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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.

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MarketsandMarkets™ INC.
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Email: [email protected]
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Blockchain Press Releases

HTX Ventures Announces Strategic Investment in Figment Capital to Enhance Global Innovation Support

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SINGAPORE, May 30, 2024 /PRNewswire/ — HTX Ventures, the global investment arm of the cryptocurrency exchange HTX, has officially announced a strategic investment in Figment Capital, an early-stage venture fund focused on blockchain infrastructure. This investment underscores HTX Ventures’ commitment to fostering innovation and supporting scalable Web3 technology development globally.

Launched in 2021, Figment Capital is dedicated to investing in high-conviction, early-stage blockchain infrastructure projects. By leveraging its strong technical understanding and deep connection with Figment Inc., a leader in enterprise-grade staking infrastructure, Figment Capital offers unparalleled technical insights and support to its portfolio companies.

Edward, Managing Partner at HTX Ventures, stated, “We are delighted to welcome Figment Capital as a strategic partner. This investment aligns with our mission to support promising companies and drive the next generation of technological innovations. By leveraging Figment’s technical expertise and robust network, we can identify and support superior projects while also helping them expand into the Asian market. HTX Ventures continues to solidify its position as a global investment leader.”

James Parillo, Managing Partner at Figment Capital, also shared, “The HTX Ventures team has been incredibly helpful in our growth as an emerging investment fund. Their knowledge of the Asian market and experience operating a globally recognized exchange has been invaluable as we continue to grow. We’re thankful for the trust and support the HTX Ventures team has placed in us and continue to look forward to collaborating for years to come.”

Figment Capital’s portfolio boasts notable projects such as EigenLayer, Celestia, Initia, Wormhole, Movement, zkSync, and more. The trust and reputation that Figment Capital has earned among Web3 founders are further strengthened by its close collaboration with portfolio companies, providing strategic guidance and technical support.

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HTX Ventures is excited about the potential of this partnership. By combining Figment Capital’s technical prowess and industry connections with HTX Ventures’ extensive market reach, particularly in Asia, we are well-positioned to support the next wave of innovative blockchain projects. This strategic investment marks a significant milestone in our mission to enhance global innovation support in the blockchain space.

About HTX Ventures

HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.

HTX Ventures currently backs over 200 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including Figment Capital, Dragonfly, Bankless Ventures, Animoca, Shima, and IVC. Visit us here.

Contact Details
Michael Wang
[email protected]

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Company Website
https://www.htx.com/en-us/ventures

About Figment Capital

Figment Capital is an early stage venture fund, focused primarily on investing in blockchain infrastructure. Launched in 2021, Figment Capital invests in high-conviction, early-stage blockchain infrastructure projects, leveraging strong technical insights and support. Notable portfolio companies include EigenLayer, Celestia, Initia, Wormhole, Movement, and Starkware.

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Blockchain Press Releases

Bybit Drives Significant Trading Surge with EUR Zero Fees Campaign

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DUBAI, UAE, May 30, 2024 /PRNewswire/ — Bybit, one of the world’s top three crypto exchanges by trading volume, today announced a staggering increase in EUR trading volume following the launch of its EUR Zero Fees Fiesta campaign in early April. This move underscores Bybit’s commitment to the European market, offering a competitive and cost-effective platform for European crypto traders.

“By eliminating EUR trading fees, we’re making it easier and more affordable for European users to participate in the cryptocurrency market,” said Joan Han, Sales & Marketing Director of Bybit. “We view Europe as one of the key growth markets and are dedicated to offering a streamlined experience for European traders.

Soaring Popularity: Bybit Now #2 in Netherlands Market

The EUR Zero Fees Fiesta campaign has yielded impressive results. Since its launch, Bybit has observed a 13% average daily increase in trading volume for EUR pairs (compared to April data). This surge in volume strengthens Bybit’s position as a major player in the European crypto market. Bybit is currently ranked number two in the Netherlands, highlighting its expanding presence in the region.

