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Asset Performance Management Market worth $4.7 billion by 2028 – Exclusive Report by MarketsandMarkets™

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CHICAGO, Aug. 17, 2023 /PRNewswire/ — Predictive analytics, AI, and IoT will shape the Asset Performance Management (APM) market in the future by providing precise maintenance forecasts and data-driven decisions. APM will change as a result of the adoption of the cloud, the development of digital twins, and a focus on sustainability. Data security and cross-functional cooperation will be crucial in maximising asset performance and operational effectiveness.

The Asset Performance Management Market size is expected to grow from USD 2.9 billion in 2023 to USD 4.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period, according to MarketsandMarkets. Demand for making informed business decisions with predictive asset maintenance is likely to boost the adoption of asset performance management globally.

Browse in-depth TOC on “Asset Performance Management Market
287 – Tables
56 – Figures
265 – Pages

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Scope of the Report

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Report Metrics

Details

Market size available for years

2019–2028

Base year considered

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2022

Forecast period

2023–2028

Forecast units

Value (USD Million/Billion)

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Segments covered

Component, Deployment Type, Organization Size, and Vertical

Regions covered

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Companies covered

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AVEVA, SAP, GE Digital, IBM, ABB, Emerson, Bentley Systems, Rockwell Automation, Fluke, DNV, Siemens Energy, Hexagon, Oracle, Honeywell, Yokogawa, SAS AB, Arms Reliability, Tenna, MaintainX, Nexus Global. Synopsys, Detechtion Technologies, UpKeep, MentorAPM, Fracttal, Prometheus Group, MicroAI, IPS Intelligent Process Solutions, Qualer, Plasma, VROC, and Operational Sustainability

By solutions, the predictive asset management segment to grow at the highest CAGR during the forecast period.

Predictive asset maintenance is a type of maintenance that monitors the condition of assets using sensors. These sensors supply real-time data, which can be used to predict the timeline for asset maintenance, preventing equipment failure. It is a method used for preventing asset failures by analyzing the production data to identify patterns and predict issues before occurrence. Predictive asset maintenance further allows the maintenance frequency to be as low as possible to prevent unplanned reactive maintenance without incurring costs associated with performing several preventive maintenance activities. Predictive Asset Analytics helps organizations gain the highest return on critical assets by supporting PdM programs with early warning detection of equipment issues ahead of the existing operational alarms.

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By vertical, manufacturing vertical is expected to hold the largest market share in 2023.

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Asset-intensive organizations across the manufacturing vertical with heavy machinery are seeking to make their operations more efficient, reliable, and safer. Deploying AI and the IIoT within a process manufacturing environment can deliver a number of business benefits for companies with asset performance management capabilities. More manufacturers are adopting digital transformations through IIoT technology, with the move from metrics to analytics leading the way. The manufacturing sector has seen a variety of new analytics applications launched over the past three to five years, including a strong focus on asset performance management and other maintenance-related processes. Asset performance management solutions provide near real-time visibility into the condition of each industrial asset, which enables maintenance teams to minimize downtime.

By Region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.

Asia Pacific is among the major digital hubs of the world. Businesses in the region have been quick to identify the benefits of cloud technology as a facilitator of digital transformation. Countries such as China, Japan, Australia, Singapore, India, and Indonesia are leading this technology adoption, which includes embracing new-age technologies such as AI, edge, IIoT, analytics, and cloud.  According to the Global System for Mobile Communications Association (GSMA), countries in Asia Pacific have established frameworks on a national level, recognizing the potential of Industry 4.0 to help prepare economic structures for greater productivity and resilience. This will be crucial in the efforts by governments to stimulate economic recovery and build resilient economies for the future. Most government agencies and industry players expect Industry 4.0 objectives to be delivered within the next five years. This will rely on effective regulatory frameworks, such as making a new spectrum available for enhanced connectivity and increasing innovations in new solutions leveraging AI, IIoT, ML, AR, and digital twin technologies.

