"Smart Strategies, Giving Speed to your Growth Trajectory"

Asset Performance Management Market Size, Share & Industry Analysis, By Deployment (Cloud and On-premises), By Enterprise Type (Large Enterprises and Small & Medium Enterprises), By Type (Asset Integrity Management, Predictive Asset Management, Asset Strategy Optimization, Asset Reliability, and Others), By Industry (Manufacturing, Government, Chemical, Oil & Gas, Energy & Utility, Healthcare, and Others), and Regional Forecast, 2024 – 2032

Last Updated: May 13, 2024 | Format: PDF | Report ID: FBI100496



Play Audio Listen to Audio Version

The global asset performance management market size was valued at USD 3.07 billion in 2023. The market is projected to be worth USD 3.47 billion in 2024 and reach USD 10.19 billion by 2032, exhibiting a CAGR of 14.4% during the forecast period.

Asset performance management software helps maintain and monitor the health of plant assets. The increase in digital transformation is propelling the adoption of the software. The product deployment helps in complying with environmental regulations, boosts plant productivity, and increases return on investments of inventory’s cost. The growing demand for the software is increasing the competition among key players in the market. For instance,

  • In February 2023, Baker Hughes acquired ARMS Reliability to expand its asset performance management capabilities for catering to industries such as mining, manufacturing, and oil and gas, among others. The company is focused on providing reliable solutions for health protection and monitoring.

Some of the key software considered in the study comprise IBM Maximo Application Suite, SAP Asset Performance Management, Honeywell Forge APM, Cognite Data Fusion, Bentley System AssetWise Suit, and Hitachi Lumada APM.

The COVID-19 pandemic significantly propelled the adoption of digital solutions that could help in enhancing operational efficiency and productivity. To deal with uncertainties, the demand for asset performance management rose to ensure equipment health from remote locations. The software supported the management in monitoring the real-time status of operations that could impact the product and product deliveries. The post-pandemic reliability of asset performance management solutions is expected to grow significantly, driving market growth.

Asset Performance Management Market Trends

Artificial Intelligence-Powered Asset Performance Management to Boost Market Growth

The integration of artificial intelligence along with asset performance management is gaining traction across industries. The advanced technology exponentially enhances the capabilities of the software, lowers asset downtime, increases equipment lifecycle, and reduces overall operational costs. This is expected to boost the demand for APM software. For instance,

  • October 2021: ABB Ltd launched Ability Genix APM software, an artificial intelligence-powered next-generation predictive analysis, to boost monitoring efficiency. The company aimed to strengthen its 360-degree asset performance insights capabilities, aiming for utility and transport industries.

Furthermore, the products help analyze and monitor big data and large content in real-time to support large enterprises. They eliminate labour-intensive repairs and services in advance. As per OpenText, AI-powered APM software extends equipment software by 20-30% and lowers in-house incidents by 14%. These factors are expected to drive the asset performance management market growth.

Request a Free sample to learn more about this report.

Asset Performance Management Market Growth Factors

Growing Regulatory Compliances to Drive Market Growth

Industries across the globe have certain regulations and compliances to reduce negative impacts on the environment. Industries need to have service and maintenance of equipment to check emissions regularly. Besides, several companies are aiming for a net zero policy, and this is expected to drive the adoption of asset performance management software.

Furthermore, various countries across the globe are implementing specific compliances. For instance, U.S. federal regulations implemented 23,954 restrictions on quality control under the National Association of Manufacturers (NAM). As per the NAM, manufacturers spend approximately 2,000 hours per year complying with federal regulations.

For any global enterprise, the APM software helps in aligning with specific regulations. This is expected to fuel the asset performance management software market growth.

Increased Digital Workforce and Reliability Culture to Drive Market Growth

Asset performance management allows companies to switch more quickly to digital business models. Increases in computing speed and storage capacity enable virtual and global collaboration in more areas every day. As networks and technologies become more powerful, more computing power is available on consumer hardware, and employees are more comfortable working from their own devices than in person or at the office. Having a team with more digital skills is a boon for employers. Technologies supporting a digitally integrated workforce are getting better every year, allowing companies to keep highly distributed teams logically on the same page  and working toward similar goals. An increase in the digital workforce is expected to drive the market growth.


Potential Risk in Data Security to Hamper Market Growth

The software integrates industrial infrastructural data with advanced technologies to provide more specific use case applications. This increases the risk of data threats to the industries. Industries, such as chemical, oil and gas, energy, and utility, among others, have sensitive user data that is at optimum risk if not secured properly.

Besides, the attacks on these industries are growing year on year. Therefore, it becomes essential to integrate protected software. For instance, in IBM Security’s 2023 X-Force Threat Intelligence Index, ransom attacks were majorly targeted toward the manufacturing industry. Such threats are likely to hinder the market growth during the forecast period.

