Asset Performance Management Market: Current Analysis and Forecast (2022-2030)
Emphasis on Component (Solutions, Services); Deployment (On-premises, cloud); Product category (Asset Integrity Management, Asset Reliability, Enterprise Asset management, Field Service Management, Plant Asset Management); Industrial verticals (Oil & Gas, Energy & Power, Pharmaceutical, Food & Beverages, Pulp & Paper, Chemical Manufacturing); Region/Country.
The Asset Performance Management Market is expected to grow at a strong CAGR of 10.2% during the forecast period owing to the increasing demand for cost-effective and efficient maintenance. Moreover, with the increasing availability of sensor technology and advanced analytics tools, it has become easier to collect and analyze data from industrial assets in real-time, this has enabled the development of more accurate and effective APM solutions which is driving the market. Asset performance management (APM) is a strategy that businesses use to optimize the reliability and efficiency of their physical assets (such as machinery, equipment, and infrastructure) throughout their entire life cycle. APM involves using data analysis, predictive maintenance techniques, and other tools to monitor and optimize the performance of assets.
Some of the major players operating in the market include IBM; UpKeep Technologies, Inc.; Fracttal Tech S.L ; Fiix by Rockwell Automation Inc.; GE DIGITAL; Siemens Energy; eMaint by Fluke Corporation; SAP; Oracle; AssetFuture
Insights Presented in the Report
“Amongst component, the solution segment will grow with a high CAGR during the forecast period.”
Based on component, the market is segmented into solutions and services. Amongst these the solution segment will grow with a high CAGR during the forecast period. As it provides real-time insights into asset performance and helps businesses identify potential issues before they become major problems, allowing for proactive maintenance and repairs. Hence, these are the factors driving the growth of the segment.
“Amongst deployment mode, the cloud segment held a dominating share of the market in 2021.”
Based on deployment mode, the market is segmented into on-premise and cloud. Among these the cloud segment is expected to hold a major share of the market during the forecast period. Cloud-based asset performance management solutions are highly scalable, allowing organizations to easily add or remove assets as needed without requiring additional hardware or software. Moreover, Cloud-based solutions typically require less upfront investment and ongoing maintenance costs, making them more cost-effective than traditional on-premise solutions which are driving the growth of the market.
Asset Performance Management Market Report Coverage
“Asia Pacific leading the Asset Performance Management market in 2021.”
Asia Pacific region is leading the market due to rising demand for energy and infrastructure development in the region. China and Japan are expected to be the largest markets for APM solutions in the region, due to their large manufacturing industries and investments in digital transformation. Other countries, such as India, South Korea, and Australia, are also expected to experience significant growth in the APM market.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global asset performance management market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Asset Performance Management Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global asset performance management market were the three major steps undertaken to create and analyze the adoption of asset performance management in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global asset performance management market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the asset performance management market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the asset performance management market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, deployment mode, product category, industrial verticals and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the asset performance management market. Further, we conducted factor analysis using dependent and independent variables such as component, deployment mode, product category, industrial verticals, and region of the asset performance management market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the asset performance management market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global asset performance management market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the asset performance management market across the major markets domestically.
- All percentage shares, splits, and breakdowns of market segments and sub-segments.
- Key players in the global asset performance management market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global asset performance management market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, deployment mode, product category, industrial verticals and region in the global asset performance management market.
The main objective of the Global Asset Performance Management Market Study
The current & future market trends of the global asset performance management market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the asset performance management market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the component, deployment mode, product category, industrial verticals and region
- Define and analysis of the regulatory framework for the asset performance management industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the asset performance management market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the asset performance management market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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