Asset Performance Management Market to exhibit growth at CAGR of 11.73% through 2023-2027
The asset performance management market is all set to witness market growth of USD 14,356.91 million followed by estimated growth at a CAGR of 11.73% between 2022 and 2027. The growing importance of asset tracking, the increasing need to comply with asset performance management standards followed by the rapid adoption of asset management software, and the expansion of IT infrastructure have propelled the market expansion of asset performance management.
Navigating through the different segments of the Asset Performance Management Market it is observed
When it comes to the market segment that will witness significant growth is the energy and utilities segment from 2023 to 2027. As per data, the energy and utility segment was the largest segment and was valued at USD 3,786.76 million in 2017.
The global market will witness maximum growth from the region of North America with a 42 % contribution due to the factors such as the presence of large IT companies and increasing technological advances with the US and Canada being the key countries.
Asset Performance Management Market at a Glance
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Key Companies of the Asset Performance Management Market: ABB Ltd., Baker Hughes Co., Detection Technologies, DNV Group AS, Emerson Electric Co., General Electric Co., Honeywell International Inc., Infor Inc., International Business Machines Corp., IPS Intelligent Process Solutions GmbH, Nexus Global Business Solutions Inc., Operational Sustainability LLC are some major companies in Asset Performance Management.
For instance, Bentley Systems Inc offers asset performance management software such as AssetWise ALIM, AssetWise Asset Reliability, AssetWise 4D Analytics, AssetWise Linear asset management, and iTwin Experience. Download a Sample Report for all the insights
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