Top Key Companies in Asset Performance Management Market:

Some of the key players operating in the Asset Performance Management Market are – AVEVA (UK), SAP (Germany), GE Digital (US), IBM (US), ABB (Switzerland), Emerson (US), Bentley Systems (US), Rockwell Automation (US), Fluke (US), and DNV (Norway).

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Recent Developments:

  • In January 2023, Schneider Electric acquired AVEVA. This deal would enable both the entities a holistic approach to digital transformation across industrial operations, while reducing energy, carbon, and resource intensity. While AVEVA will henceforth be wholly owned and part of Schneider Electric, it is intended that AVEVA’s business autonomy and future R&D investment will be preserved going forward, thereby helping to meet increasing demand for a stronger portfolio of solutions.
  • In July 2021, GE Digital partnered with Airbus and Delta TechOps to bring support with its best-in-class predictive analytics software. With GE Digital’s added analytics capabilities and systems portfolio, covering Airbus and non-Airbus OEM aircraft, airlines will further benefit from cross-fleet health monitoring and diagnostics, reliability analysis, and PdM analytics.
  • In June 2021, Bentley Systems recently acquired SPIDA Software, developers of specialized software for the design, analysis, and management of utility pole systems. The integration of SPIDA within Bentley Systems OpenUtilities engineering software, PowerView, and grid digital twin cloud services will help address the challenges of transitioning to new renewable energy sources, including for electric vehicle charging, of joint usage of utility poles to support broadband networks’ 5G expansion, and of modernizing and hardening the electric grid to maintain reliability and resilience.
  • In May 2021, AVEVA partnered with Maire Tecnimont Group. This partnership will extend usage of AVEVA’s Asset Performance Management (APM) solutions across the Maire Tecnimont Group, globally, thereby enhancing plant operability and lowering maintenance costs. This in turn will deliver increased information availability empowering better, more informed decision-making, and subsequently improving overall business performance. As part of the agreement, the two companies will work together over a year on a defined number of customer projects so as to promote the application of predictive maintenance technology for critical plant assets.

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Asset Performance Management Market Advantages:

  • By examining current data, past trends, and performance metrics, APM systems assist in foreseeing and averting equipment breakdowns. This pro-active strategy reduces unscheduled downtime, raises asset availability, and boosts overall operational effectiveness.
  • APM assists organisations in decreasing operational and maintenance costs by minimising downtime, eliminating unexpected failures, and optimising maintenance schedules. Businesses are able to switch from reactive maintenance to techniques for predictive and preventive maintenance, which eventually results in cost savings.
  • APM gives organisations insights into asset performance, allowing them to spot underperforming assets and take appropriate action. This leads to better resource allocation, enhanced production capacity, and improved asset utilisation.
  • Organisations can track the performance and health of their assets with the aid of APM solutions. Organisations can increase the lifespan of their assets and postpone the need for pricey replacements or significant repairs by spotting and fixing problems early on.
  • APM tools can aid in making sure that assets are maintained in line with industry standards and safety laws. Businesses may prevent accidents and stay out of legal trouble by recognising potential safety concerns and assuring compliance.
  • APM solutions optimise maintenance schedules using data-driven insights. This saves time and resources by reducing pointless maintenance tasks and extending the intervals between significant maintenance operations.
  • Data analytics and visualisations are offered by APM platforms to support data-driven decision-making. Decisions regarding when to carry out maintenance, when to replace assets, and how to deploy resources efficiently can be made by organisations.
  • Real-time asset monitoring is made possible by the integration of APM solutions with Internet of Things (IoT) gadgets and sensors. A thorough understanding of asset performance and health is provided by the analysis of this data coupled with previous data.

Report Objectives

  • To define, describe, and forecast the global Asset Performance Management Market based on component (solutions and services), deployment type (on-premises and cloud), organization size (large enterprises and SMEs), vertical (energy & utilities, manufacturing, government & defense, chemicals, telecommunications, healthcare & pharmaceuticals, consumer goods, food & beverages, and other verticals), and region.
  • To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
  • To provide detailed information related to the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze macro and micromarkets with respect to growth trends, prospects, and their contributions to the overall market
  • To analyze industry trends, patents & innovations, and pricing data related to the Asset Performance Management Market.
  • To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
  • To profile key players in the market and comprehensively analyze their market share/ranking and core-competencies.
  • To track and analyze competitive developments, such as mergers & acquisitions, new product launches, product enhancements, and partnerships & collaborations in the market.

