Asset Performance Management Market

The global asset performance management (APM) market is expected to grow at a compound annual growth rate (CAGR) of 10.8% with USD 1.91 Billion in 2024 to USD 3.19 Billion in2029. The growth is driven by adoption of asset reliability and asset strategy management practices across the industries.

North America and Europe have been major vendors in this market. Major vendors offering asset performance management include, ABB, GE Vernova, AVEVA, IBM and SAP. These players have taken different growth approaches to expand their shares in the market.

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ABB

ABB is a global technology firm specializing in power, automation and digital applications in more than 100 countries. Its portfolio includes robotics, industrial automation, power grids and power products, with a strong emphasis on high-efficiency technologies, smart grids and energy efficiency. ABB drives innovation and sustainable development first, investing heavily in research and development to enhance its IoT and AI capabilities. This concept helps utilities, transportation, infrastructure and construction customers improve efficiency and reduce environmental impact on. The ABB Ability platform delivers advanced asset performance management (APM) solutions that integrate digital technology for operational efficiency and asset reliability. Leveraging AI, machine learning, and advanced analytics, ABB's APM solution provides real-time insights into asset health, enabling better maintenance, reduced downtime and asset life expansion for industries such as oil and gas, utilities and manufacturing. Extensive research is also included, underscoring its commitment to sustainability and efficiency.

AVEVA

AVEVA is a global player in industrial software that drives digital transformation in the energy, manufacturing and infrastructure sectors. It offers a complete set of engineering, operations and asset performance management solutions that use cloud technology and AI to improve performance and streamline processes. Key offerings include process simulation, digital twins, and data visualization tools, which streamline workflows and enhance decision-making. AVEVA’s commitment to sustainability and innovation is evident in its focus on cloud migration and data integration. With a strong global presence, AVEVA serves over 20,000 customers in more than 100 countries and collaborates with partners like Schneider Electric to expand its market reach. The company’s emphasis on addressing sector-specific needs and its dedication to advancing digital capabilities solidify its position as a significant player in the industrial software industry. AVEVA’s solutions not only promote operational excellence but also enhance resilience against disruptions, ensuring continuous improvement and adaptability in a rapidly evolving landscape.

Related Reports:

Asset Performance Management Market by Solutions (Asset Reliability Management, Asset Strategy Management, Predictive Asset Management, Asset Lifecycle Management), Asset Type (Fixed, Mobile, Production, Infrastructure, Network) - Global Forecast to 2029

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