Asset Performance Management Market Segmentation Analysis

By Deployment Analysis

On-premises Segment Holds Key Share Due to Growing Data Security Demand

On the basis of deployment, the market is segmented into cloud and on-premises.

The on-premises segment is anticipated to hold the maximum share in the initial years of the forecast period. The rising demand for data security, preference for long-term comfort, and relationship of industries with on-premises deployment are driving the market growth.

However, key market players are shifting toward cloud-based deployment. Therefore, the cloud segment is expected to witness a rapid growth rate over the study period. Following 2024, the segment is expected to lead the market expansion.  

By Enterprise Type Analysis

Large Spending Capacity to Boost Software Adoption in Large Enterprises

Based on enterprise type, the market is segmented into large enterprises and small & medium enterprises.

The large enterprises segment is estimated to dominate the market during the forecast period. The growing adoption of digitalization is set to fuel the demand for asset performance monitoring software. This is due to the increasing product requirement and large spending capacity of large enterprises.

The small & medium enterprise segment is estimated to witness a rapid growth rate over the study period. With the launch of new and advanced cloud-based software, the investment by SMEs is increasing significantly. Further, it helps SMEs in optimizing investment costs for asset maintenance and services.

By Type Analysis

Real-time Analysis Feature to Drive Predictive Asset Management Segment Share

Based on type, the market is categorized into asset integrity management, predictive asset management, asset strategy optimization, asset reliability, and others (field service management, asset health management).

The predictive asset management segment is estimated to gain maximum share during the forecast period. The software type supports real-time equipment analysis that continuously monitors the health of physical assets.

The asset reliability segment is poised to exhibit a substantial growth rate over the study period. This is owing to the increasing asset lifecycle through proper inspection, maintenance, and data management. This helps industries with digital transformation through higher reliable operations.

The adoption of software provides asset integrity management that helps in fueling its precisions and reliability. The increasing confidence in production capabilities is expected to boost the asset performance management market share over the projected period.

By Industry Analysis

To know how our report can help streamline your business, Speak to Analyst

Manufacturing Segment to Hold the Largest Market Share Owing to Digital Transformation

By industry, the market is categorized into manufacturing, government, chemical, oil & gas, energy & utility, healthcare, and others (mining, telecommunication).

The manufacturing segment is expected to hold the largest market share during the forecast period. The software enhances the asset health and helps manufacturers in boosting production capabilities. Rapid digitalization in manufacturing industries is expected to boost market growth.

The chemical segment is estimated to register a rapid growth rate during the study period. The higher risk of operations in chemical industries is driving the software demand. Further, the oil and gas segment is expected to register a significant growth rate over the projected period owing to higher reliability and cost-saving capabilities.

The healthcare segment is anticipated to exhibit prominent growth during the forecast period. The software helps healthcare providers in ensuring patient safety with real-time equipment monitoring. The energy and utility segment is set to hold a considerable share as the products help enhance asset productivity, enabling the achievement of digital net-zero.


North America Asset Performance Management Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample

The North American market is slated to gain maximum revenue during the forecast period. The rapid shift to digital platforms is likely to fuel software adoption in the region. The growing awareness regarding the health of assets to reduce environmental damage is driving the North American market growth. It is estimated that the U.S. will gain rapid growth over the study period. This is owing to the increasing focus on monitoring asset health for long term investments with minimal costing.

To know how our report can help streamline your business, Speak to Analyst

Asia Pacific is anticipated to showcase rapid CAGR during the forecast period owing to the increasing policies on environmental standards and compliance of industrial equipment. China is set to gain a dominant share owing to the increasing investment in asset maintenance. According to the 2022 Ernest and Young report on China Asset Management, investors in the country are demanding efficient digital engagement across industries, thus expected to fuel the adoption of the solution.

Europe is estimated to showcase a prominent growth rate during the forecast period. The rise in industrialization in European countries is set to propel software demand. The Middle East and Africa are anticipated to gain significant growth over the estimated period owing to the increase in investment in digital transformation. Global companies are introducing new software solutions to manage energy and industrial infrastructure maintenance. For instance,

  • In December 2022, Robert Bosch GmbH launched Integrated Asset Performance Management with a digital twin in the Middle East. The company aimed to support clients with lower machine downtime with higher productivity.

South America is estimated to showcase steady growth in the market over the forecast period. This is owing to the higher production capabilities and lesser maintenance cost offered by the products.

List of Key Companies in Asset Performance Management Market

Collaboration with Prominent Industry Players to Boost the Market Share of Key Players

Key market players are entering into strategic partnerships and collaborations. These deals with advanced technology providers help in offering industry specific solutions. The partnership with various industry players is growing to meet the increasing need for clean and environment-friendly operations. The key players are expanding across various countries to achieve global presence and boost sales revenue.  

