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Impact Of The Digital Workforce On Asset Performance Management Driver: Leading Transformation in the Asset Performance Management Market in 2025
Asset Performance Management Market Size
The rising need for a digital workforce is predicted to drive the expansion of the asset performance management market. The term digital workforce refers to the fusion of technologies such as artificial intelligence, automation, and machine learning into the work environment to magnify human potential and simplify tasks. This increased necessity for a digital workforce is due to the escalating prevalence of remote work, growing demand for automation, cost-cutting measures, and scalability. Asset performance management employs digital workers to enhance data analytics, advance predictive maintenance, streamline operations, automate routine tasks, guarantee real-time tracking, and ultimately promote efficiency and cost reduction within organizations across multiple sectors. For example, reports disclosed by CompTIA, a non-profit trade association based in the US, in October 2023 indicated that the projected number of tech-engaged workers in the US in 2022 was 9,156,390, a 3.2% annual raise, up by an additional 286,400 jobs from the prior year. Additionally, in October 2022, reports issued by the International Federation of Robotics, a non-profit based in Germany, showed that the deployment of industrial robots in America hit 50,712 units in 2021, showing a 31% rise in comparison to the previous year. Hence, the growing digital workforce is fueling the proliferation of the asset performance management market.
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What Is the projected market size and growth rate for the asset performance management market?
The market size of asset performance management has seen considerable expansion lately. It is projected to escalate from $2.98 billion in 2024 to $3.37 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 13.2%. The previous growth in this sector has been spurred by factors such as aging and degradation of assets, regulatory mandates, the necessity to cut costs, and a transition from reactive to proactive maintenance.
The market size for asset performance management is projected to witness significant expansion in the upcoming years. The estimates indicate growth to $5.16 billion by 2029 at a compound annual growth rate (CAGR) of 11.2%. Factors contributing to this growth during the forecast period include advances in predictive analytics, Internet of Things (IoT) integration, a focus on sustainability, ESG initiatives, and a move towards outcome-based contracts. Key trends expected during this projected period encompass predictive maintenance, incorporation of AI and machine learning, condition-based surveillance, asset health indexing, and lifecycle cost minimization.
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What are the most significant trends transforming the asset performance management market today?
Leading companies in the asset performance management market are concentrating on creating groundbreaking enhancements like Lumada APM meant to deliver predictive maintenance solutions coupled with advanced analytics. Lumada APM employs digital solutions to enhance the performance, dependability, and upkeep of industrial assets while providing a comprehensive outlook on asset management. To illustrate, Hitachi Energy Ltd., a tech firm based in Switzerland, introduced an upgraded asset performance management solution known as Lumada APM in October 2023. This solution allows operators to monitor the status of crucial assets and anticipate failures through data-based modeling and AI-assisted prognostics. Furthermore, it incorporates system reliability engineering approaches for safe and steady operations thanks to risk evaluation and intervention scenario simulation. It also includes a focused asset maintenance strategy, forward-thinking maintenance choices, and an all-encompassing management view. Together, these features allow organizations to adopt a more proactive approach to their maintenance plans, foresee trends, identify system threats, allocate budget more efficiently, and, in the end, improve asset reliability and availability in industries heavily reliant on assets.
What major market segments define the scope and growth 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
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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.
Which key market leaders are driving the asset performance management industry growth?
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.
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What Is Covered In The Asset Performance Management Global Market Report?
• Market Size Forecast: Examine the asset performance management market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the asset performance management market for a structured understanding.
• Key Players Overview: Analyze major players in the asset performance management market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the asset performance management market.
• Segment Contributions: Evaluate how different segments drive overall growth in the asset performance management market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the asset performance management market.
• Industry Challenges: Identify potential risks and obstacles affecting the asset performance management market.
• Competitive Landscape: Review strategic developments in the asset performance management market, including expansions, agreements, and new product launches.
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