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About MarketsandMarkets™ 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
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USA: +1-888-600-6441
Email: [email protected]
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Blockchain Press Releases

Modern Lion and Hyundai Card Partner with NEAR Protocol to Revolutionize Concert Culture with Web3 Integration

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  • ‘Modern Lion’ Set to Launch KONKRIT and Ticketing Services on NEAR Protocol
  • Accelerating Collaboration in the Korean and Global Markets by Integrating Web3 Technology into Concert Culture
  • Co-hosting the Closing Party of Web3 Global Conference REDACTED 2024

SEOUL, South Korea, Nov. 7, 2024 /PRNewswire/ — Modern Lion and Hyundai Card have joined NEAR Protocol, a global Layer 1 blockchain platform forming a strategic partnership to advance Web3 integration in the concert culture.

Through its NFT platform KONKRIT, Modern Lion addresses ticket scalping—a priority identified by Hyundai Card—by providing a secure, NFT-based ticketing solution. This partnership will expand Modern Lion’s NFT-based ticketing solution on NEAR Protocol, improving security and transparency in ticketing.

Modern Lion has been promoting a healthier concert and show culture through NFT ticketing, successfully preventing scalping at events such as the ‘Hyundai Card Curated 92: Jang BEOM-JUNE’ concert and the immersive cultural experience ‘DaVinci MOTELl’ at Itaewon area, Seoul. With NEAR Protocol’s speed, security, and scalability, Modern Lion is ready to make significant strides in the global market.

The collaboration will focus on supporting Hyundai Card’s event ticketing through NFTs, activating the NFT marketplace, and advancing NFT projects on KONKRIT. Additionally, the partnership will include co-hosting events, joint marketing initiatives, and building brand recognition while strengthening industry networks.

Duhee Lee, CEO of Modern Lion, stated, “This partnership marks a significant step in revolutionizing concert and show culture, blending convenience and security through NFTs and blockchain. By offering NFT tickets and membership services, we will enhance audience experiences and foster transparency in the entertainment industry.” He added, “We aim to grow with the NEAR ecosystem and become a globally recognized blockchain company.”

Illia Polosukhin, CEO of the NEAR Foundation, highlighted, “Korea is one of the centers for real world adoption of blockchain technology and we are excited that NEAR will partner with Hyundai Card and Modern Lion to provide scalable infrastructure and chain abstracted user experiences.”

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Modern Lion will also co-host the closing party for the Web3 global conference REDACTED 2024. CEO Duhee Lee will present alongside leading figures from Dragonfly Capital, Pantera Capital, and Edward Snowden, further cementing Modern Lion’s role in the global Web3 arena.

Press Contacts:

Luis Shin / Manager
NEAR Korea
[email protected] 

About the NEAR Protocol 

NEAR is a highly performant, scalable layer one  blockchain and ecosystem with tens of millions of monthly active users leading Web3 in consumer app adoption, Chain Abstraction, and User-Owned AI.

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For more information, please visit: https://near.org 

About NEAR Korea

NEAR Korea manages the business development for NEAR Protocol in Korea and Asia. Its activities include supporting NEAR Protocol projects, fostering developer communities, and driving marketing and branding efforts.

For more information, please visit: https://nearkorea.org/

About Modern Lion

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Modern Lion is a blockchain-focused company founded in June 2022. It aims to make blockchain accessible through its NFT marketplace, KONKRIT, which focuses on practical applications like NFT tickets and memberships. By lowering barriers to blockchain adoption, Modern Lion positions itself as an innovative leader in integrating blockchain technology into everyday life.

