Asset Performance Management Market Report 2025

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The asset performance management market size has grown rapidly in recent years. It will grow from $2.98 billion in 2024 to $3.37 billion in 2025 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to asset aging and deterioration, regulatory requirements, cost reduction imperatives, shift from reactive to proactive maintenance.

The asset performance management market size is expected to see rapid growth in the next few years. It will grow to $5.16 billion in 2029 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to advancements in predictive analytics, internet of things (IoT) integration, focus on sustainability and ESG initiatives, shift towards outcome-based Contracts. Major trends in the forecast period include predictive maintenance, integration of AI and machine learning, condition-based monitoring, asset health indexing, and lifecycle cost optimization.

The rising demand for a digital workforce is expected to significantly drive the growth of the asset performance management market in the coming years. A digital workforce refers to the integration of advanced technologies such as artificial intelligence (AI), automation, and machine learning into the labor force, enhancing human capabilities and streamlining various tasks. This demand is propelled by factors like the expansion of remote work, increasing automation needs, cost efficiency, and scalability. Asset performance management leverages the strengths of digital workforces to improve data analysis, enable predictive maintenance, optimize operations, automate routine tasks, facilitate real-time monitoring, and ultimately enhance efficiency and cost savings across multiple industries. For instance, a report by CompTIA in October 2023 noted a rise in technology workers in the US, which reached 9,156,390 in 2022, reflecting a 3.2% annual growth rate and a significant increase from the previous year. Therefore, the expanding digital workforce is a crucial factor fueling the growth of the asset performance management market.

Key players in the asset performance management market are actively focusing on the development of innovative solutions, exemplified by Lumada APM, to offer predictive maintenance solutions coupled with sophisticated analytics. Lumada APM harnesses digital technologies to optimize the performance, reliability, and maintenance of industrial assets, offering a comprehensive approach to asset management. For instance, in October 2023, Hitachi Energy Ltd., a Switzerland-based technology corporation, introduced Lumada APM, a next-generation asset performance management solution. This solution empowers operators to monitor critical asset conditions and forecast failures through data-driven modeling and AI-powered prognostics. Additionally, it integrates system reliability engineering methodologies to ensure safe and reliable operations by assessing risks and simulating intervention scenarios. Lumada APM also incorporates a reliability-centered asset maintenance strategy, facilitating proactive maintenance decisions and streamlined management through a single-pane glass interface. These features collectively enable organizations to adopt proactive maintenance strategies, anticipate trends, mitigate system risks, allocate budgets effectively, and optimize asset reliability and availability across asset-intensive industries.

In July 2022, Envision Digital International, a Singapore-based developer of an AIoT (Artificial Intelligence of Things) operating system, successfully acquired QOS Energy for an undisclosed sum. This strategic acquisition is designed to fortify Envision Digital International's renewable energy management offerings, with a particular emphasis on distributed energy systems. The move further solidifies its position as a prominent global leader in the market for renewable energy management solutions. QOS Energy, headquartered in France, is recognized for providing asset performance management solutions tailored for renewable energy assets.

Major companies operating in the asset performance management market are Microsoft Corporation, Hitachi Ltd., Siemens AG, International Business Machines Corporation, General Electric Company, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Asea Brown Boveri Ltd., Jacobs Engineering Group Inc., Emerson Electric Co., Rockwell Automation Inc., Worley Limited, Xylem Inc., Hexagon AB, Trimble Inc., Arcadis NV, Yokogawa lectric Corporation, Mott MacDonald Group Limited, PTC Inc., GHD Group Pty Ltd., National Instruments Corporation, Bentley Systems Incorporated, Aspen Technology Inc.

North America was the largest region in the asset performance management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the asset performance management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the asset performance management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The asset performance management market includes revenues earned by entities by providing services such as consulting services, predictive maintenance services, lifecycle management services, and integration services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Asset performance management (APM) encompasses a holistic approach aimed at maximizing the performance and reliability of physical assets within an organization. This strategy integrates diverse technologies, methodologies, and processes to ensure optimal operational efficiency, effectiveness, and safety throughout the entire lifecycle of assets.

Key components of asset performance management include solutions and services. Solutions typically comprise software platforms, tools, or systems tailored to monitor, analyze, and optimize asset performance. These solutions can be deployed both on-premises and in the cloud, catering to various organizations ranging from large enterprises to small and medium-sized enterprises (SMEs). Asset Performance Management finds application across multiple sectors including energy and utilities, manufacturing, government and defense, chemicals, telecommunications, healthcare and pharmaceuticals, consumer goods, food and beverages, and others.

The asset performance management market research report is one of a series of new reports that provides asset performance management market statistics, including asset performance management industry global market size, regional shares, competitors with an asset performance management market share, detailed asset performance management market segments, market trends and opportunities, and any further data you may need to thrive in the asset performance management industry. This asset performance management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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