Asset Performance Management Market Size

Asset Performance Management Market size was over USD 22.4 billion in 2023 and is estimated to reach USD 66.9 billion by the end of 2036, expanding at a CAGR of 8.7% during the forecast period, i.e., 2024-2036. In 2024, the industry size of asset performance management is evaluated at USD 25.8 billion.

The primary driving factor of asset performance management (APM) is the increasing need for organizations to enhance operational efficiency and reduce maintenance costs. Businesses are investing in APM solutions to better predict and prevent equipment failures, optimize asset utilization, and extend the lifespan of their assets. This focus on maximizing asset performance and minimizing downtime, coupled with advancements in technologies such as Internet of Things (IoT), artificial intelligence (AI), and big data analytics, is fueling the growth of the APM market.

Several companies are integrating AI-powered APM systems to enhance their operational efficiency and predictive maintenance capabilities. For instance, GE Vernova, a global leader in electrification, decarbonization, and energy solutions, announced the release of Autonomous Inspection in May 2024. This cloud-based computer vision software solution automates manual inspection and monitoring of industrial assets using image capture devices and artificial intelligence/machine learning (AI/ML) algorithms.