The Asset Performance Management Market Would Grow at a 9.8% CAGR by 2032

Market for Asset Performance Management

Asset performance management is expected to generate USD 2.5 billion in global sales in 2021 and USD 2.7 billion in 2022. Sales are anticipated to increase to $7 Bn between 2022 and 2032, growing at 9.8% CAGR. The demand for effective asset management and TCO optimization is expected to rise significantly over the course of the projection period. Since SMEs and large organisations make up the majority of APM customers, the market would expand during the time of the forecast.

As organisations become more likely to adopt a modern approach for asset performance management as a result of Industry 4.0, opportunities are projected to materialise in the near future. Digital twins technology is expected to have a profitable future over the projection period.

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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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