain a greater knowledge, including third-party providers, of apps and microservices operating in their network.

In April 2020, Ensono also launched a new APM offering that provides users with a comprehensive review of the performance of the programme by reducing downtime and increasing stability. Its real-time performance visibility allows device bottlenecks to be reduced, inefficiencies to be minimised, and world-class end-user experience to be provided.

Key Takeaways

Adoption of advanced technologies such as artificial intelligence, Cloud, Internet of things and development in Asset Performance Management provide significant opportunities for market growth. 

Growing adoption in BFSI verticals for efficient management and delivery of critical applications propels the market growth.

APAC region is projected to witness significant market growth during the forecast period owing to the investment in different sectors in the production and deployment of Industry 4.0, growing trend towards the automation and others.

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