  • April 2023: Cognite AS introduced the 2.0 version of APM software Cognite Maintain, Cognite InField, and Cognite InRobot to increase its use case applications across industries. The new solutions are powered by artificial intelligence and digitally capture asset quality observations.    

  • October 2022: Huston-based ABSG Consulting Inc. announced a partnership with Itus Digital to offer its clients the advantage of minimum maintenance cost with extended performance using Itus APM software. Together, the companies offer deep domain expertise and reliability experience to the clients to operationalize asset strategies.

List of Key Companies Profiled:


  • November 2023: ABB launched ABBability SmartMaster, a complete asset performance management platform for validation and condition monitoring of field devices and equipment in water, wastewater, oil & gas, chemical, and other industries. SmartMaster remotely collects, analyzes, and validates diagnostic data from instruments without interrupting the ongoing measurement tasks.

  • October 2023: Oracle NetSuite introduced NetSuite Enterprise Performance Management (EPM) to help companies further integrate and automate their financial operations. NetSuite EPM integrates enterprise-wide planning, forecasting, budgeting, account reconciliation, closing, and reporting processes to increase business visibility, improve decision-making, and drive growth.

  • March 2023: Prometheus Group introduced Prometheus APM (Asset Performance Management), the latest addition to the Prometheus platform, with the acquisition of Atonix Digital. AtonixOI is used in hundreds of industrial sites, including chemical, manufacturing, oil & gas, power generation, and water treatment plants. The solution monitors hundreds of thousands of assets and enables operators to predict problems and failures before they occur.

  • March 2023: Cognite AS announced an agreement with Austria-based oil, gas, and chemical company OMV Group to support its digital transformation with DigitUP APM solution. In the long-term agreement, the companies would focus on implementing computerized maintenance management systems for various operational sectors.

  • February 2023: Honeywell International Inc. introduced Software as a Service-based solution, Honeywell Forge Performance+ for Industrials and Asset Performance for the mining industry for mobile and fixed equipment. The solution would offer huge support for the mining industry’s digital transformation with its industry-specific offerings.

  • June 2022: Envision Digital acquired asset performance management category company QOS Energy to support its energy transition solutions with increasing global demand. Together, the companies aimed to achieve net-zero initiatives and also expand in the Asian and American markets.   


An Infographic Representation of Asset Performance Management Market

To get information on various segments, share your queries with us

The research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading types of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that contributed to the growth of the market in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 14.4% from 2024 to 2032


Value (USD Billion)


















By Deployment

  • Cloud

  • On-premises

By Enterprise Type

  • Large Enterprises

  • Small & Medium Enterprises

By Type

  • Asset Integrity Management

  • Predictive Asset Management

  • Asset Strategy Optimization

  • Asset Reliability

  • Others (Field Service Management, Asset Health Management)

By Industry

  • Manufacturing

  • Government

  • Chemical

  • Oil & Gas

  • Energy & Utility

  • Healthcare

  • Others (Mining, Telecommunication)

By Region

  • North America (By Deployment, By Enterprise Type, By Type, By Industry, and By Country)

    • U.S. (By Industry)

    • Canada (By Industry)

    • Mexico (By Industry)

  • South America (By Deployment, By Enterprise Type, By Type, By Industry, and By Country)

    • Brazil (By Industry)

    • Argentina (By Industry)

    • Rest of South America

  • Europe (By Deployment, By Enterprise Type, By Type, By Industry, and By Country)

    • U.K. (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Italy (By Industry)

    • Spain (By Industry)

    • Russia (By Industry)

    • Benelux (By Industry)

    • Nordics (By Industry)

    • Rest of Europe

  • Middle East & Africa (By Deployment, By Enterprise Type, By Type, By Industry, and By Country)

    • Turkey (By Industry)

    • Israel (By Industry)

    • GCC (By Industry)

    • North Africa (By Industry)

    • South Africa (By Industry)

    • Rest of Middle East & Africa

  • Asia Pacific (By Deployment, By Enterprise Type, By Type, By Industry, and By Country)

    • China (By Industry)

    • Japan (By Industry)

    • India (By Industry)

    • South Korea (By Industry)

    • ASEAN (By Industry)

    • Oceania (By Industry)

    • Rest of Asia Pacific

Frequently Asked Questions

According to Fortune Business Insights, the market value is projected to reach USD 10.19 billion by 2032.

In 2023, the market was valued at USD 3.07 billion.

The market is projected to register a CAGR of 14.4% during the forecast period.

Based on industry, the manufacturing segment is expected to lead the market.

Growing regulatory compliances are expected to drive the market growth.

AVEVA Group Limited, IBM Corporation, SAP SE, Honeywell International Inc., Bentley Systems, Inc., Aspen Technology, Inc., and Cognite AS are the top players in the market.

North America is expected to hold the highest market share over the forecast period.

By deployment, the cloud segment is expected to grow at a remarkable CAGR during the forecast period.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 160

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.