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Market Snapshot

Asset performance management (APM) includes a set of software tools and applications that are designed to enhance the reliability and accessibility of physical assets that play a crucial role in an enterprise’s operation process. The integration of APM software in the industry helps to improve the availability and reliability of physical assets. Furthermore, it reduces operating costs and minimizes risk factors in the business.

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According to MRFR analysis, the APM market is expected to witness high growth during the forecast period. Application of IT (Information Technology) and OT (Operational Technology) in the manufacturing sector and high demand for improving machine efficiency, productivity, and performance are some of the factors driving the growth of the market. However, the high cost of implementing these solutions is resulting in limited deployment among SMEs, could hinder the growth of this market in the future.

The global APM market is expected to expand at ~10.7% CAGR to reach a market value of 18,765.1 million in 2025.

Source: MRFR Analysis

Synopsis

The global APM market has been segmented on the basis of offering, deployment mode, vertical, and region.

Based on the offering, the APM market has been segmented into software type and services. The software type segment has been further categorized as data management software, predictive asset analytics tools, enterprise asset management software, and pattern recognition software. The enterprise asset management software segment accounted for the largest market share in 2018 and is expected to register a CAGR of 8.5% during the forecast period. However, the predictive asset analytics tools segment is expected to register the highest CAGR. The services segment of asset performance market has been further categorized into managed services and professional services. The professional services segment accounted for the larger market share in 2018; it is expected to register a CAGR of 11.2% during the forecast period. Whereas, the managed services segment is accounted to register higher CAGR during the forecast period.

Based on deployment mode, the APM market has been segmented into cloud and on-premise. On-premise deployment accounted for a relatively larger market share of 63.3% in 2018; it is expected to register a CAGR of 9.5% during the forecast period. Whereas, the cloud-based deployment mode is expected to register higher CAGR during the forecast period.

Vertical based segmentation of the APM market covers manufacturing, oil & gas, energy & utility, healthcare, IT & telecommunication, and others with oil & gas segment accounting for the largest market share in 2018; it is expected to register a CAGR of 11.2% during the forecast period. Whereas, the energy & utility segment under the vertical segment is projected to register the highest CAGR during the forecast period.

Regional Analysis
Geographically, the global APM market has been segmented into Asia-Pacific, North America, Europe, and the Middle East & Africa, and South America.

North America is expected to dominate the APM market and is expected to retain its share 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. Moreover, the presence of established players such as Aspen Technology, Inc., Bentley Systems, Incorporated, Detechtion Technologies, and IBM Corporation, is one of the driving factors for the growth of the asset performance management market in this region.

For the purpose of analysis, the market in Asia-Pacific has been categorized as China, Japan, India, and the rest of Asia-Pacific. The market in Asia-Pacific is projected to gain a share of 20% in 2018. China is expected to be a leading country-level market and is expected to register 12.2% CAGR followed by Japan with 11.3%; India is expected to be the fastest-growing country-level market, registering the highest CAGR over the next few years. Governments of China, Japan, and India are focused on the development of their manufacturing and oil & gas industries and advances in digital technology, which can boost the growth of the market during the assessment period.

Companies Covered

The key players of the global asset performance management market are 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 a 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)

Key Developments

In April 2019, AVEVA announced an addition to its APM portfolio with the acquisition of the software assets of MaxGrip, a software company which works to optimize asset performance with reliability-centered maintenance (RCM) solutions.

In June 2019, Aspen Technology announced a partnership with Hexagon PPM, a global provider of engineering software, through a memorandum of understanding (MoU) that will more closely align Aspen Technology’s conceptual, basic engineering, and cost estimation solutions with the suite from Hexagon PPM, enabling a fully data-centric workflow across the asset lifecycle.

In December 2018, Siemens and Bentley Systems announced a joint technology and service solution, to accelerate the digitalization of power plants. The new service will combine Bentley’s advanced asset performance software capabilities with Siemens’ complementary technology and service expertise. This will empower power plant owners to take benefits of digitalization, which improves maintenance operations and planning.

Market Segmentation

By Offering — software type (data management software, predictive asset analytics tools, enterprise asset management software, and pattern recognition software) and service (professional and managed)

By Deployment type — on-premise and cloud

By Vertical— manufacturing, oil & gas, energy & utility, healthcare, IT & telecommunication, and others.

Key questions addressed by the report

What was the historic market size (2018)?
Which segmentation (offering/ deployment mode/ vertical) are driving the market?
What will be the growth rate by 2025?
Who are the key players in this market?
What are the strategies adopted by key players?
DC

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equipment asset management software
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