Press release
Asset Performance Management Global Market Size will Exceed $4.66 Billion By 2028 with a Projected CAGR of 11.8% | Microsoft Corporation, Hitachi Ltd., Siemens AG, Trimble Inc., Arcadis NV
Asset Performance Management Global Market
The asset performance management market size is expected to see rapid growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to advancements in predictive analytics, internet of things (IoT) integration, focus on sustainability and ESG initiatives, shift towards outcome-based Contracts. Major trends in the forecast period include predictive maintenance, integration of AI and machine learning, condition-based monitoring, asset health indexing, and lifecycle cost optimization.
Market Overview -
Asset performance management (APM) refers to a comprehensive approach designed to optimize the performance and reliability of physical assets within an organization. It involves the integration of various technologies, methodologies, and processes to ensure that assets operate efficiently, effectively, and safely throughout their lifecycle.
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Impact Of The Digital Workforce On Asset Performance Management
The increasing demand for a digital workforce is expected to propel the growth of the asset performance management market going forward. A digital workforce refers to the integration of technologies like artificial intelligence (AI), automation, and machine learning into the workforce to enhance human capabilities and streamline tasks. The demand for a digital workforce arises because of the rise of remote work, increasing demand for automation, cost reduction, and scalability. Asset performance management leverages digital workforces to enhance data analysis, enable predictive maintenance, optimize operations, automate routine tasks, ensure real-time monitoring, and ultimately drive efficiency and cost savings for organizations across various industries. For instance, in October 2023, according to reports published by CompTIA, a US-based non-profit trade association, the expected number of workers engaged in technology in the US was 9,156,390 (3.2% annual growth) in 2022, up from 286,400 more jobs than in the previous year. Furthermore, in October 2022, according to reports published by the International Federation of Robotics, a Germany-based non-profit organization, the installation of industrial robots in the USA reached 50,712 units in 2021, marking a 31% increase compared to the previous year. Therefore, the increasing digital workforce is driving the growth of the asset performance management market.
Competitive Landscape -
Major companies operating in the asset performance management market are Microsoft Corporation, Hitachi Ltd., Siemens AG, International Business Machines Corporation, General Electric Company, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Asea Brown Boveri Ltd., Jacobs Engineering Group Inc., Emerson Electric Co., Rockwell Automation Inc., Worley Limited, Xylem Inc., Hexagon AB, Trimble Inc., Arcadis NV, Yokogawa lectric Corporation, Mott MacDonald Group Limited, PTC Inc., GHD Group Pty Ltd., National Instruments Corporation, Bentley Systems Incorporated, Aspen Technology Inc.
Hitachi Energy's Next-Generation Solution Empowering Sustainable Operations And Proactive Maintenance.
Major companies operating in the asset performance management market are focusing on the development of innovative advancements, such as Lumada APM, to provide predictive maintenance solutions along with sophisticated analytics. Lumada APM leverages digital technologies to optimize the performance, reliability, and maintenance of industrial assets and provide a holistic approach to asset management. For instance, in October 2023, Hitachi Energy Ltd., a Switzerland-based technology corporation, launched a next-generation asset performance management solution called Lumada APM. This solution enables operators to monitor critical asset conditions and predict failures through data-driven modeling and AI-powered prognostics. It also implements system reliability engineering methodologies for safe and reliable operations through risk assessment and simulation of intervention scenarios. Additionally, it features a reliability-centered asset maintenance strategy, proactive maintenance decisions, and single-pane glass management. These features collectively enable organizations to be more proactive in their maintenance strategies, anticipate trends, pinpoint system risks, prioritize budget allocation effectively, and ultimately maximize asset reliability and availability in asset-intensive industries.
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Key Segments -
The asset performance management market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Deployment: On-Premises, Cloud
3) By Organization: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Vertical: Energy And Utilities, Manufacturing, Government And Defense, Chemicals, Telecommunications, Healthcare And Pharmaceuticals, Consumer Goods, Food And Beverages, Other Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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