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Asset Performance Management (APM) refers to a set of software and service solutions developed to optimize the performance of the assets of large and medium organizations. APM functions to connect and gather data from different databases and sources with the help of advanced analytics and converts it into insightful information. APM systems help to increase the availability and reliability of physical assets and minimize the risk related to operational expenditures. APM usually includes advanced features such as predictive maintenance, condition monitoring, reliability-centered maintenance, asset integrity management, and others. APM system also comprises innovative technologies such as asset health data collection, visualization, prediction, and analytics. Further, IIoT is playing an important role in driving growth of asset performance management market. According to article published by CIO org in 2018, the global industrial internet of things (IIoT) industry was valued at US$ 312.79 Bn in 2017 and is anticipated to reach at US$ 700.38 bn by the end of 2023, observing a CAGR of 14.36% during the forecast period.
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Significant investments in digitalization by various industries such as mining, oil, power & utilities, and others, tend to drive the growth of the asset performance management market. For instance, during 2017-2018, General Electric. Digital, has invested around US$ 1Tn, for the development of Predix APM solutions which is based on Predix Platform. This development would provide cutting-edge data science and analytics technology to their global users.
Key market players in the global asset performance management market are General Electric, Co., Schneider Electric Software, Bentley Systems, Inc., LLC, Prevas AB, IBM Corporation, ARC Advisory Group, and Nexus Global Business Solutions, Inc., among other companies.
By Product Category
· Asset Integrity Management
· Asset Reliability
· Enterprise Asset Management
· Field Service Management
· Plant Asset Management
By Industry Vertical
· Oil & Gas
· Energy & Power
· Food & Beverage
· Pulp & Paper
· Others (Government and Healthcare)
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Globally, North America holds the largest market share in terms of revenue of global asset performance management market in the forecast period. This growth is mainly due to the dominant presence of large players such as General Electrics, Schneider Electric Software and others in this region. Further, Latin America’s asset performance management market is projected to develop with the decent CAGR in the forecast period. This growth is mainly due to increasing adoption of asset performance management systems by the various industry verticals and saving million of dollars in this region. For instance, in 2018, Vale Fertilizantes saves $1.4m in production losses by using GE’s predix asset performance management.
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