Asset Performance Management Market Report

In manufacturing enterprises, APM has advanced into a crucial enabler of digital asset management change. To surge the accessibility and reliability of corporal assets, asset performance management software unites integration, data collection, analytics, and visualization into a single program. The asset performance management structure proposes a diversity of results, including dependability-cantered maintenance, complaint-based maintenance, predictive asset management, and asset strategy and risk management, among others. End-use productions like energy & utilities, oil & gas, mining & metal, and manufacturing have a significant demand for these. Asset performance management enables organizations to accelerate their transition to the digital business.

The global asset performance management market is increasing with the rising need to reach the extreme monetary return on assets, and the developing requirement for asset maintenance based on threat, which is driving the asset performance management software market forward. Moreover, components such as the developing ubiquity of cloud-based APM software among end-users are fuelling the global APM market development. Organizations gain control of asset decisions with broad-reaching data that reflect resource availability, operating impact, and real-time condition reports. Industrial organizations require assets to operate at all times, asset performance management helps focus on assets that need repair to lower the total cost of ownership (TCO) and reduce the risk of unplanned downtime of work-critical assets.

The main applications of asset performance management in the energy and utilities sector include supervising and sustaining the functioning of turbines in power plants, observing and managing assets in the renewable energy sector, including wind farms, solar installations, and hydroelectric plants, and also monitoring and managing transmission and circulation assets such as transformers, substations, switchgear, and power lines. Consequently, such wide applications of asset performance management over businesses are anticipated to essentially drive market development over the estimated period. The government and public division are anticipated to generate quick development in demand for asset performance management solutions over the forecast period. Various corporations are expanding their operations to reach more customers. As a result, businesses are adopting cloud-based solutions and services to give responses to their clients more capably.

However, the digitization of public sector corporations to provide a better customer experience is likely to fuel the need for asset performance management in this section of the global asset performance management market space. Predictive analytics can precisely depict asset lifecycle and dependability and focus on the initial root causes of degradation rather than later-stage detection of damage. The insights available from intense multi-variate and temporal pattern analysis provide accurate, critical lead times. As a result, predictive capabilities empower asset lifecycle unwavering quality and encourage decisions on when and how to maximize production while proactively dodging asset and yield risk. The technology of predictive analytics is likely to grow the asset performance management market as businesses can rely on this technology as it gives insights early before damage occurs.

• Growing demand for asset performance management for electric utilities.
• Increasing investment in cloud and augmented reality and inferior maintenance cost.
• Escalating advancement of machine learning and rule-based analytics.

The asset performance management software integrates industrial infrastructural data with progressive technologies to give more precise use case functions. This produces the risk of data threats to the industries however, businesses such as chemical, oil and gas, energy, and utility among others have delicate client data that is at ideal hazard if not secured legitimately. The attacks on these industries are growing year on year, it has become vital to integrate protected software. According to research, ransom attacks are majorly targeted towards the manufacturing industry. The global average cost of a data breach in 2023 was US$ 4.45 million, a 15% increase over 3 years. Such threats of cyber-attacks hinder the market growth.

One of the crucial challenges faced by the enterprise in the incorporation and execution of asset performance management solutions is the absence of mindfulness about the advantages of such solutions resulting in engaging solutions that do not provide the specific administrative requirement. As a result, the employed solution may flop to gather the desired business requirement. Moreover, businesses find it tough to integrate asset performance management software into the current corporate applications due to the lack of expertise and knowledge of customization of asset performance management solutions according to the business needs, which can hamper the asset performance management market development during the forecast period.

The applications like advanced capabilities to address asset performance management use cases across the domains of reliability, operations, and maintenance. For instance, in April 2023 Cognite AS announced the 2.0 version of asset performance management software “Cognite Maintain”, “Cognite InField” and “Cognite InRobot” to surge its use case applications across businesses. The new solutions are powered by AL and digitally capture asset quality observations. In November 2023, ABB a major player in the asset performance management market presented “ABBability SmartMaster” a complete asset performance management platform for authentication and condition monitoring of the field devices and tools in water, wastewater, oil and gas, and chemicals. “SmartMaster” remotely gathers analyzes and validates diagnostic data from instruments without interrupting the ongoing measurements task.

Asset performance management allows organizations to switch more rapidly to digital business models.  Moreover, in January 2023, Schneider Electric acquired AVEVA, this arrangement would enable both entities a holistic approach to digital transformation across industrial operations while dropping energy, carbon, and resource strength. However, AVEVA is hereafter solely conserved as part of Schneider Electric, it is projected that AVEVA’s business independence and upcoming research and development venture will be preserved going forward, thereby helping to meet the growing demand for a stronger portfolio of solutions. In March 2023, the Prometheus group announced Prometheus APM, the newest add-on to the Prometheus platform, with the acquisition of Atonix Digital. AtonixOI is used in hundreds of industrial sites, including chemical, manufacturing, oil and gas, power generation, and water treatment plans. As many organizations are demanding digital business this digitization of the APM with novel technologies can grow the market rapidly. SAP SE, Aspen Technology Inc., Honeywell International Inc., Bentley Systems, Inc., Hitachi, Ltd., Siemens-Reiniger-Werke AG (SRW), Emerson Electric Co., Nexus Global Business Solutions Inc., Oracle Corp., Rockwell Automation Inc. are some key players in the market.

There is a growing implementation of asset performance management through businesses in North America due to the increasing embracing of cloud computing services. Enterprises in several countries such as the United States and Canada are improving mobility management functions, with IoT and machine learning, to operate the prospects for better connectivity and availability of corporate resources. Hence, such features are probable to drive the asset performance management market development in the region during the forecast period. One of the main factors for the substantial growth in North America is due to factors such as the existence of large IT companies and rising technological advances such as digitalization in the US and Canada.

The Asia Pacific is a rapidly rising market in asset performance management as software with amplified demands from the market for easy workflow management, with enlarged digitalization and better infrastructures with improved connectivity encouraged the asset performance management market to grow at a larger extent with increased dependability of asset performance management.  Asia Pacific has established structures on the domestic level, identifying the potential of Industry 4.0 to help to prepare economic structures for greater productivity and a strong economy for the future. This will rely on a successful regulatory framework, such as making new spectrum accessible for improved connectivity and growing innovations in new solutions leveraging AR, IoT, AI, and digital twin technologies.

The report provides a detailed overview of the Asset Performance Management Market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the Asset Performance Management Market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the Asset Performance Management market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the Asset Performance Management market. Some key countries and regions included in the Asset Performance Management Market report are as follows:

• Asset performance management market detailed segments and segment-wise market breakdown
• Asset performance management market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in asset performance management industry)
• Current, historical, and forthcoming 10 years market valuation in terms of Asset Performance Management Market size (US$ Mn), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Asset performance management market demand analysis
• Asset performance management market regional insights with the region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the Asset Performance Management market
• Regulatory landscape by key regions and key countries
• Asset performance management market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on asset performance management market forecast by countries
• Mergers and acquisitions in the asset performance management market
• Essential information to enhance market position
• Robust research methodology