Asset Performance Management Market Opportunities, Growth Size, and Forecast to Reach $7,529 Million by 2027

Increase in demand for automation in customer service and rise in smartphone penetration fuel the growth of the global asset performance management market. On the other hand, chances of failure in terms of coming with accurate responses impede the growth to some extent. However, gesture recognition technology and the feature of multi-language support in IVAs are expected to create an array of opportunities in the industry.

According to the report, the global asset performance management industry was estimated at $3.46 billion in 2019, and is anticipated to hit $7.52 billion by 2027, registering a CAGR of 10.3% from 2020 to 2027.

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

1. 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.

2. 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.

Based on deployment model, the on-premise segment contributed to nearly two-thirds of the global asset performance management market share in 2019, and is projected to rule the roost by the end of 2027. Increased adoption of on-premise-based asset performance management software in public sector units and the aerospace & defense industry drive the segment growth. Simultaneously, the cloud segment would manifest the fastest CAGR of 12.7% during the forecast period. This is because it does not involve capital cost and requires low maintenance.

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Based on geography, North America garnered the major share in 2019, holding around two-fifths of the global asset performance management market, owing to high penetration of industrial internet of things (IIoT) and surge in use of artificial intelligence (AI) technology and other smart connected devices. At the same time, Asia-Pacific would exhibit the fastest CAGR of 14.2% from 2020 to 2027, due to growing need to increase in demand for predictive forecast services to reduce downtime of production.

Based on components, the software segment accounted for nearly three-fifths of the global asset performance management market revenue in 2019, and is expected to maintain the lion's share by 2027. This is attributed to the factor that most of organizations across the globe have started adopting asset performance management software to manage various problems in terms of the maintenance of assets and obtain real-time information regarding the failure of assets beforehand.

The services segment, on the other hand, would portray the fastest CAGR of 11.7% throughout the forecast period, owing to the growing adoption of these services as they facilitate a complete view of decision-making, business goals, rapid implementation of software, maximize the value of existing installation by optimizing it, and minimize the deployment cost & risks.

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Key players in the industry-

ABB Group
Bentley System
GE digital
Infor Inc.
Oracle Corporation
SAP SE
IBM Corporation
SAS Institute Inc.
Siemens AG
Aveva Inc.

The Asset Performance Management (APM) market has seen significant developments recently, driven by advancements in predictive analytics, AI, and IoT integration. Companies are increasingly adopting APM solutions to enhance operational efficiency, reduce downtime, and optimize asset utilization. The shift towards cloud-based APM platforms has also gained momentum, enabling real-time monitoring and data-driven decision-making across industries such as energy, manufacturing, and utilities. Partnerships and acquisitions are on the rise, with major players like GE Digital, Siemens, and IBM expanding their portfolios to include more sophisticated and comprehensive APM solutions.

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