Asset Performance Management (APM) Market Competitive Dynamics, Key Players, Size and Global Outlook 2024

Global Asset Performance Management (APM) Market Size, Share, Growth, Trends, Analysis by Offering, Deployment Mode (Cloud, On-Premise), Vertical and by Region {North America (US, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia Pacific, the Middle East

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Asset Performance Management (APM) Market Overview

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.

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Competitive Analysis

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)

Segmental Analysis

The global Asset Performance Management (APM) Market has been segmented on the basis of offering, deployment mode, vertical, and region.

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.

Regional Analysis

Regionally, the APM market has been divided into North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America

Europe was the second-largest market in 2018 in terms of market share; it is projected to grow at a CAGR of 10.9%. Some of the factors that contribute to the growth of the asset performance management market include the presence of companies such as Nexus Global, BMC Software, Inc., Assetic, Schneider Electric, and the rapid growth of manufacturing industry. An Increase in government budgets and the launch of new technologies in the UK are also some of the primary factors contributing to the growth of the global asset performance management market.

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