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Asset Performance Management Market by Component, Solution, Deployment Type, Organization Size, Vertical And Region - Global Forecast to 2025

Asset Performance Management Market by Component, Solution, Deployment Type, Organization Size, Vertical And Region - Global Forecast to 2025

  • May 2020
  • 148 pages
  • ID: 5892827
  • Format: PDF
  • MarketsandMarkets

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Increasing need for proactive maintenance and condition monitoring to drive the APM market
The global Asset Performance Management (APM) market size is expected 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, need to maximize economic return on assets, and increasing adoption of cloud-based applications.

Predictive asset management segment to grow at the highest CAGR during the forecast period
Predictive maintenance is a type of maintenance that monitors the condition of assets using sensors.These sensors supply data in real time, which is used to predict when the asset will require maintenance and prevent equipment failure.

Predictive maintenance allows the maintenance frequency to be as low as possible and prevents unplanned reactive maintenance, without incurring costs associated with undertaking several preventive maintenance measures. Predictive maintenance offers benefits, such as minimizing the time the equipment is being maintained and minimizing the production hours lost to maintenance.

Energy and utilities vertical to account for the largest market size in 2020
Energy and utility companies have been challenged repeatedly by changes that have been brought on by globalization, and new environmental policies.Among utility and energy companies, operational excellence means getting more from the assets that serve their customers.

Many companies believe that systems offering flexibility, scalability, and open integration standards will improve their overall productivity. APM solutions help reduce environmental risks, improve the performance of treatment facilities, and reduce equipment and operational failures.

Small and medium-sized enterprises segment to record a higher growth rate during the forecast period
The adoption of APM solutions among Small and Medium-sized Enterprises (SMEs) is estimated to grow at the highest CAGR during the forecast period.These enterprises face the greater challenge of limited budgets as compared to large enterprises, and require better methods to resolve complexities and optimize the cost of their business processes.

There are APM solutions that can scale based on budget and resource requirements.APM solutions are cost-effective and improve the overall productivity.

The main focus of SMEs is to increase the Return on Assets (ROA), which is possible with APM solutions.

North America to account for the highest market share during the forecast period
North America is estimated to dominate the global APM market due to the presence of a large number of data centers in the region and a rise in the popularity of technology.Asset performance and the quality of the organization’s products and services are impacted by the reliability of the asset or equipment.

Thus, enterprises need to adhere to industry compliances for managing their assets.APM solutions help organizations manage and maintain their assets efficiently and reduce downtime and failure.

North America being home to many huge organizations, has witnessed an increase in the awareness for proactive maintenance.
The presence of economically and technologically advanced countries, such as the US and Canada, the adoption of Industry 4.0, and strong financial position are some of the major factors that help organizations in North America have a competitive edge over others. The region is also home to many technological innovators, most of the major players, such as GE Digital, IBM, and Oracle, offering APM solutions have their headquarters in this region.
• By Company Type: Tier 1 – 27%, Tier 2 – 50%, and Tier 3 – 23%
• By Designation: C-level Executives – 43%, Directors Level – 27%, Manager Level -30%
• By Region: North America – 46%, Europe – 26%, APAC – 16%, MEA – 7% and Latin America – 5%.

Some prominent players across all service types profiled in the APM market study include 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).

Research coverage
The market study covers the APM market across different segments.It aims at estimating the market size and the growth potential of this market across different segments, such as component (solutions and services), deployment type (cloud and on-premises), organization size (large enterprises and SMEs), verticals (energy and utilities, oil and gas, manufacturing, mining and metals, healthcare and life sciences, chemical and pharmaceuticals, government and defense, Information Technology (IT) and telecom, food and beverages, and others) and regions (North America, Europe, Asia Pacific [APAC], and the Rest of the World [RoW]).

The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall APM market and its segments.This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies.

The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

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