In 2022, it was estimated that the size of the global asset performance management market would be 2.75 billion USD. The market is anticipated to increase by USD 7.99 billion by 2030, growing at a CAGR of 14.6% from USD 3.07 billion in 2023.
Asset performance management software makes it simpler to maintain and keep track of the health of assets in plants. The increase in digital transformation is propelling the adoption of software. The product's deployment aids in environmental regulation compliance increases plant productivity and boosts the return on investment for the cost of inventory. The competition among the major market players is growing as a result of the rising demand for software.
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Which company dominates the Global Asset Performance Management Market?
- AVEVA Group Limited (U.S.)
- IBM Corporation (U.S.)
- SAP SE (U.S.)
- Honeywell International Inc. (U.S.)
- Bentley Systems, Inc. (U.S.)
- Aspen Technology, Inc. (U.S.)
- Cognite AS (Norway)
- General Electric Company (U.S.)
- Siemens AG (Munich)
- Hitachi, Ltd. (Japan)
What are the factors driving the growth of the Asset Performance Management Market?
The global economy is subject to a number of laws and requirements that are designed to lessen its harmful effects on the environment. Industry equipment needs to be serviced and maintained on a regular basis to check emissions. Additionally, many businesses are working toward a net zero policy, which is anticipated to accelerate the uptake of asset performance management software.
What are the market's geographic insights for the Asset Performance Management Market?
The market in North America is expected to generate the most revenue during the forecast period. The region's adoption of software is probably being fueled by the quick transition to digital platforms. The expansion of the North American market is being driven by the rising awareness of the importance of asset health in order to minimize environmental damage. Over the course of the study, the U.S. is anticipated to grow quickly. This is a result of the increased attention being paid to tracking asset health for long-term investments with the least amount of expense.
Due to the increasing policies on environmental standards and the compliance of industrial equipment, Asia Pacific is predicted to experience rapid CAGR during the forecast period. A dominant market share is expected to shift to China as a result of rising maintenance spending. Investors in the nation are demanding effective digital engagement across industries, according to the 2022 Ernest and Young report on China Asset Management, which is anticipated to fuel the adoption of the solution.
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An overview of the report
- The report comprehensively analyzes recent and anticipated market trends to help investors find investment opportunities.
- Market predictions through 2030, starting from estimated market values
- Market trends that are significant across industries, regions, and countries
- Market strategies and significant developments observed
- Market dynamics like drivers, obstacles, opportunities, and other trends require
- comprehensive company profiles of significant players, both established and emerging
- Emerging economies are anticipated to grow through 2030.
Analysts have segmented the "Asset Performance Management Market" into application, type, and regional segments to aid market participants in better understanding the market. Each element clearly demonstrates the variables that are most likely to have an impact on it and the variables that are anticipated to have a limit. The reader can access specific market updates thanks to the segmented explanation. The market research report on Asset Performance Management Market Trends also discusses evolving environmental concerns, shifting political environments, and various government approaches to regulatory reforms.
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