The global asset performance management (APM) market is estimated to reach USD 18,765.1 million by 2025 with a CAGR 10.7% during the forecast period (2018–2025)
High demand for improving machine efficiency, productivity, and performance is a primary factor driving the growth of the market during the forecast period. Organizations worldwide are facing pressures of capital and operational expenditure and are actively trying to reduce the same. Cutting down on assets may not always be the solution in such situations. As such, asset performance management systems help improve the efficiency, productivity, and performance of assets. APM solutions automate tasks, such as maintenance planning, thereby reducing unplanned downtime and increasing asset availability. APM can be used to optimize various processes, such as operations, maintenance, and quality management. It is especially helpful in verticals where wastage of resources and inefficiency occur. This approach helps improving key metrics such as uptime, mean time to repair (MTTR), asset longevity, cost, quality/yield, and safety. Successful implementation of these metrics helps improve crucial key performance indicators (KPIs) such as margins, revenue, and customer satisfaction.
The prominent players profiled in the APM market include Aspen Technology (US), AVEVA Group PLC (UK), Bentley Systems, Incorporated (US), Detechtion Technologies (Canada), IBM Corporation (US), Operational Sustainability, LLC (US), Rockwell Automation (US), SAP SE (Germany), SAS Institute Inc. (US), and Schneider Electric (France). Apart from these, other companies that have significant market share that include ABB (Switzerland), ARMS Reliability (Australia), DNV GL (Norway), GE Digital (US), IPS (Germany), SAP SE (Germany), Siemens (Germany), Uptake Technologies Inc. (US)
The APM market segment has been categorized on the basis of offering, deployment mode, vertical, and region.
Based on offering, the APM market has been segmented into software type (data management software, predictive asset analytics tools, enterprise asset management software, and pattern recognition software) and services (professional and managed)
Based on deployment mode, the APM market comprises on-premise and cloud.
By vertical— manufacturing, oil & gas, energy & utility, healthcare, IT & telecommunication, and others.
Geographic analysis of the APM market spans across North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America.
North America is expected to be the largest APM market during the forecast period. The market in this region has been further categorized into the US, Canada, and Mexico. The US accounted for the largest market share of 65% in 2018, and Canada is projected to grow with highest CAGR of 10.8% during the forecast period. Advances in industrial technology and rapid adoption of advanced technologies such as asset on the go in the region are some of the factors responsible for the growth of the asset performance management market in the region.
APM Market is probable to expand at 10.7% CAGR to reach a market value of 18,765.1 million in 2025, …
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