Asset Performance Management: A Market Overview and Forecast 2027

Asia-Pacific is expected to witness highest growth rate during the forecast period, owing to growing need to find fault detection system from real-time data, predictive forecast services to reduce downtime of production on based on cloud infrastructure due to its ability to make real-time business decisions fuel the growth of the market in Asia-Pacific.

Moreover, in recent decades key players in the market have expanded their presence in emerging countries like India, china, and japan as these countries are the strong manufacturing hub for their products. They are heavily investing in these countries with cutting-edge technology. This is expected to boost the confidence of Asia-Pacific enterprises to adopt asset performance management software and will further boost the adoption among the end users.

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According to a recent report published by Allied Market Research, titled, "Asset Performance Management Market by Component, Organization Size, End User, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020-2027," the global asset performance management market size was valued at $3,463 million in 2019, and is projected to reach at $7,529 million by 2027, growing at a CAGR of 10.3% from 2020 to 2027.

Asset performance management software assists in interpreting and analyzing asset data in both input and output formats. This allows operators to continuously investigate overall asset performance, gaining crucial insights for asset utilization planning. By applying statistical methods and utilizing historical asset performance data, this software conducts predictive forecasting to provide decision-making insights.

It enables organizations to optimize the availability and reliability of their physical assets, supporting strategic and informed decision-making well before potential breakdowns that could disrupt production. Furthermore, it aids in improving asset maintenance, monitoring running asset conditions, and providing real-time responses for decisions regarding replacements and maintenance. The outcomes are primarily used by operational heads, managers, security personnel, and key decision-makers within organizations to make precise decisions, reduce unplanned work, and prolong asset life.

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The growth of the asset performance management market is driven by several factors such as the increasing need to generate maximum economic return on assets and the growing need for the maintenance of assets based on risk driving the asset performance management market growth. Moreover, factors such as the emerging use of cloud-based APM software among the end users, further boost the growth of the market globally.

However, lack of knowledge while selecting the solution that perfectly matches with enterprise business and less awareness about cyber security restrain the growth of the asset performance management solution market globally. Furthermore, the emergence of technology such as the industrial internet of things (IIoT) and increasing demand of big data analytics in the industrial vertical will create lucrative opportunities in the asset performance management market globally.

In 2019, the global asset performance management market share was dominated by large enterprises and is expected to maintain this trend during the forecast period, due to presence of heavy machinery and large amount of data generated by these machineries time to time while it is in running condition is very important for large scale enterprises. . In addition to this, surge in investments in asset performance management by large enterprises is expected to fuel growth of the market. However, the small & medium sized enterprise are expected to witness the highest growth owing to growing focus towards asset performance and rise in awareness about the befits of maintenance of machinery by analyzing real-time data of assets across SMEs.

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Based on industry vertical, energy & utility industry dominated the asset performance management market in 2019, and is expected to maintain its dominance in the upcoming years, due to Industry 4.0 revolution, which digitalizes the energy and utility carrying processes and positively affects business, high production of energy and improved labor productivity.

However, the healthcare and life sciences segment is expected to witness highest growth during the forecast period attributed to rapid increase in adoption of asset performance management software to empower faster and more convenient access to medical equipment information. In addition, increase in digitalization and better graphical user interaction between doctors and heavy healthcare equipment boost the demand for APM software in the healthcare industry.

Some of the key asset performance management industry players profiled in the report include ABB Group, Aveva Inc., Bentley System, GE digital, IBM Corporation, Infor Inc., Oracle Corporation, SAP SE, SAS Institute Inc. and Siemens AG. This study includes market trends, asset performance management market analysis, and future estimations to determine the imminent investment pockets.

Impact of COVID-19 Pandemic on Asset Performance Management Market:

• The outbreak of the pandemic led to growing adoption of remote working culture across the globe and there's also been a surge in the demand for cloud-based applications.

• Accordingly, there's also been a steep increase in the need for risk-based maintenance among various industry verticals, which has impacted the global market for asset performance management positively.

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