Asset Performance Management Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Asset Performance Management Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

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 predict and prevent asset failures before they occur. By continuously monitoring the health and performance of assets, companies can identify potential issues early on and take proactive measures to address them, reducing the risk of costly downtime and maintenance.

In addition to preventing failures, APM also helps companies optimize asset performance by providing insights into how assets are being used and how they can be improved. By analyzing data on asset utilization, maintenance history, and operational performance, businesses can identify opportunities to increase efficiency, reduce costs, and extend the lifespan of their assets.

Furthermore, APM enables companies to make data-driven decisions based on real-time information. By integrating APM with other systems such as enterprise resource planning (ERP) and supply chain management, businesses can align asset performance with business objectives, ensuring that assets are supporting the overall goals of the organization.

Overall, APM can provide significant value to businesses across a wide range of industries, including manufacturing, energy, utilities, and transportation. By leveraging technology to monitor and analyze asset performance, companies can make smarter decisions, reduce risks, and improve operational efficiency.

However, despite the many benefits of APM, it is not without its challenges. Implementing and maintaining an APM system requires significant investment in technology, training, and resources. Furthermore, companies must ensure that they have the right data infrastructure and analytics capabilities in place to effectively leverage the insights provided by APM.

Additionally, the success of an APM program hinges on the ability of companies to get buy-in from all levels of the organization. From frontline workers to senior executives, everyone must understand the value of APM and be willing to support its implementation to reap the full benefits.

In conclusion, Asset Performance Management has proven to be a valuable tool for businesses looking to optimize the performance of their assets. By leveraging advanced technologies and data analytics, companies can improve operational efficiency, reduce costs, and ultimately drive better business outcomes.

While implementing and maintaining an APM system may come with its challenges, the potential benefits far outweigh the costs. By embracing APM and investing in the necessary resources, businesses can position themselves for long-term success in an increasingly competitive marketplace.

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

Leave a Comment