Asset Performance Management Market worth $8,954.2 Million by 2026 at a growth rate of 10.6% – IndustryARC
Growing adoption of Devops practices in BFSI will drive the Asset Performance Management(APM) Market growth in the forecast period 2021-2026.
HYDERABAD, TELANGANA, INDIA, September 21, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that The Global Asset Performance Management Market size is forecast to reach $ 8,954.2 million by 2026, growing at a CAGR of 10.6% from 2021 to 2026. APM involves the control of software application output in order to achieve the optimal level of service as measured by performance measurements and customer interaction. The global Asset Performance Management market is being fuelled by growing demand for big data analytics, condition monitoring and predictive asset management. The demand for APM is growing as mobile and cloud networking and storage become more prevalent. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key Takeaways:
This IndustryARC report on the Asset Performance Management Market highlights the following areas –
1. Adoption of advanced technologies such as artificial intelligence, Cloud, Internet of things and development in Asset Performance Management provide significant opportunities for market growth.
2. Growing adoption in BFSI verticals for efficient management and delivery of critical applications propels the market growth.
3. APAC region is projected to witness significant market growth during the forecast period owing to the investment in different sectors in the production and deployment of Industry 4.0, growing trend towards the automation and others.
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Segmental Analysis:
1. Cloud deployment type is projected to witness significant market growth during the forecast period 2021-2026 with CAGR of 18.6%. With almost every big player launching or extending cloud options, cloud technologies have been universally embraced. Cloud’s inherent on-demand scalability and global scope, as well as increasingly strong big data analytics and AI support, make it a perfect fit for DevOps and cloud-based applications in many ways.
2. North America is estimated to be the leading region in 2020, followed by APAC and Europe. This is owing to the widespread adoption of new technologies in most industries, as well as the country’s strong economy and affordability of Asset Performance Management. In November 2019, the first combined APM and FSM digital system for the food and beverage industries was delivered by SIG in partnership with GE Digital.
3. Large sized organisation held the highest market share in 2020 with market revenue of around $ 2980.2 million. Enterprise systems require a high degree of scalability to appeal to broad end-users. IT teams in these companies track uptime to ensure consistent results for their enterprise applications.
Competitive Landscape:
The top 5 players in the Asset Performance Management industry are –
1. AppDynamics
2. Broadcom DX
3. New Relic Inc.
4. IBM Corp.
5. Dynatrace LLC.
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