Asset performance management is expected to generate USD 2.5 billion in global sales in 2021 and USD 2.7 billion in 2022. Sales are projected to increase by 9.8% CAGR to $7 Bn between 2022 and 2032. The need for effective asset management and TCO optimization is anticipated to rise significantly over the course of the projected period. Since SMEs and large businesses comprise the majority of APM customers, the market would expand during the projection period.
It is projected that opportunities may arise in the near future as firms become more likely to adopt a modern approach to asset performance management with Industry 4.0. Digital twins technology is expected to offer a lucrative scope of expansion during the forecast period.
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In addition, the introduction of modern asset management solutions during the pandemic by established players aided organizations to enhance their performance and optimize maintenance costs. This is anticipated to augment the market size in the forecast period.
For instance, in October 2020, Siemens Energy and Bentley Systems informed of their collaboration to launch a performance management solution for oil and gas operators. The solution gives provides asset performance software capabilities of Bentley Systems Inc. with Siemens Energy’s oil & gas equipment proficiency.
Key Takeaways from the Market Study
- The global asset performance management market is estimated at USD 2.5 Bn in 2021
- The global asset performance management market to expand at 9.8% CAGR by 2032
- The global asset performance management market projected to secure USD 7 Bn by 2032
- Cloud segment to expand at 8.9% CAGR during the assessment period
Solutions Segment to exhibit 9.3% CAGR in the forecast period
- U.S to garner USD 2.3 Bn recording a 9.4% expansion rate from 2022 to 2032
The global asset performance management market is highly fragmented with various large enterprises and SMEs functioning at regional and national levels. Key players in the market include AVEVA Group, IBM, Bentley Systems, SAP, and Siemens Energy AG, among others.
In April 2021, Bentley Systems announced that it is developing applications using the NVIDIA Omniverse platform for real-time visualization, photorealistic, and simulation of digital twins of massive-scale industrial and civil infrastructure projects.
In April 2021, GE Digital disclosed updates to its SmartSignal predictive maintenance software solution, which helps industrial companies in proactively forecasting, predicting, diagnosing, and monitoring device shortcomings.
Key companies profiled
Siemens Energy AG
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Key Segments Covered
Asset Performance Management Solutions
Asset Strategy Management
Asset Reliability Management
Predictive Asset Management
Others (Asset Integrity Management & Condition Monitoring)
Asset Performance Management Services
By Organization Size
Asset Performance Management for Large Enterprises
Asset Performance Management for SMEs
By Deployment Type
Cloud-based Asset Performance Management
On-Premises Asset Performance Management
Asset Performance Management for Energy and utilities
Asset Performance Management for Manufacturing
Asset Performance Management for Government and Defense
Asset Performance Management for Chemicals
Asset Performance Management for Healthcare and Pharmaceuticals
Asset Performance Management for Telecommunications
Asset Performance Management for Consumer Goods and Foods Beverages
Middle East & Africa
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