Press release
Impact Of The Digital Workforce On Asset Performance Management Driver: Leading Transformation in the Asset Performance Management Market in 2025
Asset Performance Management Market Share
The asset performance management market has grown rapidly in recent years. It is projected to grow from $2.98 billion in 2024 to $3.37 billion in 2025, reflecting a CAGR of 13.2%. The past expansion was driven by asset aging and deterioration, regulatory compliance requirements, cost-cutting needs, and the shift from reactive to proactive maintenance strategies.
The asset performance management market is projected to grow to $5.16 billion by 2029, at a CAGR of 11.2%. The growth is driven by advancements in predictive analytics, IoT integration, sustainability and ESG initiatives, and a shift towards outcome-based contracts. Key trends include predictive maintenance, AI and machine learning integration, condition-based monitoring, asset health indexing, and lifecycle cost optimization.
What Is Driving the Growth Trajectory of the Asset Performance Management Market?
The increasing demand for a digital workforce is expected to drive the growth of the asset performance management market. A digital workforce involves integrating technologies like artificial intelligence (AI), automation, and machine learning to enhance human capabilities and streamline operations. This demand has risen due to the growth of remote work, the need for automation, cost reduction, and scalability. Asset performance management uses digital workforces to improve data analysis, enable predictive maintenance, optimize operations, automate tasks, and provide real-time monitoring, ultimately increasing efficiency and reducing costs for businesses. For example, in October 2023, a report by CompTIA, a US-based trade association, revealed that 9,156,390 workers were engaged in technology jobs in the US in 2022, representing a 3.2% annual growth, with 286,400 more jobs than the previous year. Furthermore, a report by the International Federation of Robotics in October 2022 stated that industrial robot installations in the US reached 50,712 units in 2021, marking a 31% increase compared to the previous year. As a result, the rising digital workforce is driving the asset performance management market.
Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=14257&type=smp
Which Leading Companies Are Shaping the Growth of the Asset Performance Management Market?
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.
What Are the Major Trends Shaping the Asset Performance Management Market?
Leading companies in the asset performance management market are focusing on creating innovative solutions, such as Lumada APM, to provide predictive maintenance alongside advanced analytics. Lumada APM uses digital technologies to enhance the performance, reliability, and maintenance of industrial assets, offering a comprehensive approach to asset management. For example, in October 2023, Switzerland-based Hitachi Energy Ltd. introduced Lumada APM, a next-generation asset performance management solution. This solution allows operators to track critical asset conditions and forecast failures using data-driven modeling and AI-based prognostics. It also integrates system reliability engineering methods for safe operations through risk assessments and intervention simulations. Furthermore, it features a reliability-centered maintenance strategy, proactive maintenance decisions, and a unified management system. Together, these capabilities help organizations adopt more proactive maintenance strategies, anticipate trends, identify system risks, allocate budgets more efficiently, and maximize asset reliability in asset-heavy industries.
What Are the Key Segments of the Asset Performance Management Market?
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
Subsegments:
1) By Solutions: Asset Performance Management Software, Predictive Analytics Tools, Condition Monitoring Solutions, Maintenance Management Software
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Managed Services
Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/asset-performance-management-global-market-report
Which Region Dominates the Asset Performance Management Market?
North America was the largest region in the asset performance management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the asset performance management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Asset Performance Management Global Market Report?
- Market Size Analysis: Analyze the Asset Performance Management Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Asset Performance Management Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Asset Performance Management Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Asset Performance Management Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=14257
Learn More About The Business Research Company
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Impact Of The Digital Workforce On Asset Performance Management Driver: Leading Transformation in the Asset Performance Management Market in 2025 here
News-ID: 3848052 • Views: …
More Releases from The Business research company
Synthetic Dye And Pigment Market to Record 6.9% CAGR Growth Through 2029 | Globa …
Use ONLINE30 for 30% savings on global market reports and stay on top of tariff updates, market trends, and economic shifts worldwide.
Synthetic Dye And Pigment Market Outlook: How is the Market Expected to Grow by 2025?
