Asset Performance Management Market Current and Future Trends, Leading Players, and Regional Forecast By 2033

 

Asset Performance Management Market

Asset performance management is anticipated to have a global market worth USD 2.5 billion in 2021 and USD 2.7 billion in 2022. Between 2022 and 2032, sales are expected to increase by 9.8% CAGR to reach $7 Bn. The demand for effective asset management and TCO optimization is expected to increase over the course of the forecast period, leading to significant market growth. Due to the fact that SMEs and large companies are key APM consumers, the market will expand throughout the projection period.

The growing inclination of enterprises to adopt a modern approach to asset performance management with Industry 4.0 is projected to offer avenues of opportunities in the coming time. Digital twins technology is anticipated to offer a remunerative scope of expansion in the forecast period.

In addition, the introduction of modern asset management solutions during the pandemic by established players aided organizations to enhance their performance and optimize maintenance costs. This is anticipated to augment the market size in the forecast period.

For instance, in October 2020, Siemens Energy and Bentley Systems informed of their collaboration to launch a performance management solution for oil and gas operators. The solution gives provides asset performance software capabilities of Bentley Systems Inc. with Siemens Energy’s oil & gas equipment proficiency.

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