DUBLIN–(BUSINESS WIRE)–The “Global Asset Performance Management Market 2023-2030: By Product, Technology, Grade, Application, End-user and Region” report has been added to ResearchAndMarkets.com’s offering.
The global asset performance management market is experiencing substantial growth, driven by the rising demand for advanced tools that enable automation and efficient communication within the software. Asset performance management solutions are being widely adopted across various industries as businesses expand their operations to reach more customers, leading to increased demand for cloud-based solutions and services.
The market is expected to witness rapid growth in the coming years, fueled by enhanced efficiency in automation software, substantial investments, and increasing research and development activities. Leading players in the market are focusing on partnerships for open innovations to maintain a strong global presence.
Adoption of Advanced Technology Drives Global Market Expansion
Asset performance management (APM) encompasses people, processes, and technologies to improve uptime, increase revenue, and extend the lifespan of physical assets. The adoption of Industry 4.0 solutions has facilitated effective communication between systems and automated repetitive tasks using cutting-edge technologies.
Operational AI, in particular, offers powerful and reliable solutions that enhance operational efficiency. These next-generation technologies are driving a paradigm shift in industrial productivity and enabling the adoption of advanced technology in asset performance management solutions.
Energy and Utilities Sector Leads as Primary End-Use Segment by Vertical
The energy and utilities sector is increasingly adopting asset management solutions to track the performance and condition of their assets to meet growing demands. These solutions enhance the reliability and availability of physical assets by providing valuable insights and advanced analytics.
The demand for asset performance management solutions is further driven by the growing preference for predictive maintenance techniques. Government and public sector initiatives, including investments in technology and digitalization, are expected to fuel the growth of the asset performance management market during the forecast period.
North America Dominates the Asset Performance Management Market
North America is projected to maintain its dominance in the asset performance management market due to its rapid adoption of emerging technologies. The region’s strong emphasis on modern technology adoption is driving market growth.
Additionally, the demand for high-speed data networks and the presence of software vendors are further fueling market expansion in North America. The region’s promising investments in the IT sector, particularly in cloud infrastructure R&D, are creating opportunities for the asset performance management market.
Major Players in the Global Asset Performance Management Market
Prominent players in the global asset performance management market include AspenTech, IBM, GE Digital, Detechtion Technologies, ARMS Reliability, Bentley Systems, SAP, Oracle, Infor, Nexus Global, Yokogawa, Honeywell, IPS Intelligent Process Solutions, Emerson, and BISTel. These players are driving innovation and growth in the market through strategic partnerships and advancements in technology.
Key Topics Covered
1. Executive Summary
2. Market Overview
3. Global Asset Performance Management Market Outlook, 2019-2030
4. North America Asset Performance Management Market Outlook, 2019-2030
5. Europe Asset Performance Management Market Outlook, 2019-2030
6. Asia-Pacific Asset Performance Management Market Outlook, 2019-2030
7. Latin America Asset Performance Management Market Outlook, 2019-2030
8. Middle East & Africa Asset Performance Management Market Outlook, 2019-2030
9. Competitive Landscape
A selection of companies mentioned in this report includes:
- ABB Ltd.
- Baker Hughes
- Aveva Group PLC
- Bently Systems
- GE Digital
- IBM Corporation
- Aspen Technology Inc.
- DNV GL A/S
- SAP SE
- SAS Institute Inc.
- Siemens AG
For more information about this report visit https://www.researchandmarkets.com/r/4st7l
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