Asset Performance Management Software Market to See Huge Growth by 2030 | Siemens, ABB, GE Digital
Introduction
The global asset performance management (APM) software market is growing rapidly, driven by the increasing need for organizations to improve the efficiency and productivity of their assets. APM software helps organizations to track, monitor, and manage their assets, and to identify and mitigate risks. This software can be used to improve asset uptime, reduce maintenance costs, and extend the life of assets.
Market Drivers
There are a number of factors driving the growth of the APM software market. These include:
- The increasing complexity of industrial assets. As assets become more complex, they require more sophisticated software to manage them.
- The growing need for organizations to improve their operational efficiency. APM software can help organizations to optimize their asset performance and to reduce downtime.
- The increasing adoption of the Internet of Things (IoT). IoT devices can be used to collect data from assets, which can then be used to improve asset performance.
Market Segmentation
The APM software market can be segmented by:
- Asset Type: The type of asset being managed, such as industrial equipment, infrastructure, or IT assets.
- Deployment Model: The way the software is deployed, such as on-premises or cloud-based.
- Industry Vertical: The industry in which the software is used, such as manufacturing, energy, or transportation.
Key Market Players
The key players in the APM software market include:
- Siemens
- ABB
- GE Digital
- IBM
- SAP
- Oracle
Market Forecast
The global APM software market is expected to grow from USD 10.44 billion in 2021 to USD 18.65 billion by 2030, at a CAGR of 7.3% during the forecast period. The growth of the market is expected to be driven by the increasing adoption of APM software by organizations across the world.
Conclusion
The APM software market is growing rapidly, driven by the increasing need for organizations to improve the efficiency and productivity of their assets. APM software can help organizations to track, monitor, and manage their assets, and to identify and mitigate risks. This software can be used to improve asset uptime, reduce maintenance costs, and extend the life of assets.
