Press release
Asset Performance Management (APM) Market Revenue, Size, Share, Worth, Segment by Type, Application, Key Companies | Valuates Reports
Asset Performance Management MarketThe global Asset Performance Management (APM) market size is projected to reach USD 8315.3 Million by 2028, from USD 3691.9 Million in 2021, at a CAGR of 12.1% during 2022-2028. Key drivers of the asset performance management market include the rising need for increasing ROI on asset performance.
Download Free Sample: https://reports.valuates.com/request/sample/QYRE-Auto-13C4192/
Trends Influencing the Growth of the Asset Performance Management Market
Maintaining asset performance
Organizations across the globe are increasingly deploying APM solutions for decreasing unplanned downtime and maintenance costs. The rising business complexities have necessitated the need for proper asset management and visibility. A proper APM strategy provides an inbuilt, integrated and connected solution for bringing all the voluminous and disparate data sources together for more reliable operations. It monitors all the systems and assets of a company and provides end-to-end solutions for mitigating operational risks. The descriptive analytics drive deep insights and provide answers to critical business decisions. It monitors the history and current health of the asset. Predictive maintenance becomes easy as threats, defects, and anomalies are detected in real time beforehand. This optimizes the overall workflow of the organization. This will fuel the growth of the asset performance management market in the forthcoming years. The software discovers reliability issues by tracking the entire lifecycle of equipment from its design, building, operation, connection, and maintenance standards. Hence industrial companies can operate smoothly, reduce costs over a longer time period and provide better time to market.
Industry 4.0
The 4th industrial revolution is gradually gaining traction in the manufacturing industry. The competition is fierce and the scope of change is drastic. The need for asset reliability and integrity management is huge for maintaining smooth operations and ensuring compliance. A huge number of sensors are onboarded to collect crucial information and streamline labor, materials, inventory, and accuracy of capital budgets. The asset performance analytics provide accurate feedback on the working condition and design of the assets to the manufacturers. This will fuel the expansion of the asset performance management market. Businesses are making the shift from reactive processes to proactive strategies. This involves eliminating older techniques and sticking to preventative measures that provide maintenance on a predetermined schedule. Deficiencies and potential failures are spotted directly with high levels of accuracy. These damages are usually not visible to the naked eye. Several recurring problems are eliminated such as excessive wastage of products, declining manufacturing yield, and catalyst decay. As a result, all the equipment are available 24/7 and perform well in advance. Advanced predictive maintenance configures all the solutions in one place by combining complex machinery, location, and processes regardless of their production maturity.
The emergence of newer technologies
APM utilizes pattern recognition, artificial intelligence, predictive analytics, and machine learning to derive asset-centric data for making organizations agile, and productive and increasing asset availability. An integrated APM solution with advanced AI capabilities can minimize overall costs and decrease the chances of failure or breakdown of critical and not-so-critical assets. This will drive the growth of the asset performance management market in the upcoming years. Asset monitoring leverages digital twin technology for identifying very minute details of potential flaws. It is a virtual computer model for showcasing the optimal working capacity of a machine. A sight deviation in the working models is captured instantly. Furthermore, these analytical tools trigger a warning sign. This enables enterprises to move from break-fix and time-based maintenance to conditional strategies that enhance reliability and avoid prolonged periods of maintenance.
Data security and confidentiality risks
Cyber attacks have grown tremendously due to rising digitization. Digital technologies are highly vulnerable to online risks as organizations are transferring their digital data to the cloud platform. Malicious parties can easily attack servers, networks, and communication protocols. This will hamper the growth prospects of the asset performance management market. There are high chances of getting these parameters compromised as intellectual property elements and control system operators are risky. Hence enterprises are skeptical to adopt modern asset performance management solutions.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-13C4192/global-asset-performance-management-apm
Asset Performance Management Market Share Analysis
Based on type, the asset reliability management segment is expected to dominate in the asset performance management market share due to huge offerings of reliability solutions by key industry players and growing awareness amongst companies for reducing excessive operational costs.
Based on application, the energy and utility segment is expected to witness considerable growth in the asset performance management market share due to technological interventions in company processes for providing efficient energy services and the need for improving the working conditions of assets in the oil and gas industry.
Based on region, Asia-Pacific will witness significant growth due to rising investments by key players, implementation of technologies like the cloud, and rising digitization.
