Asset Performance Management Software Market To Double To $5 Billion In 2028

Asset Performance Management Software Market To Double To $5 Billion In 2028

Verdantix finds that the asset performance management (APM) market will grow from $2.53 billion in 2022 to $5 billion in 2028, at a CAGR of 11.9%. Our research establishes that this growth will be driven by:

• Continuing focus by firms on improving asset uptime and reliability. 
  Industrial firms in the Verdantix 2023 operational excellence global survey identified minimizing asset downtime and improving reliability as a priority, with 65% of 304 respondents stating that they plan to increase spend in this area in the next 12 months. As a result, APM software vendors are increasingly incorporating reliability analysis into their offerings. Some examples of this are GE Digital’s Reliability Analysis Software and Hitachi Energy recently launching a reliability module in Lumada APM.
  
  

• Moving from condition-based to predictive maintenance. 
  Traditional APM software capabilities, such as condition monitoring and failure prediction applications, made up 29% and 22% of spending in 2022, respectively. This will change in the future, as predictive maintenance is anticipated to grow the fastest, at a CAGR of 12.9%, reaching $1.2 billion by 2028. AVEVA offers this functionality through its Predictive Analytics software, which leverages advanced pattern recognition and neural network algorithms to predict asset anomalies and reduce false alarms.
  
  

• Shifting priorities to meet sustainability goals.
  Legislation such as the 2022 US Inflation Reduction Act, as well as fluctuations in energy prices, have been pushing firms to reconfigure their operational activities to reduce emissions, improve energy efficiency and increase reliance on renewable energy sources. Tüpraş, a Turkish refining firm, worked with AspenTech to deploy a hybrid digital twin to predict heat exchanger fouling trends and identify process anomalies. Tüpraş minimized losses and CO2 emissions by over 2,300 tonnes per year per heat exchanger, after implementing these solutions. Although environmental performance application of APM software saw one of the lowest spends in 2022, it will grow the fastest, after failure prediction, at a CAGR of 12.1%.
  
  

To learn more about the current state of the APM software market, including segmentation by region, industry and software functionality, as well as the growth drivers shaping the market in the next five years, read Verdantix Market Size And Forecast: Asset Performance Management Software 2022-2028 (Global).