Asset Performance Management Market Trends

Asset Performance Management (APM) Market Overview

Asset Performance Management (APM) Market Size was valued at USD 11.6 billion in 2021. The asset performance management (APM) market industry is projected to grow from USD 13.1 billion in 2022 to USD 30.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.1% during the forecast period (2024 - 2030).

Application of IT and OT in the manufacturing sector and high demand for improving machine efficiency, productivity, and performance are some of the primary drivers fueling the demand for Asset Performance Management (APM). Furthermore, the growing use of AI and increasing penetration of the industrial internet of things (IIoT) and other smart connected devices are other factors expected to drive the APM market growth.

In addition to availability goals and traditional reliability, Asset Performance Management (APM) is an approach for managing assets that prioritizes commercial goals. In industrial enterprises, APM has developed into a crucial facilitator of digital asset management change. To increase the availability and dependability of physical assets, asset performance management software unites integration, data collection, analytics, and visualization into a single platform. The asset performance management system offers a variety of solutions, including reliability-centered maintenance, condition-based maintenance, predictive asset management, and asset strategy and risk management, among others. End-use industries like energy & utilities, oil & gas, mining & metal, and manufacturing have a significant demand for these.

The market is anticipated to expand as a result of businesses becoming more aware of the significance and benefits of asset performance management in boosting profitability. Also, the industry for asset performance management is anticipated to increase significantly in the next years due to the rising fame of the digital asset performance management solution & the potential integration of the digital twin technology and the industrial internet of things (IIoT).

FIGURE 1: ASSET PERFORMANCE MANAGEMENT (APM) MARKET 2018-2030

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

In addition to availability goals and traditional reliability, Asset Performance Management (APM) is an approach for managing assets that prioritizes commercial goals. In industrial enterprises, APM has developed into a crucial facilitator of digital asset management change. To increase the availability and dependability of physical assets, asset performance management software unites integration, data collection, analytics, and visualization into a single platform. The asset performance management system offers a variety of solutions, including reliability-centered maintenance, condition-based maintenance, predictive asset management, and asset strategy and risk management, among others. End-use industries like energy & utilities, oil & gas, mining & metal, and manufacturing have a significant demand for these.

The market is anticipated to expand as a result of businesses becoming more aware of the significance and benefits of asset performance management in boosting profitability. Also, the industry for asset performance management is anticipated to increase significantly in the next years due to the rising fame of the digital asset performance management solution & the potential integration of the digital twin technology and the industrial internet of things (IIoT).

Industry News of Asset Performance Management Market

• March 2023- A centralized system for managing the performance of digital assets has been built by OQ Upstream. Optimization of asset performance is a major concern for OQ and the entire oil and gas sector. Shutdowns brought on by failing assets result in lost output, expensive repairs, the adverse effects on the environment, flare-ups, and safety hazards. Hussain Al Naamani, the OQ EP reliability management team lead, stated that they must prevent shutdowns and failures. OQ has to put preventative maintenance & corrective action plans into place to avoid shutdowns. In order to do this, it was necessary to identify and comprehend asset failure modes, enhance asset maintenance and reporting techniques, and streamline workflows & data coordination across numerous disciplines. OQ intended to create a centralized digital system in order to access, exchange, and analyze asset data in order to solve these problems.

• OQ has already begun a digital twin pilot project, including smart technology solutions and artificial intelligence, as part of its commitment to advancing ongoing business excellence & operational efficiency through digitization. Bentley's AssetWise APM will feed the model with data on asset performance as well as information from digital monitoring devices by 2024 in order to provide real-time, intelligent, & sustainable operations.

Covid-19 Analysis

Many industries across the globe have been negatively impacted over the last few months. This is attributed to disruptions experienced by their respective manufacturing and supply-chain operations because of various lockdowns, as well as other restrictions enforced by governing authorities across the globe. Post COVID-19, increase the adoption of asset performance management (APM) software in life sciences and healthcare industries to empower faster and more convenient access to medical equipment information. A rise in demand for information about equipment used in the treatment of patients in the decision-making process of health insurance policies and growing financial investment in healthcare due to the COVID-19 are expected to boost the market growth over the forecast period.

