Global Asset Performance Management Market

Asset Performance Management Market Size, Share, Growth Analysis, By Component (On-Premises and Cloud Based), By Industry Vertical (Energy & Utilities, Food & Beverages), By Deployment Mode (Software, Solution), By Region - Industry Forecast 2024-2031

Report ID: SQMIG40J2002 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 88 | Figures: 71

Asset Performance Management Market Competitive Landscape

Some major competitors in the global asset performance management market include Schneider Electric, IBM, GE Digital, Siemens and Honeywell. Such firms use advanced technologies like IoT, AI and big data analytics to enhance asset dependability and maximize output performance. To fulfil the growing demand for effective asset management solutions for industries including manufacture utilities or energy sectors, these companies are characterized by strategic partnerships, mergers and continuous innovation within the framework of their activities.

Top Player’s Company Profiles

  • AVEVA (UK)
  • SAP (Germany)
  • GE Digital (US)
  • IBM (US)
  • ABB (Switzerland)
  • Emerson (US)
  • Bentley Systems (US)
  • Rockwell Automation (US)
  • Fluke (US)
  • DNV (Norway)
  • Siemens Energy (Germany)
  • Hexagon (Sweden)
  • Oracle (US)
  • Honeywell (US)
  • Yokogawa (Japan)
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FAQs

Global Asset Performance Management Market size was valued at USD 2.64 Billion in 2022 poised to grow from USD 2.90 Billion in 2023 to USD 6.17 Billion by 2031, growing at a CAGR of 9.9% in the forecast period (2024-2031).

Some major competitors in the global asset performance management market include Schneider Electric, IBM, GE Digital, Siemens and Honeywell. Such firms use advanced technologies like IoT, AI and big data analytics to enhance asset dependability and maximize output performance. To fulfil the growing demand for effective asset management solutions for industries including manufacture utilities or energy sectors, these companies are characterized by strategic partnerships, mergers and continuous innovation within the framework of their activities. 'AVEVA (UK)', 'SAP (Germany)', 'GE Digital (US)', 'IBM (US)', 'ABB (Switzerland)', 'Emerson (US)', 'Bentley Systems (US)', 'Rockwell Automation (US)', 'Fluke (US)', 'DNV (Norway)', 'Siemens Energy (Germany)', 'Hexagon (Sweden)', 'Oracle (US)', 'Honeywell (US)', 'Yokogawa (Japan)'

Increased use of Digital Labour and Culture of Dependability

Rise of Predictive Analytics in Asset Management Through ML and IoT: Predictive Maintenance is Gaining Popularity. Instead of employing more traditional reactive maintenance methods, businesses are switching to predictive analytics powered by machine learning and Internet of Things sensors. Foreseeing equipment issues before they arise enables businesses to reduce downtime, enhance asset longevity and optimize maintenance costs.

North America holds the leading position in the global asset performance management market. This is owing to its advanced technological framework, substantial investments in digital modernization, and focus on operational efficiency across various sectors, The region is home to several well-known corporations and innovative startups driving the development of cutting-edge APM solutions. Apart from that, there is a need for companies to make certain that they have unfailing asset management procedures on account of rigorous regulations set in industries like manufacturing, utilities and energy. Furthermore, incorporation of IoT, AI as well as data analytics into asset management plans is becoming a common norm in the region which fortify its leadership. This allows organizations to enhance the productivity of their assets while reducing the time lost on repairs or replacements and achieving their goals related to sustainability.

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Global Asset Performance Management Market

Report ID: SQMIG40J2002

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