Published Date: 31-Oct-2019
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According to a new report Global Asset Performance Management Market, published by KBV Research, The Global Asset Performance Management Market size is expected to reach $23.8 billion by 2025, rising at a market growth of 9.1% CAGR during the forecast period. The market is expected to grow at an exponential rate as various industries like oil & gas, manufacturing, and chemical, are adopting digital solutions for better asset performance management. Industries choose APM solutions to bring down their operating expenses.
The asset reliability management segment recorded a larger market share in 2018 and is projected to continue this trend over the forecast period. This largest market share can be linked to multiple market players ' extensive reliability management offerings. The Asset Strategy Management market is expected to witness a CAGR of 9.6% during (2019 - 2025). Additionally, The Predictive Asset Management market would showcase highest CAGR of 9.8% during (2019 - 2025).
In 2018, the segment of energy & utilities was dominant in the market. The continued growth in electricity, gas and other assets consumption around the globe has encouraged the segment to corner the market. In accordance with the steady year-over-year growth in the scalability and cost efficiency of wind and solar power generation projects, the segment is expected to remain dominant during the forecast period. The Oil & Gas market is anticipated to witness a CAGR of 8.1% during (2019 - 2025). Additionally, The Manufacturing market is showcasing prominent growth 10.4% during (2019 - 2025).
The North America market dominated the Global Asset Performance Management Market by Region 2018. Europe also had a substantial market share and a steady growth rate is predicted for the forecast period. This development can be attributed in general to the unprecedented adoption of asset performance management systems across different industries. It is also expected that Germany will contribute to rapid market growth. Nonetheless, from 2019 to 2025, Asia Pacific is projected to see explosive growth and record the highest CAGR. Regional market growth can be linked to growing demand for better solutions for industrial plant management, particularly from China, India, and South Korea.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ABB Group, IBM Corporation, General Electric (GE) Co., SAP SE, Schneider Electric SE (Schneider Electric Software LLC), Siemens AG, Nexus Global Business Solutions, Inc., Aspen Technology, Inc., Bentley Systems, Inc. and SAS Institute, Inc.
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