For more information, please visit: https://modernlion.io/

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Blockchain

Eric Trump to Speak at Bitcoin’s largest conference in Abu Dhabi this December

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The Bitcoin Conference has announced Eric Trump as a keynote speaker at its upcoming Bitcoin MENA event, to be held from December 9-10, 2024, at ADNEC Centre in Abu Dhabi. Eric Trump’s participation signals a significant milestone for Bitcoin MENA 2024 bringing a wealth of business acumen and leadership experience to the growing bitcoin adoption in the Middle East. 
Following Donald J. Trump’s appearance at Bitcoin 2024 in Nashville this July, The Trump family has shown increasing support for Bitcoin as a way to combat inflation in the U.S..
Eric Trump’s involvement underscores the conference’s growing influence and highlights Abu Dhabi’s emerging role as a central hub in the global Bitcoin economy. As a prominent figure in both business and politics, his insights are expected to resonate with the conference’s focus on Bitcoin’s role in shaping the future of finance in the region, and draw considerable attention from global media and influential business leaders. 
Other notable personalities confirmed to attend the Abu Dhabi edition include Prince Filip of Serbia, Saifedean Ammous, author of The Bitcoin Standard, and Abdulla Al Dhaheri, of the Blockchain Centre Abu Dhabi. This announcement is another step to further solidifying Abu Dhabi’s status as a leading player in the “New Gold Rush” for digital finance. 
With a wealth of energy resources, substantial financial reserves, and a forward-thinking approach to innovation, the UAE is strategically positioned to lead the next phase of global Bitcoin adoption. The UAE’s recent move to introduce zero VAT on Bitcoin gains, is one among many progressive rulings to position the region as a prime destination for Bitcoin innovators, investors, and businesses. With top global and regional voices set to ignite the Bitcoin community with breaking announcements, Bitcoin MENA will offer attendees unparalleled opportunities to network with industry leaders and explore technologies and innovations from across the Bitcoin ecosystem. From exclusive VIP experiences to dynamic expo halls, the event is set to be a defining moment for Bitcoin adoption in the Middle East.

The post Eric Trump to Speak at Bitcoin’s largest conference in Abu Dhabi this December appeared first on HIPTHER Alerts.

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Blockchain Press Releases

KuCoin’s GemPool Welcomes PiggyPiggyCoin – Stake, Play and Earn

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VICTORIA, Seychelles, Nov. 6, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is thrilled to announce its new addition to GemPool – PiggyPiggyCoin (PGC), the pioneering workplace simulation and social game token on Telegram & TON.

KuCoin’s GemPool is a unique platform that facilitates early access to promising crypto projects by enabling users to stake tokens for farming new project tokens. This innovative approach allows users to leverage their existing crypto holdings to earn rewards, enhancing their engagement with the evolving crypto market. The platform supports a variety of tokens, offering flexible staking options without lock-up periods, which ensures that users can adapt their strategies in response to market conditions. Check the GemPool tutorial here.

PiggyPiggyCoin introduces an engaging game environment where players can employ magical cards to influence gameplay, enhancing interactive dynamics within the blockchain space. The native token $PGC will be fully unlocked at TGE, offering transparent and immediate utility for users.

Beginning November 6, 2024, KuCoin’s GemPool will open for users to stake USDT, KCS, and PGC, allowing them to farm PGC tokens. This strategic initiative not only promotes the new token but also illustrates the unique opportunities that GemPool offers to users wanting early access to exciting new tokens.

Following its presence on GemPool, the PGC listing is scheduled for November 12, 2024, at 12:00 UTC, with trading and withdrawals available shortly after. In addition to regular staking rewards, participants in the GemPool campaign can earn up to a 20% bonus depending on their VIP status and performance in various interactive quizzes and engagements. This is part of KuCoin’s effort to enhance user engagement and reward participation.

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Since its debut in August, KuCoin GemPool has launched 14 campaigns, with over 119,000 participants engaging, and over $863,000 asset locked. KuCoin GemPool is excited about this new addition and the potential it brings to the community. By fostering a robust and secure trading platform, KuCoin aims to continue being at the forefront of providing innovative solutions that cater to its diverse user base, enhancing both user experience and market growth.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement, KuCoin offers over 800 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 36 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

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