Market Size And Forecast: Asset Performance Management Software 2022-2028 (Global)
Kiran Darmasseelane
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Executive Summary
This report helps executives at asset maintenance software suppliers, current and prospective investors, as well as digital service providers and consultants active in the asset maintenance ecosystem, understand the forecast growth of the asset performance management (APM) software market. Based on a bottom-up analysis of revenues, interviews with software suppliers and survey data from 304 interviews with decision-makers at industrial firms, Verdantix finds that the APM software market will grow from $2.5 billion in 2022 to $5 billion in 2028, at a CAGR of 11.9%, driven by the need to reduce maintenance costs, increase asset uptime and meet energy transition objectives. Expenditure across North America and Europe constituted 65% of APM software spend in 2022, while the manufacturing industry accounted for the greatest amount of industry spend, representing 38% of the market.An overview of the APM software market
The APM software market was worth $2.53 billion in 2022
Digitization, net zero and operational performance pressures are driving growth in the APM software market
Data integration and security issues will stall growth in the APM software market in the short to medium term
The APM software market will grow at a CAGR of 11.9% to become a $5 billion market in 2028
Figure 2. Verdantix industry breakdown
Figure 3. 2022 industrial asset performance management software by region
Figure 4. 2022 industrial asset performance management software by industry
Figure 5. 2022 industrial asset performance management software by software functionality
Figure 6. Industrial firms' spending plans on asset performance management software
Figure 7. Industrial asset performance management software forecast by region 2022-2028
Figure 8. Industrial asset performance management software forecast by industry 2022-2028
Figure 9. Industrial asset performance management software forecast by software functionality 2022-2028
About the Authors
Kiran Darmasseelane
Senior Manager
Kiran is a Senior Manager at Verdantix, delivering data-driven insights on emerging technologies and global market trends for asset-intensive sectors such as energy, manufactu...
Malavika Tohani
VP Research
Malavika is a VP Research at Verdantix, guiding research that explores how digital technologies and services are reshaping industrial operations to become safer, more efficien...
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