The global Asset Performance Management (APM) Market size is projected to grow from USD 3.3 billion in 2020 to USD 6.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period. The major factors driving the growth of the market include the rising need for risk-based maintenance, need to maximize economic return on assets, and increasing adoption of cloud-based applications.
Large enterprises segment to hold a larger market size during the forecast period
The use of traditional reactive maintenance leads to higher costs, low asset availability, and lack of reliability. It has become very important for large enterprises to adopt APM solutions that leverage proactive maintenance and advanced analytics. APM solutions offers large enterprises with components, such as condition-based monitoring, scenario modelling, and predictive analytics solutions to make more proactive decisions. This adoption results in reduced costs, and reduced unplanned downtime, enabling companies to focus on more business-critical assets leading to better productivity.
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Cloud deployment type to record a faster growth rate during the forecast period
Cloud technology is being widely adopted by businesses, owing to its various benefits, such as increased storage, scalability, flexibility, portability, and compliance. Small and Medium-sized Enterprises (SMEs), in particular, are adopting the cloud deployment type largely due to its cost-effectiveness and ability to produce advanced results. Asset-intensive organizations prefer cloud-deployed solutions, as this type offers scalability and agility in organizations and provides more functions than on-premises solutions at an affordable cost.
Major APM vendors include ABB (Switzerland), SAP (Germany), GE Digital (US), IBM (US), AVEVA (UK), OSIsoft (US), Bentley Systems (US), Siemens (Germany), Oracle (US), Infor (US), AspenTech (US), DNV GL (Norway), eMaint (US), Nexus Global (US), Accruent (US), Aptean (US), Operational Sustainability (US), Rockwell Automation (US), ARMS Reliability (Australia), IPS (Germany) and Uptake Technologies (US). These market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product enhancements to expand their presence in the market. Product enhancements and collaborations have been the most adopted strategies by major players from 2017 to 2020, which helped companies innovate their offerings and broaden their customer base.
ABB is one of the leading players in the APM market. Currently, ABB is working toward enhancing its market share and presence with the help of inorganic and organic growth strategies, such as acquisitions and product enhancements. For instance, in October 2019, ABB acquired Cassantec adding an additional functionality to its portfolio by enhancing the ability to optimize asset maintenance and replacement plans. The acquisition enhanced ABB’s analytical insights into asset performance, making the APM solution more valuable to customers.
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AVEVA is a growing player in the market. The company is focusing on organic and inorganic growth strategies to improve its position in the APM industry. For instance, in January 2020, AVEVA enhanced its APM portfolio. It added preventive, condition-based, and predictive software capabilities enabling workforce with improved operations and maintenance, resulting into improved efficiency, safety, and reliability. AVEVA caters to various geographic regions, such as Europe, Middle East and Africa (EMEA), Asia Pacific (APAC), and the Americas. It has a superior geographic mix helping these regions to expand their businesses across the globe.
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