The global asset performance management (APM) market, having crossed an approximate revenue of US$2 billion in 2022, is poised for remarkable growth, with a robust double-digit Compound Annual Growth Rate (CAGR) projected by the end of 2030. A recent market analysis highlights the key drivers, trends, and opportunities shaping this dynamic industry.
Industry 4.0 Revolutionizes Asset Performance Management
Asset performance management encompasses the synergy of people, processes, and cutting-edge technologies to enhance the uptime, revenue generation, and lifespan of physical assets while reducing operational costs and business risk. It has a profound impact on critical executive metrics like revenue, margin, customer satisfaction, work-in-process inventory, and return on assets (ROA). The adoption of Industry 4.0 principles has revolutionized APM, introducing operational AI and unlocking new possibilities for reliability and operations teams.
Key Report Findings
- Industry 4.0 Powers Sophisticated APM: Industry 4.0 technologies provide the necessary capabilities for a sophisticated APM approach, driving its evolution.
- Energy and Utilities Sector in High Demand: The energy and utilities sector commands the largest share of the APM market, driven by the need for reliable energy services.
- Government and Private Sector Unleash Opportunities: The government and private sector segment is poised for rapid growth as organizations expand operations and embrace cloud-based solutions.
- North America Leads the Way: North America leads the global APM market, fueled by technological advancements and the presence of key players.
- Europe Offers Lucrative Opportunities: Europe is expected to exhibit significant market growth, driven by rapid adoption across various industrial sectors.
Growth Drivers
Advent of Next-gen Technologies: The APM market is on the rise due to the increasing demand to maximize economic returns on assets and the growing need for risk-based asset maintenance. Technologies such as the Industrial Internet of Things (IIoT) and Big Data Analytics are creating lucrative opportunities.
Advanced Developments amid Pandemic: Major players introduced advanced asset management solutions during the pandemic, promoting growth. Collaborations, such as Siemens Energy and Bentley Systems, are enhancing equipment uptime, reliability, and safety while reducing maintenance costs.
Opportunities Abound
Demand from Energy and Utilities Sector High: The energy and utilities sector is leveraging APM to meet rising demand for reliable energy services and predictive maintenance techniques.
Government and Public Sector: This sector is experiencing rapid demand growth for APM solutions, driven by digitization efforts and the need for enhanced customer experiences.
Growth Opportunities Across Regions
North America to Spearhead: North America, led by the United States, is expected to dominate the APM market, with a significant presence of key players and a focus on advanced technologies.
Europe Reflects Ample Opportunity: Europes quick adoption of APM systems across various industries and the presence of established businesses contribute to its significant market growth.
The global Asset Performance Management market features prominent players, including AVEVA, AspenTech, Bentley Systems, GE Digital, SAP, IBM, and many others, actively contributing to the industrys expansion.
As the global APM market continues to evolve, it presents exciting prospects for businesses looking to optimize their assets and operational efficiency, ultimately driving growth and profitability.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/asset-performance-management-market
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COMTEX_442037889/2840/2023-10-17T18:45:57