Asset Performance Management (APM) Market Opportunity

Application of advanced data analytics to drive decision making

The growth of cloud computing and data analytics services has seen a surge over the past few years. According to Statista, an independent statistical data provider, SaaS solutions generated USD 110 billion in the first half of 2018. This growth shows the rate at which digital solutions are being adopted among organizations. Asset performance management (APM) systems would benefit significantly from the services as they allow scalability and application across multiple verticals. For example, advanced analytical techniques enable the processing of various types of structured and unstructured data to improve decision-making.

Asset Performance Management (APM) Market Segment Insights

Asset Performance Management (APM) Offering Insights

The Asset Performance Management (APM) market segmentation, based on offering, includes software type and services. Additionally, by software type, the asset performance management market has been segmented into data management software, predictive asset analytics tools, enterprise asset management software, and pattern recognition software. The services segment of the asset performance management software market has been segmented into managed and professional services. The professional services segment has been further segmented into installation & deployment services, consulting services, and support & maintenance. During the projected period, the services segment is expected to rise rapidly.

April 2019: Aspen Technology announced the launch of the Aspen ONE Version 11 software. The new software suite incorporates prescriptive maintenance into planning and scheduling to detect future equipment condition issues and plan interventions for asset failures and quality issues. It improves operational analytics for continuous and batch operations to accurately identify sources of process and quality variability and to improve asset utilization

Asset Performance Management (APM) Deployment Insights

The market is divided into on-premises and cloud based on deployment mode. The On-premises segment accounted for largest market share. Over the past few years, businesses have changed drastically due to the rapid advancements in technology, such as assets-on-the-go and mobile devices, which are used both outside and inside the workplace. Hence, there is a growing need for advanced technology supporting both asset tracking and asset reporting digitally. A cloud-based asset management software allows enterprises in every industry vertical to gather and analyze both current and historical asset/inventory in real-time. During the projected period, the cloud segment is expected to rise rapidly.

April 2021: IBM Corporation acquired US-based enterprise software company Turbonomic. With the acquisition of Turbonomic, IBM will help companies overcome the high costs associated with managing performance and availability for multiple applications sharing an increasingly complex hybrid cloud environment

June 2020: IBM Corporation and Wipro Limited collaborated to develop and offer hybrid cloud solutions that will help their customer organizations migrate, manage, and transform mission-critical workloads and software applications with security across public or private cloud as well as on-premises solutions. IBM is expected to provide their technologies, including IBM Cloud Paks for Apps, Data, Integration, Automation, Management and Security, IBM Cloud and Cognitive, IoT, AI/ML, Mainframe Modernization, Supply Chain Transformation, and others.

FIGURE 2: ASSET PERFORMANCE MANAGEMENT (APM) MARKET SHARE BY DEPLOYMENT MODE 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asset Performance Management (APM) Vertical Insights

By vertical the asset performance management (APM) market has been segmented into manufacturing, oil & gas, energy & utility, healthcare, IT & telecommunication, and others. The food and beverage industry encounters more challenges than other industries as they usually produce products for human consumption. They must adhere to strict product quality standards, as well as hygiene and safety procedures. Failure to meet these requirements could result in unacceptable levels of product waste as a result of production failures (such as inefficient changeovers) or unplanned shutdowns, which result in the rejection of startups or rejects throughout the manufacturing process.

Disconnected systems, limited resources, and pressure to keep up with production demands can leave food and beverage (F&B) and consumer packaged goods (CPG) manufacturing facility vulnerable to a variety of risks. That’s why leading F&B and CPG companies are leveraging an asset performance management (APM) solution to remain competitive.

Asset Performance Management (APM) Regional Insights

Geographically, Europe is contributing the second highest share in the Asset Performance Management (APM) market during the projected period. Some of the factors that contribute to the growth of the asset performance management market include the presence of companies such as Nexus , BMC Software, Inc., Assetic, Schneider Electric, and the rapid growth of the manufacturing industry. An Increase in government budgets and the launch of new technologies in the UK are some of the primary factors contributing to the growth of the asset performance management market. Leading companies in the region, such as BMC Software, Inc., Assetic, and Schneider Electric, are investing significantly in the R&D of APM technology to remain competitive in the market.

