Global Asset Performance Management (APM) Market Insights and Forecast to 2028

Asset Performance Management Market 

The global Asset Performance Management (APM) market size is projected to reach USD 8315.3 Million by 2028, from USD 3691.9 Million in 2021, at a CAGR of 12.1% during 2022-2028. Key drivers of the asset performance management market include the rising need for increasing ROI on asset performance.

The advent of industry 4.0 trends and the focus on maintaining asset reliability and integrity in many enterprises will drive the growth of the market in the coming years. The onset of the pandemic and technological innovations such as AI, IoT, and machine learning will push the asset performance management market forward during the forecast period.

Trends Influencing the Growth of the Asset Performance Management Market 

Maintaining asset performance

Organizations across the globe are increasingly deploying APM solutions for decreasing unplanned downtime and maintenance costs. The rising business complexities have necessitated the need for proper asset management and visibility. A proper APM strategy provides an inbuilt, integrated and connected solution for bringing all the voluminous and disparate data sources together for more reliable operations. It monitors all the systems and assets of a company and provides end-to-end solutions for mitigating operational risks. The descriptive analytics drive deep insights and provide answers to critical business decisions. It monitors the history and current health of the asset. Predictive maintenance becomes easy as threats, defects, and anomalies are detected in real time beforehand. This optimizes the overall workflow of the organization. This will fuel the growth of the asset performance management market in the forthcoming years. The software discovers reliability issues by tracking the entire lifecycle of equipment from its design, building, operation, connection, and maintenance standards. Hence industrial companies can operate smoothly, reduce costs over a longer time period and provide better time to market. 

Industry 4.0

The 4th industrial revolution is gradually gaining traction in the manufacturing industry. The competition is fierce and the scope of change is drastic. The need for asset reliability and integrity management is huge for maintaining smooth operations and ensuring compliance. A huge number of sensors are onboarded to collect crucial information and streamline labor, materials, inventory, and accuracy of capital budgets.  The asset performance analytics provide accurate feedback on the working condition and design of the assets to the manufacturers. This will fuel the expansion of the asset performance management market. Businesses are making the shift from reactive processes to proactive strategies. This involves eliminating older techniques and sticking to preventative measures that provide maintenance on a predetermined schedule. Deficiencies and potential failures are spotted directly with high levels of accuracy. These damages are usually not visible to the naked eye. Several recurring problems are eliminated such as excessive wastage of products, declining manufacturing yield, and catalyst decay. As a result, all the equipment are available 24/7 and perform well in advance. Advanced predictive maintenance configures all the solutions in one place by combining complex machinery, location, and processes regardless of their production maturity. 

The emergence of newer technologies

APM utilizes pattern recognition, artificial intelligence, predictive analytics, and machine learning to derive asset-centric data for making organizations agile, and productive and increasing asset availability. An integrated APM solution with advanced AI capabilities can minimize overall costs and decrease the chances of failure or breakdown of critical and not-so-critical assets. This will drive the growth of the asset performance management market in the upcoming years. Asset monitoring leverages digital twin technology for identifying very minute details of potential flaws. It is a virtual computer model for showcasing the optimal working capacity of a machine. A sight deviation in the working models is captured instantly. Furthermore, these analytical tools trigger a warning sign. This enables enterprises to move from break-fix and time-based maintenance to conditional strategies that enhance reliability and avoid prolonged periods of maintenance. 

Data security and confidentiality risks

Cyber attacks have grown tremendously due to rising digitization. Digital technologies are highly vulnerable to online risks as organizations are transferring their digital data to the cloud platform. Malicious parties can easily attack servers, networks, and communication protocols. This will hamper the growth prospects of the asset performance management market. There are high chances of getting these parameters compromised as intellectual property elements and control system operators are risky. Hence enterprises are skeptical to adopt modern asset performance management solutions. 

Asset Performance Management Market Share Analysis

Based on type, the asset reliability management segment is expected to dominate in the asset performance management market share due to huge offerings of reliability solutions by key industry players and growing awareness amongst companies for reducing excessive operational costs. 

Based on application, the energy and utility segment is expected to witness considerable growth in the asset performance management market share due to technological interventions in company processes for providing efficient energy services and the need for improving the working conditions of assets in the oil and gas industry. 

Based on region, Asia-Pacific will witness significant growth due to rising investments by key players, implementation of technologies like the cloud, and rising digitization. 

By Type

• Asset Integrity Management
• Asset Reliability Management

By Application

• Aerospace & Defense
• Automotive & Transportation
• Machine Manufacturing
• Energy & Utilities
• Others

By Company

• GE
• Schneider Electric
• ARC Advisory Group
• Bentley Systems
• AspenTech
• ABB
• Nexus Global
• SAP
• IBM
• UpKeep
• Aveva
• Siemens
• Infor
• Oracle

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA

Scope of Asset Performance Management Market Report