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MARC Group's report titled “ IMARC Group's report titled“ Asset Performance Management Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 “ , Offers a comprehensive analysis of the industry, which comprises insights on the market.
How big is the APM market?
The global asset performance management
market size reached US$
20.2
Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
Factors Affecting the Growth of the Asset Performance Management Industry:
· Need for Predictive Maintenance:
The global APM market is primarily driven by the increasing demand for predictive maintenance strategies. Industries like manufacturing, energy, and utilities are realizing the immense benefits of transitioning from traditional reactive and preventive maintenance approaches to predictive maintenance. APM solutions harness advanced analytics and data from sensors and IoT devices to forecast potential equipment failures. By proactively scheduling maintenance based on these predictions, organizations can reduce costly downtime, extend the lifespan of critical assets, and optimize operational efficiency. The compelling cost-saving and efficiency-enhancing potential of predictive maintenance has accelerated the adoption of APM solutions worldwide, thus propelling market growth.
· Rise of Industrial IoT (IIoT):
The rapid proliferation of the Industrial Internet of Things (IIoT) and sensor technologies is another major driver for the global APM market. IIoT enables continuous real-time monitoring of assets, generating vast streams of data. APM solutions leverage this data to offer accurate insights and predictive analytics. This empowers organizations to make informed decisions regarding asset maintenance and optimization. As IIoT adoption continues to expand across industries, the demand for APM solutions that effectively harness and analyze this data is on the rise. The synergy between IIoT and APM is shaping the future of asset management and is fueling market growth.
· Regulatory Compliance and Safety Standards:
The implementation of stringent regulatory requirements and safety standards in industries such as manufacturing and energy are compelling organizations to adopt APM solutions. Companies must invest in APM to ensure compliance with regulations, mitigate the risk of accidents or environmental incidents, and maintain a safe operational environment. APM systems assist in tracking and documenting asset performance, which is crucial for audits and compliance checks. As regulatory pressures continue to mount, APM becomes an indispensable tool for organizations seeking to meet these requirements efficiently. Furthermore, the heightening focus on regulatory compliance and safety standards has catalyzed market growth, especially in industries where adherence to regulations is crucial.
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Leading Companies Operating in the
Global
Asset Performance Management
Industry:
ABB Ltd Aspen Technology Inc. AVEVA Group plc Bentley Systems Incorporated Detechtion Technologies DNV GL GE Digital (General Electric Company) International Business Machines Corporation Oracle Corporation Rockwell Automation Inc. SAP SE Sas Institute Inc. Schneider Electric SE Siemens Energy AG
Asset Performance Management Market Report Segmentation:
By Component:
Solution represented the leading segment due to the comprehensive software and analytics offerings, enabling organizations to effectively monitor and optimize their assets.
By Deployment Mode:
On-premises accounted for the largest market share owing to the control and security it provides, particularly in industries with stringent data regulations and privacy concerns.
By Organization Size:
Large Enterprises Small and Medium-sized Enterprises
Large enterprises represented the largest segment as they often have complex asset portfolios and higher budgets for implementing comprehensive Asset Performance Management solutions.
By Industry Vertical:
Energy and Utilities Oil and Gas Manufacturing Mining and Metals Healthcare and Life Sciences Chemical and Pharmaceuticals Government and Defense IT and Telecom Food and Beverages Others
Energy and utilities held the majority of the market share on account of the critical need to monitor and maintain infrastructure, reduce downtime, and ensure operational efficiency in this sector.
Regional Insights:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
North America's dominance in the asset performance management market is attributed to its advanced industrial infrastructure, early adoption of digital technologies, and a strong focus on asset optimization across industries.
Global Asset Performance Management Market Trends:
The global Asset Performance Management (APM) market is primarily driven by the increasing need for predictive maintenance and optimization of assets in industries such as manufacturing, energy, and utilities. This is fueled by the desire to reduce downtime, enhance operational efficiency, and extend the lifespan of critical assets.
Apart from this, the rapid proliferation of the Industrial Internet of Things (IIoT) and sensor technologies provides a wealth of real-time data, enabling APM solutions to offer more accurate insights and predictive analytics, thus propelling market growth. Furthermore, the implementation of stringent regulatory requirements and safety standards that push organizations to invest in APM solutions to ensure compliance and risk mitigation is supporting market growth.
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