Germany is one of the leading countries and at the forefront of innovation and technology, having the presence of major players in the field of semiconductors, power electronics, and information and communication technology (ICT). Furthermore, some of the other factors that fuel the market growth in the rest of Europe include increased inclination of the government towards the smart industry and smart city, the growing technology literacy of people, and rising adoption of next-generation technologies across the oil & gas and healthcare industries, which are supporting the domestic vendors of asset performance management market.

Additionally, the expansion opportunities for the US-based market leaders in Western Europe are also considerably high, further paving the way for the growth of the asset performance management market.

FIGURE 3: ASSET PERFORMANCE MANAGEMENT (APM) MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asset Performance Management (APM) Key Market Players & Competitive Insights

The asset performance management market is growing at a remarkable rate due to significant technological innovations. Application of IT and OT in the manufacturing sector and high demand for improving machine efficiency, productivity, and performance are some of the factors driving the growth of the market. However, the high cost of implementing is likely to limit the growth of this market in the future.

According to MRFR analysis, the growth of asset performance management is dependent on market conditions. The key vendors in the 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).

These companies are focusing on enhancing their products with improved technologies. Moreover, these companies are prominent providers of asset performance management software and are competing in the market to increase their geographic presence, grow their customer base, and form strategic partnerships.

IBM Corporation is a multinational organization providing IT infrastructure and IT-related services in the fields of Cloud computing, cybersecurity, and artificial intelligence. The company has shifted its core business model to a software as a service (SaaS) through offerings in cybersecurity, analytics, cloud computing, IoT, while also retaining its expertise in IT infrastructure.

February 2019: IBM launched asset performance management tools to enter the industrial IoT market. The applications, which fall under the IBM Maximo Asset Performance Management (APM) product line, are aimed at making IBM more competitive with the likes of GE's industrial IoT efforts as well as upstarts such as Uptake and C3.

Key Companies in the Asset Performance Management (APM) market include

• Aspen Technology (US)


• AVEVA Group PLC (UK)


• Detechtion Technologies (Canada)


• IBM Corporation (US)


• Operational Sustainability LLC (US)


• Rockwell Automation (US)


• SAP SE (Germany)


• Bentley Systems Incorporated (US)


• Schneider Electric (France)

Asset Performance Management (APM) Industry Developments

March 2023- A centralized system for managing the performance of digital assets has been built by OQ Upstream. Optimization of asset performance is a major concern for OQ and the entire oil and gas sector. Shutdowns brought on by failing assets result in lost output, expensive repairs, the adverse effects on the environment, flare-ups, and safety hazards. Hussain Al Naamani, the OQ EP reliability management team lead, stated that they must prevent shutdowns and failures. OQ has to put preventative maintenance & corrective action plans into place to avoid shutdowns. In order to do this, it was necessary to identify and comprehend asset failure modes, enhance asset maintenance and reporting techniques, and streamline workflows & data coordination across numerous disciplines. OQ intended to create a centralized digital system in order to access, exchange, and analyze asset data in order to solve these problems.

OQ has already begun a digital twin pilot project, including smart technology solutions and artificial intelligence, as part of its commitment to advancing ongoing business excellence & operational efficiency through digitization. Bentley's AssetWise APM will feed the model with data on asset performance as well as information from digital monitoring devices by 2024 in order to provide real-time, intelligent, & sustainable operations.

Asset Performance Management (APM) Market Segmentation

Asset Performance Management (APM) Offering Outlook

• 
  

  Software Type

  
  


• 
  

  Services

  
  

Asset Performance Management (APM) Deployment Mode Outlook

• 
  

  On-premises

  
  


• 
  

  Cloud

  
  

Asset Performance Management (APM Vertical Outlook

• 
  

  Food & Beverages

  
  


• 
  

  Energy and Utility

  
  


• 
  

  Manufacturing

  
  


• 
  

  Logistics & Transport & Supply Chain

  
  


• 
  

  Chemicals

  
  


• 
  

  Others

  
  

Asset Performance Management (APM) Regional Outlook

• 
  

  North America

  
  

• US


• Canada


• Mexico

• 
  

  Europe

  
  

• Germany


• France


• UK


• Rest of Europe

• 
  

  Asia-Pacific

  
  

• China


• Japan


• India


• Rest of Asia-Pacific




• 
  

  Middle East & Africa

  
  


• 
  

  South America