Beyond Fees: Fostering a Convenient Crypto Experience for Europeans

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Bybit’s commitment to fostering a vibrant and accessible crypto ecosystem for European users extends beyond just fees. The EUR Zero Fees Fiesta campaign eliminates hidden costs, simplifying user participation in the market without surprise charges. This, combined with the seamless one-click purchase option through Google Pay across 35 currencies, empowers European users to buy and trade crypto with unmatched ease. Bybit is committed to making crypto not just accessible, but truly convenient for all European traders.

This dedication to user experience is what positions Bybit as the ideal platform for European crypto enthusiasts.  We’re constantly innovating to streamline processes and remove friction points, ensuring a smooth and hassle-free journey into the world of digital assets.

#Bybit / #TheCryptoArk /

About Bybit

Bybit is one of the world’s top three crypto exchanges by volume with over 30 million users. Established in 2018, Bybit offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

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For more details about Bybit, please visit Bybit Press.

For media inquiries, please contact: [email protected]

For more information, please visit: https://www.bybit.com

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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Blockchain Press Releases

Artrade’s new RWA feature ‘Fragments’: Launching with a Picasso

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Investing in world-class art like buying tokens on Solana

PARIS, May 29, 2024 /PRNewswire/ — Artrade is excited to announce the upcoming launch of its new feature “Fragments”: a Real World Asset (RWA) physical masterpiece linked to a token on Solana. 

 

 

After the presale, it will be accessible in one click like any other tokens on a DEX.

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Making real world art investment easier than ever before.

The artworks 

We are only considering important artists for our new “Fragments” feature. Rapidly increasing and reliable valuations convinced us this is the right choice. We’ve been sourcing and analyzing serious offers on Monet, Picasso, Warhol and Banksy among others.

This typically expensive and elite investment opportunity is now accessible to you through trading fractions of it with Artrade.

Our first inaugural piece for this feature:

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A drawing by Pablo Picasso.

Artrade is proud to showcase this intimate piece of art by the most famous signature in the world, valued at $200,000.

The artwork will be revealed at the NFC conference in Lisbon, and the presale opened at this occasion.

After months of sourcing and researching the art market, we’re proud to come to the public with a piece by such an iconic artist.

Our vision

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Our ultimate vision is not to resell our artworks on the traditional market for a profit, but rather to create real-time quotations of our artwork’s tokens. Enhancing token value for holders over time.

Though if the artwork is resold, holders will have the option for a buyback (convert to USDC) of their tokens.

According to Artrade’s founder Paul Weibel: “On-chain real world assets will finally democratize the investment in historical masterpieces of art.”

What you get as a Fragment investor:

  • $ATR token airdrop
  • Whitelist priority on the next token offering
  • Be a part of the exclusive Fragment Collector community
  • Access to exclusive networking events and IRL showcases of the artwork

Why invest in an Art Real World Asset token?

Liquidity: contrary to a NFT or a physical artwork, a token is completely liquid and can be traded anytime.

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Value: the value of your token is really associated to the value of the artwork on the market. It’s a token with a real utility and value in the world.

Investment: the valuation of masterpieces has been reliable, strong and consistent for hundreds of years. The market knows that.

With Artrade’s RWA Token, this value will be displayed in real-time and opened to a dynamic Web3 native secondary market.

About Artrade 

Artrade is a French JEI (young innovative R&D company) created and funded in 2021 through an ICO (initial coin offering). Since then, the $ATR token has reached an ATH of $140m valuation with a pool of thousands of holders.

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The main and already running marketplace is built around Art real world assets by contemporary artists. Counting around 4,000 monthly users, Artrade is gaining more and more credibility and traction in the space.

Stay tuned for more updates and get ready to invest in world-class art with Artrade’s innovative “Fragments” feature.

Artrade, trade art. 

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Media contact:
[email protected]

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