Asset Performance Management Market: Major Trends Reshaping the Future of the Industry

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What Will the Asset Performance Management Industry Market Size Be by 2025?
The market size for asset performance management has seen substantial growth in recent years. The market is projected to expand from $2.98 billion in 2024 to $3.37 billion in 2025, with a compound annual growth rate (CAGR) of 13.2%. The rise throughout the historic period can be associated with factors such as asset aging and deterioration, regulatory demands, cost cutting needs, and a pivot from reactive to proactive maintenance.

What's the Long-Term Growth Forecast for the Asset Performance Management Market Size Through 2029?
The market for asset performance management is projected to experience substantial expansion in the coming years. The market value is forecasted to reach $5.16 billion by 2029, championing a compound annual growth rate (CAGR) of 11.2%. The advancement in predictive analytics, integration of Internet of Things (IoT), dedication to sustainability and ESG initiatives, shift toward outcome-based contracts are some of the factors contributing to the growth during the forecast period. The period is also expected to see key trends such as predictive maintenance, AI and machine learning integration, condition-based monitoring, asset health indexing, and lifecycle cost optimization.

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What Are the Key Growth Drivers Fueling the Asset Performance Management Market Expansion?
The growth of the asset performance management market is predicted to be spurred on by the growing need for a digital workforce. Digital workforce involves the integration of technologies such as artificial intelligence (AI), automation, and machine learning to enhance human abilities and simplify tasks. The necessity for a digital workforce emerges from the trend of remote working, growing demand for automation, cost cutting, and scalability. Asset performance management uses digital workforces to improve data analysis, implement predictive maintenance, streamline operations, automate repetitive tasks, maintain real-time monitoring, and ultimately promote efficiency and cost reductions for organizations across various sectors. For instance, as per CompTIA, a non-profit trade union based in the US, the anticipated number of technology workers in the US had reportedly risen to 9,156,390 (3.2% annual growth) in 2022, an increase of 286,400 jobs compared to the previous year in October 2023. Moreover, according to the International Federation of Robotics, a non-profit organization based in Germany, there was a reported installation of 50,712 industrial robots in the USA in 2021, marking a 31% increase from the previous year, in October 2022. Thus, the expansion of the digital workforce is fueling the growth of the asset performance management market.

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What Are the Key Trends Driving Asset Performance Management Market Growth?
Leading firms in the asset performance management market are concentrating on developing ground-breaking improvements such as Lumada APM that offer predictive maintenance solutions paired with sophisticated analytics. Lumada APM draws on digital technologies to maximize the efficiency, reliability, and maintenance of industrial assets, offering a comprehensive solution for asset management. For example, in October 2023, Lumada APM, a next-generation solution for asset performance management, was introduced by Hitachi Energy Ltd., a technology company based in Switzerland. This allows operators to track the critical conditions of assets and forecast failures using data-driven modeling and artificial intelligence-enhanced prognostics. Also, it incorporates system reliability engineering techniques for risk assessment and intervention scenario simulation leading to secure and dependable operations. Furthermore, it includes a reliability-focused asset maintenance approach, proactive maintenance decision-making, and management through a single-pane glass. Taken together, these features assist companies in taking a more proactive approach to their maintenance strategies, identify trends, highlight potential system risks, effectively allocate budgets, and ultimately enhance the reliability and availability of assets in industries that are asset-intensive.

How Is the Asset Performance Management Market Segmented?
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 Companies Are Leading the Charge in Asset Performance Management Market Innovation?
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.

Which Regions Are Leading the Global Asset Performance Management Market in Revenue?
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.

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