Press release
By 2032, the Market for Asset Performance Management Would Expand at a 9.8% CAGR
Asset Performance Management Market
Global sales of asset performance management are projected to reach USD 2.5 billion in 2021 and USD 2.7 billion in 2022. Between 2022 and 2032, sales are expected to grow by 9.8% CAGR to $7 Bn. Over the course of the forecast time, it is anticipated that the requirement for efficient asset management and TCO optimization would increase dramatically. The market would grow during the forecast period since the bulk of APM customers are SMEs and large organisations.
Opportunities are anticipated to materialise in the near future as businesses become more likely to adopt a contemporary strategy for asset performance management as a result of Industry 4.0. During the forecast period, digital twins technology is anticipated to have a lucrative potential for expansion.
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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.
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
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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.
Key companies profiled
AVEVA Group
IBM
Bentley Systems
SAP
Detechtion Technologies
Siemens Energy AG
Oracle
ABB Ltd.
GE Digital
Rockwell Automation
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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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