By Type
• Asset Integrity Management
• Asset Reliability Management
By Application
• Aerospace & Defense
• Automotive & Transportation
• Machine Manufacturing
• Energy & Utilities
• Others
By Company
• GE
• Schneider Electric
• ARC Advisory Group
• Bentley Systems
• AspenTech
• ABB
• Nexus Global
• SAP
• IBM
• UpKeep
• Aveva
• Siemens
• Infor
• Oracle
Inquire for Chapter Cost: https://reports.valuates.com/request/chaptercost/QYRE-Auto-13C4192
Similar Reports:
1. Industry 4.0 Market: https://reports.valuates.com/market-reports/QYRE-Auto-23H2166/global-industry-4-0
2. Asset Integrity Management Market: https://reports.valuates.com/market-reports/QYRE-Auto-4I6275/global-asset-integrity-management
3. Asset Reliability Management Market: https://reports.valuates.com/market-reports/QYRE-Auto-2Z4549/global-asset-reliability-management
Phone:
U.S. (TOLL FREE) : +1 (315) 215-3225
India: +91 8040957137
Valuates offers an extensive collection of market research reports that helps companies to take intelligent strategical decisions based on current and forecasted Market trends.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Asset Performance Management (APM) Market Revenue, Size, Share, Worth, Segment by Type, Application, Key Companies | Valuates Reports here
News-ID: 2713636 • Views: …
More Releases from Valuates Reports
Strain Gauge for Force Sensors Market Revenue Share, Insights & Future Outlook
Strain Gauge for Force Sensors Market Size
The global market for Strain Gauge for Force Sensors was valued at US$ 128 million in the year 2023 and is projected to reach a revised size of US$ 207 million by 2030, growing at a CAGR of 7.3% during the forecast period.
How Do Regional Markets and Applications Shape Market Demand?
North American market for Strain Gauge for Force Sensors is estimated to increase from…
Industrial Electric Steam Boiler Market: Revenue Share, Insights & Future Outloo …
Industrial Electric Steam Boiler Market
The global market for Industrial Electric Steam Boiler was estimated to be worth US$ million in 2023 and is forecast to a readjusted size of US$ million by 2030 with a CAGR of % during the forecast period 2024-2030.
How Do Regional Markets and Applications Influence Demand?
North American market for Industrial Electric Steam Boiler was valued at $ million in 2023 and will reach $ million by…
Overhead Catenary Working Vehicles Sales Market Revenue Share, Insights & Future …
Overhead Catenary Working Vehicles Sales Market Size
The global Overhead Catenary Working Vehicles market size was US$ 655 million in 2024 and is forecast to a readjusted size of US$ 808 million by 2031 with a CAGR of 3.1% during the forecast period 2025-2031.
By 2025, the evolving U.S. tariff policy is poised to inject considerable uncertainty into the global economic landscape. This report delves into the latest U.S. tariff measures and…
Sound and Thermal Insulation Market : Revenue Share, Insights & Future Outlook
Sound and Thermal Insulation Market
Sound and thermal insulation are two distinct but related concepts used in construction and building design to enhance the comfort, energy efficiency, and acoustic quality of indoor spaces.
The global Sound and Thermal Insulation market is projected to grow from US$ million in 2024 to US$ million by 2030, at a Compound Annual Growth Rate (CAGR) of % during the forecast period.
There was a growing awareness of…
More Releases for Asset
Asset Performance Management Market Is Driven By Asset Performance Management In …
Asset Performance Management (APM) has emerged as a critical solution for industries aiming to enhance the performance, reliability, and efficiency of their assets. APM systems utilize data analytics, predictive maintenance, and monitoring technologies to optimize asset performance, minimize downtime, and maximize operational efficiency. The global Asset Performance Management market is characterized by key drivers and notable trends that are reshaping how industries manage and maintain their critical assets.
Download Free PDF…
Asset Management Software
In today's dynamic business landscape, efficient asset management is more critical than ever. Sunsmart Asset Management Software is designed to empower organizations of all sizes and industries to streamline their asset-related processes, enhance control, and maximize the value of their assets.
Key Features and Benefits:
Comprehensive Asset Tracking: Our software provides a centralized platform to track and manage assets, offering real-time visibility into asset location, condition, and history, reducing the risk of…
Asset Evaluation Service Market 2023-2030 Comprehensive Research Study and Stron …
Infinity Business Insights published a new research publication on Asset Evaluation Service Market Insights, to 2030 with 113+ pages and enriched with self-explained Tables and charts in presentable format. The worldwide Asset Evaluation Service market is expected to grow at a booming CAGR during 2023-2030. It also shows the importance of the Asset Evaluation Service market main players in the sector, including their business overviews, financial summaries, and SWOT assessments.
The…
Data Asset Map System Market Rising emphasis on data management and asset tracki …
Global Data Asset Map System Market Overview:
The Data Asset Map System market is a broad category that includes a wide range of products and services related to various industries. This market comprises companies that operate in areas such as consumer goods, technology, healthcare, and finance, among others.
In recent years, the Data Asset Map System market has experienced significant growth, driven by factors such as increasing consumer demand, technological advancements, and…
Big Boom in Asset Recovery Software Market 2020-2027 |HPE , Terrapin Systems , C …
According to a report on Asset Recovery Software Market, recently added to the vast repository of Research N Reports, the global market is likely to gain significant impetus in the near future. The report, titled “Global Asset Recovery Software Market Research Report 2020,” further explains the major drivers manipulating industry, the possibility of development, and the challenges going up against the administrations and industrialists in the market. This research study…
Crypto Asset Management Market | Digital Asset Custody Company, Crypto Finance A …
Global Crypto Asset Management Market: Snapshot
The demand within the global market for crypto asset management has been rising on account of advancements in the field of crypto currency. The past years have been an era of advancements in the global digital industry and have paved way for several new technologies. In this stampede of digital transformations, crypto currency has emerged as a matter of discussion and recourse. Hence, the global…