Asset Performance Management Statistics


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Asset Performance Management Statistics 2023: Facts about Asset Performance Management outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Asset Performance Management, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

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Top Asset Performance Management Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Asset Performance Management Statistics on this page 🙂

Asset Performance Management “Latest” Statistics

  • Asset management systems represent a booming market that is expected to maintain a compound annual growth rate of 10.3% from 2020 to 2025.[1]
  • The size of the world market for asset performance management was estimated at $3,463 million in 2019 and is expected to reach $7,529 million by 2027, rising at a cagr of 10.3% from 2020 to 2027.[2]
  • Businesses who adopted a visual APM strategy reported a 25% increase in employee effectiveness. Up to a 15% improvement in asset availability and a 50% reduction in maintenance and inspection expenditures.[3]
  • The predictive asset management segment is expected to grow at the highest growth rate exceeding 13% over the forecast period, according to Grand View Research.[4]
  • The asset reliability management market share in 2021 was above 30%, making it the greatest market share.[4]
  • The Schneider Electric APM has recorded certain data, such as a 20% increase in asset availability, costs for operations and maintenance are reduced by 20%, reduced inventory expenses by 35%, and 20% boost in employee effectiveness.[5]
  • Less than 5% of businesses today have implemented an APM program, which helps to maximize maintenance activities and asset investment choices for financial returns.[6]

Asset Performance Management “Performance” Statistics

  • The asset performance management market was estimated to be worth $3,790 million after COVID-19, and it is anticipated to expand to $7,529 million by 2027, with a CAGR of 10.3% from 2020 to 2027.[2]
  • The global asset performance management market size was valued at USD 17.54 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.8% from 2022 to 2030.[4]
  • According to Gartner, 50% of asset intensive firms will depend on APM by the year 2018 to assist them maximize the performance of their vital assets.[5]

Asset Performance Management “Management” Statistics

  • The size of the worldwide asset performance management market is anticipated to increase during the forecast period at a Compound Annual Growth Rate (CAGR) of 10.1%, from $2.5 billion in 2021 to $4.0 billion in 2026.[7]

Asset Performance Management “Other” Statistics

  • The danger of safety breaches brought on by both hardware and people was lowered by a single IOT based analytics solution, which decreased the company’s total risk rating by 51.2% and resulted in considerable insurance cost savings.[6]
  • Oil and gas executives identified big data obtained from programs like APM as being the most likely to give the most commercial value, according to a 2018 Deloitte poll.[6]
  • 19% of respondents said their business required a big cultural shift, and only 15% thought the workforce’s demographics and skill set would need to drastically alter to meet these developments.[6]
  • Digital changes, like APM, were cited by 94% of industry leaders in a recent Deloitte poll as a key strategic objective.[6]

Also Read

How Useful is Asset Performance Management

One of the key benefits of APM is its ability to provide real-time insights into the performance of critical assets. By gathering data from sensors and other sources, APM systems can alert operators to potential issues before they become major problems. This proactive approach to maintenance can help companies avoid costly downtime and extend the lifespan of their assets.

Another advantage of APM is its ability to optimize maintenance schedules. By analyzing historical data and predicting when assets are most likely to fail, organizations can schedule maintenance activities more efficiently. This can help reduce maintenance costs and minimize disruptions to operations.

APM also enables companies to improve asset reliability and availability. By monitoring the performance of assets in real-time, operators can identify patterns and trends that may indicate a need for maintenance. This proactive approach to asset management can help companies keep their assets running smoothly and avoid unexpected failures.

In addition to improving asset reliability, APM can also help companies enhance their safety and regulatory compliance efforts. By tracking the performance of critical assets and identifying potential risks, organizations can take proactive steps to mitigate these risks and ensure compliance with industry regulations.

Overall, the benefits of APM are clear. By harnessing the power of data analytics and predictive maintenance, organizations can optimize the performance of their assets, reduce maintenance costs, improve safety and compliance, and ultimately achieve their business goals.

As companies continue to digitize and embrace Industry 4.0 technologies, the importance of Asset Performance Management will only continue to grow. By investing in APM solutions, organizations can stay ahead of the curve and unlock new opportunities for efficiency and growth.

In today’s fast-paced business environment, companies can no longer afford to rely on reactive maintenance practices. Instead, they must embrace the proactive approach offered by Asset Performance Management. By optimizing maintenance schedules, improving asset reliability, and enhancing safety and compliance efforts, organizations can maximize the value of their assets and drive success in the digital age.

Reference

  1. gocodes – https://gocodes.com/asset-management-statistics/
  2. alliedmarketresearch – https://www.alliedmarketresearch.com/asset-performance-management-market-A07459
  3. aveva – https://www.aveva.com/en/perspectives/blog/visualize-asset-performance-management/
  4. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/asset-performance-management-market
  5. motorsatwork – https://www.motorsatwork.com/from-the-blog/asset-performance-management-extends-eam/
  6. deloitte – https://www2.deloitte.com/us/en/insights/focus/industry-4-0/asset-performance-management-equipment-reliability.html
  7. marketsandmarkets – https://www.marketsandmarkets.com/Market-Reports/asset-performance-management-market-72801714.html

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