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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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.
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)
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