Press release
Asset Performance Management Market Revenue to Hit the US$ 7 Bn Mark and exhibiting a 9.8% CAGR from 2022 to 2032
Asset Performance Management Market 2022
The global asset performance management market is estimated at USD 2.5 Bn in 2021 and USD 2.7 Bn in 2022. The sales is projected to reach USD 7 Bn, exhibiting a 9.8% CAGR during the forecast period from 2022 to 2032.
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Increasing demand to manage assets efficiently and optimize total cost ownership (TCO) is expected to play a salient role in developing the market in the forecast period. SMEs and large enterprises have been identified as significant consumers of the APM, thereby, boosting the market growth in the forecast period.
The growing inclination of enterprises to adopt a modern approach to asset performance management with Industry 4.0 is projected to offer avenues of opportunities in the coming time. Digital twins technology is anticipated to offer a remunerative scope of expansion in the forecast period.
In addition, the introduction of modern asset management solutions during the pandemic by established players aided organizations to enhance their performance and optimize maintenance costs. This is anticipated to augment the market size in the forecast period. For instance, in October 2020, Siemens Energy and Bentley Systems informed of their collaboration to launch a performance management solution for oil and gas operators. The solution gives provides asset performance software capabilities of Bentley Systems Inc. with Siemens Energy's oil & gas equipment proficiency.
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Key Takeaways from the Market Study
The global asset performance management market is estimated at USD 2.5 Bn in 2021
The global asset performance management market to expand at 9.8% CAGR by 2032
The global asset performance management market projected to secure USD 7 Bn by 2032
Cloud segment to expand at 8.9% CAGR during the assessment period
Solutions Segment to exhibit 9.3% CAGR in the forecast period
U.S to garner USD 2.3 Bn recording a 9.4% expansion rate from 2022 to 2032
Competitive Landscape
The global asset performance management market is highly fragmented with various large enterprises and SMEs functioning at regional and national levels. Key players in the market include AVEVA Group, IBM, Bentley Systems, SAP, and Siemens Energy AG, among others.
In April 2021, Bentley Systems announced that it is developing applications using the NVIDIA Omniverse platform for real-time visualization, photorealistic, and simulation of digital twins of massive-scale industrial and civil infrastructure projects.
In April 2021, GE Digital disclosed updates to its SmartSignal predictive maintenance software solution, which helps industrial companies in proactively forecasting, predicting, diagnosing, and monitoring device shortcomings.
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