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Asset Performance Management Market Research, Size, Demand, Forecast To 2033
Asset Performance Management Market Research
As per the report, the asset performance management market size has grown rapidly in recent years. It will grow from $2.62 billion in 2023 to $2.98 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. 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%.
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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.
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.
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
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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.
Contents of the report:
1. Executive Summary
2. Asset Performance Management Market Report Structure
3. Asset Performance Management Market Trends And Strategies
4. Asset Performance Management Market - Macro Economic Scenario
5. Asset Performance Management Market Size And Growth
…..
27. Asset Performance Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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