In the last few years, the synthetic dye and pigment market has seen significant expansion. It is expected to increase from $59.55 billion in 2024 to $63.48 billion in 2025, indicating a compound annual growth…
Benzyl Alcohol Industry Expected to Reach $4.43 Billion by 2029 at 5.7% CAGR
Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.
Benzyl Alcohol Market Value Projection: How Much Will the Market Size by 2025?
In recent years, the benzyl alcohol market has experienced substantial growth. Expected to rise from $3.36 billion in 2024 to $3.54 billion in 2025, the market is projected to have a compound annual growth rate (CAGR) of 5.3%.…
Solvent-Based Printing Inks Market Analysis: $14.34 Billion by 2029 With a CAGR …
Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.
Solvent-Based Printing Inks Market Value Projection: How Much Will the Market Size by 2025?
The market size for solvent-based printing inks has seen consistent growth in the past few years. The market, which was valued at $11.66 billion in 2024, is projected to reach $12.11 billion in 2025, growing at a…
Rubber Process Oil Global Market Insights: Growth Drivers, Size & Forecasts to 2 …
Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.
What Is the Forecasted Market Growth Rate of the Rubber Process Oil Industry?
The market size for rubber process oil has been experiencing consistent growth over the past few years. It is projected to increase from a worth of $2.11 billion in 2024 to $2.18 billion in 2025, with a compound…
More Releases for Asset
Asset Performance Management Market Is Driven By Asset Performance Management In …
Asset Performance Management (APM) has emerged as a critical solution for industries aiming to enhance the performance, reliability, and efficiency of their assets. APM systems utilize data analytics, predictive maintenance, and monitoring technologies to optimize asset performance, minimize downtime, and maximize operational efficiency. The global Asset Performance Management market is characterized by key drivers and notable trends that are reshaping how industries manage and maintain their critical assets.
Download Free PDF…
Asset Management Software
In today's dynamic business landscape, efficient asset management is more critical than ever. Sunsmart Asset Management Software is designed to empower organizations of all sizes and industries to streamline their asset-related processes, enhance control, and maximize the value of their assets.
Key Features and Benefits:
Comprehensive Asset Tracking: Our software provides a centralized platform to track and manage assets, offering real-time visibility into asset location, condition, and history, reducing the risk of…
Asset Evaluation Service Market 2023-2030 Comprehensive Research Study and Stron …
Infinity Business Insights published a new research publication on Asset Evaluation Service Market Insights, to 2030 with 113+ pages and enriched with self-explained Tables and charts in presentable format. The worldwide Asset Evaluation Service market is expected to grow at a booming CAGR during 2023-2030. It also shows the importance of the Asset Evaluation Service market main players in the sector, including their business overviews, financial summaries, and SWOT assessments.
The…
Data Asset Map System Market Rising emphasis on data management and asset tracki …
Global Data Asset Map System Market Overview:
The Data Asset Map System market is a broad category that includes a wide range of products and services related to various industries. This market comprises companies that operate in areas such as consumer goods, technology, healthcare, and finance, among others.
In recent years, the Data Asset Map System market has experienced significant growth, driven by factors such as increasing consumer demand, technological advancements, and…
Big Boom in Asset Recovery Software Market 2020-2027 |HPE , Terrapin Systems , C …
According to a report on Asset Recovery Software Market, recently added to the vast repository of Research N Reports, the global market is likely to gain significant impetus in the near future. The report, titled “Global Asset Recovery Software Market Research Report 2020,” further explains the major drivers manipulating industry, the possibility of development, and the challenges going up against the administrations and industrialists in the market. This research study…
Crypto Asset Management Market | Digital Asset Custody Company, Crypto Finance A …
Global Crypto Asset Management Market: Snapshot
The demand within the global market for crypto asset management has been rising on account of advancements in the field of crypto currency. The past years have been an era of advancements in the global digital industry and have paved way for several new technologies. In this stampede of digital transformations, crypto currency has emerged as a matter of discussion and recourse. Hence, the global…
