Asset Performance Management Market to Grow 8315.3 Million by 2028 at a CAGR of 12.1% | Valuates Reports

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BANGALORE, India, Aug. 12, 2022 /PRNewswire/ -- The Global Asset Performance Management Market is Segmented by Type (Asset Integrity Management, Asset Reliability Management), by Application (Aerospace & Defense, Automotive & Transportation, Machine Manufacturing, Energy & Utilities): Opportunity Analysis and Industry Forecast, 2022–2028.

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.

Major Factors Driving the Growth of the Asset Performance Management Market

The rising need to increase ROI on asset management, the advent of industry 4.0, and covid 19 led changes will fuel the market's growth during the forecast period. 

The importance of maintaining asset integrity will drive the growth of the market.

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL ASSET PERFORMANCE MANAGEMENT MARKET

Asset performance management solutions are helping organizations save a huge amount of money by streamlining maintenance operations to better understand the health of the equipment and keep it running safely for meeting production/manufacturing targets. The software constantly monitors crucial health indicators for determining asset health and allowing predictive maintenance. This will fuel the demand for the asset performance management market in the coming years. The utilization and value of the assets increase drastically through efficient decision-making and cost transparency. Managing services and tracking vendor or supplier performance through transparent metrics lead to optimum allocation of assets for enhanced Return On Investment(ROI).

Industry 4.0 and operational AI are boosting industrial productivity as asset performance capabilities are scaling up along with a user-friendly interface. The data generated through connected assets helps in round-the-clock monitoring and auditing. The activities such as Downtime, Uptime, Mean time between failures, Planned and Unplanned maintenance, condition monitoring, and performance analytics help provide exact feedback to manufacturers on operating conditions and the design of assets. This will bolster the growth of the asset performance management market. An accurate picture of inventory levels ultimately aids in cash flow optimization.

Covid 19 has increased the need for maintaining complete control and visibility of all the assets in businesses. Industries are leveraging blockchain, IIoT, machine learning, AI, and digital twin technology to improve the efficiency of asset reliability management systems in turn driving the growth prospects of the global asset performance management market. Digital twins work in tandem with ARM solutions for simulating asset behaviors to understand the harmful and critical working conditions of the equipment beforehand. This helps to avoid situations of unplanned damage thereby increasing the production ability.

Assets need to be tracked throughout their entire lifecycle. Asset integrity management measures the integrity of equipment from design, prototyping, and implementation to decommissioning. It checks for pre-set faulty areas such as corrosion, cracks, fatigue, and erosion to maintain the integrity of the machinery. All the information regarding maintenance, design, location, and status is centralized with instant access to specification standards, instruction manuals, operational tolerances, and maintenance logs. This will expand the growth of the asset performance management market. Decisions are made quicker with less time wasted on information searching. The software provides quality assurance regarding a facility's design, fabrication, installation, procurement, and maintenance.

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ASSET PERFORMANCE MANAGEMENT MARKET SHARE

Based on type, the asset reliability management segment is expected to dominate due to the extensive offering of reliability solutions by key players and the need to decrease excessive operational costs.

Based on application, the energy and utility segment will witness considerable growth in the asset performance management market share due to the growing demand for energy services. Officials are increasingly deploying asset performance management solutions for proper conditioning and predictive maintenance.

Based on region, Asia-Pacific will be the most lucrative during the forecast period due to rising investments, rapid digital transformation, and growing adoption across several industry verticals.

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Key Companies:

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

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SIMILAR REPORTS:

-  The global Asset Integrity Management market size is projected to reach USD 27280 Million by 2028, from USD 18910 Million in 2021, at a CAGR of 4.9% during 2022-2028.

-  The global Plant Asset Management market size is projected to reach USD 7652.4 Million by 2028, from USD 4913.2 Million in 2021, at a CAGR of 6.1% during 2022-2028.

-  The global Pharmaceutical Asset Performance Management (APM) market size is projected to reach USD 148.9 Million by 2027, from USD 103 Million in 2020, at a CAGR of 5.3% during 2021-2027.

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-  The global big data and business analytics market size was valued at USD 198.08 Billion in 2020, and is projected to reach USD 684.12 Billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.

-  The global Business Intelligence market size is projected to reach USD 27870 Million by 2026, from USD 18720 Million in 2019, at a CAGR of 5.4% during the forecast period 2021-2026.

-  Due to the COVID-19 pandemic, the global Manufacturing Execution System (MES) market size is estimated to be worth USD 12550 Million in 2022 and is forecast to a readjusted size of USD 19270 Million by 2028 with a CAGR of 7.4% during the review period.

-  The global Smart Manufacturing market size is projected to reach USD 397120 Million by 2028, from USD 203530 Million in 2021, at a CAGR of 9.9% during 2022-2028.

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-  The global IoT in Manufacturing market size is projected to reach USD 1148.9 Million by 2028, from USD 550.2 Million in 2021, at a CAGR of 10.6% during 2022-2028.

-  The global Factory Automation market size is expected to reach USD 368,372.4 Million in 2025, from USD 190,882.2 Million in 2017 growing at a CAGR of 8.8% from 2018 to 2025.

-  The global Healthcare Asset Management market size is projected to reach USD 34270 Million by 2028, from USD 12780 Million in 2021, at a CAGR of 15.0% during 2022-2028.

-  The global Software Asset Management market size is projected to reach USD 2252.6 Million by 2028, from USD 1243 Million in 2021, at a CAGR of 8.4% during 2022-2028.

-  The global Governance, Risk Management and Compliance (GRC) market size is projected to reach USD 1881.9 Million by 2028, from USD 1284.2 Million in 2021, at a CAGR of 5.5% during 2022-2028.

-  The global Industrial Services market size is projected to reach USD 32300 Million by 2027, from USD 28360 Million in 2020, at a CAGR of 4.4% during 2021-2027.

-  The global Risk Analytics market size is projected to reach USD 36670 Million by 2028, from USD 20230 Million in 2021, at a CAGR of 8.4% during 2022-2028.

-  Global Asset Reliability Management Market Insights and Forecast to 2028

-  Global Asset Performance Management (APM) Software Market Insights, Forecast to 2028

-  Global Asset Performance Management Solutions Market Insights, Forecast to 2028

-  Global Asset Performance Management Services Market Insights, Forecast to 2028

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