Asset Performance Management Market: Overview, Trends and Growth Opportunities By 2031 Revenue $7,529 Million

According to the report, the global asset performance management industry was estimated at $3.46 billion in 2019, and is anticipated to hit $7.52 billion by 2027, registering a CAGR of 10.3% from 2020 to 2027.

Increase in demand for automation in customer service and rise in smartphone penetration fuel the growth of the global asset performance management market. On the other hand, chances of failure in terms of coming with accurate responses impede the growth to some extent.

However, gesture recognition technology and the feature of multi-language support in IVAs are expected to create an array of opportunities in the industry.

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The global asset performance management market is analyzed across component, deployment mode, enterprise size, industry vertical, and region. By component, the software segment contributed to nearly three-fifths of the total market revenue in 2019, and is projected to dominate by 2027. The services segment, on the other hand, would exhibit the fastest CAGR of 11.7% throughout the forecast period,

By deployment model, the on-premise segment accounted for nearly two-thirds of the total market share in 2019, and is expected to retain its dominance by 2027. The cloud segment, however, would manifest the fastest CAGR of 12.7% during the forecast period. 

By geography, North America held the highest share in 2019, garnering around two-fifths of the global asset performance management market. Simultaneously, Asia-Pacific would portray the fastest CAGR of 14.2% from 2020 to 2027. The other regions analyzed through the report include Europe and LAMEA.

The leading market players analyzed in the global asset performance management market report include Aveva Inc. (OTCMKTS: AVEVF), Siemens AG (OTCMKTS: SIEGY), Bentley System (NASDAQ: BSY), GE digital, ABB Group (NYSE: ABB), Infor Inc., Oracle Corporation (NYSE: ORCL), SAP SE, SAS Institute Inc., and IBM Corporation (NYSE: IBM).

These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.

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Impact of COVID-19 Pandemic on Asset Performance Management Market:

  • The outbreak of the pandemic led to growing adoption of remote working culture across the globe and there’s also been a surge in the demand for cloud-based applications.
  • Accordingly, there’s also been a steep increase in the need for risk-based maintenance among various industry verticals, which has impacted the global market for asset performance management positively.

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