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Asset Performance Management Market - Forecast(2024 - 2030)
Asset Performance Management Market Overview
The Global Asset Performance Management (APM) 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. Growing business services like e-commerce and online
credit processing provide a lot of space for market expansion for Asset Strategy Management. The rising pattern of hybrid cloud deployment is
having a big effect on the growth rate of the market, especially among operational technology. Due to the involvement of
major players such as SAP, Oracle, and so on to include cloud-based models amid
the increasing product releases, the cloud-based deployment model is set to
expand at a higher pace thereby impacting the market growth rate during the
forecast period 2021-2026.
Report Coverage
The report: “Asset Performance Management market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Asset Performance Management market.By Deployment Type: Cloud, On Premises, Hybrid.By Organisation Size: Small, Medium, Large.By Type: Software, Services.By Asset Type: Web APM, Mobile APM.By Application: BFSI (Banking and Financial services), IT and Telecom, Government and defence, Manufacturing, healthcare and others.By Geography: North America (U.S, Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands, Others), APAC (China, Japan, South Korea, India, Australia and New Zealand, Indonesia, Malaysia, Others), South America (Brazil, Argentina, Chile, Others), and ROW (Middle East and Africa)
Key Takeaways
- Adoption of advanced technologies such as
artificial intelligence, Cloud, Internet of things and development in Asset
Performance Management provide significant opportunities for market
growth.
- Growing adoption in BFSI
verticals for efficient management and delivery of critical applications
propels the market growth.
- 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.
Asset Performance Management Market, By Region, 2020
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Asset
Performance Management Market Segment Analysis –By Deployment Type
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. Applications
also face abrupt performance fluctuations and periodic changes and
improvements, due to agile implementation methodologies as well as continuous
deployment and iterative cycles. The majority of vendors are positioned around
analytics and large data collection functionality. For enterprise IT customers
relocating more application and micro-service based workloads to public cloud
infrastructures, real-time data collection and analysis is becoming more
relevant.
Asset Performance Management Market Segment Analysis – By Organisation Size
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. In 2019, New Relic has pioneered the
idea of an APM rooted in SaaS and is one of the market pioneers in Asset
Performance management. New Relic also offers APM for smartphone applications,
automated browser security management and, most recently, infrastructure Management.
In this way, APM offers a unique opportunity for larger enterprises to better
align tech performance with digital objectives. Furthermore, Small sized
organisation is projected to witness significant market growth with CAGR 14.6% during
the forecast period 2021-2026. Application efficiency problems have a serious
effect on small businesses. APM benefits small businesses from conventional IT
programs in a number of areas. It improves the accuracy, speed and efficiency
of the devices. It also overcomes conventional IT drawbacks by better
scalability and configuration control. High acceptance of Asset Performance
based solutions along with increasing attention to regulatory enforcement are
some of the factors driving market growth.
Asset Performance Management Market Segment Analysis – By Geography
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. APAC is expected to rise at the fastest pace, owing to rapid industrialization, infrastructure development, and the growth of the private sector. In July 2020, Multi-cloud IT solutions provider Netmagic Solutions has collaborated with AppDynamics, a Cisco-owned application intelligence firm, to enhance end-user digital experience for companies and gain insight into the success of their technology stack. Furthermore, APM vendors in Europe have expressed interest in having their solutions classified as an AIOps tool. With the advent of microservices, blockchain, and Internet of Things (IoT), data is now replete in IT operations and other organizations. In September 2019, Dutch-Danish MSP Ymor was purchased by Sentia, the Netherlands-based Azure Specialist MSP, with the goal of becoming the dominant player in European Managed Services for dynamic and business-critical cloud applications. In the other hand, Ymor is known to be an application efficiency expert, personally participating, among others, in collaborations with ExtraHop, AppDynamics, and Dynatrace.
Asset Performance Management Market Drivers
Increasing Complexity of Applications
Asset Performance Management (APM) is a
key indicator of application reliability. Google has reported that a delay of
just half a second can lead to a 20% drop in traffic. Amazon has found that
every 100ms of latency cost them 1% in sales. Growing complexities in
applications leads to rise in demand for APM. Asset Performance Management
software is critical for compliance with service-level agreement (SLA). APM
automates actions to recover from application or infrastructure performance
issues. Thus, owing to growth of complex
applications the market development occurs.
Growing adoption in BFSI
Despite the fact that BFSI deploys a
large number of applications, effective maintenance and execution of these
important applications remains a major concern. Many businesses do not have Asset
Performance measures in order to monitor their progress. According to a report
by IBM in 2019, major banking sectors are planning to adopt more than 12-14% of
DevOps practices in next 12-18 months. Growing adoption of Devops practices in
BFSI will drive the market growth in the forecast period 2021-2026.
Asset Performance Management Market Challenges
High cost of Asset Performance Management software
The high cost of obtaining an APM
software license is stifling business expansion. APM will cost anything between
$500 and $6,000 a month for a group of 20 servers. Many vendors demand payment
on a yearly basis. Furthermore, the majority of the well-known APM applications
currently on the market are aimed at large corporations. Millions of small
enterprises such as Retrace need an APM solution. In the projected period
2021-2026, the high cost of the tool serves as a deterrent for these
businesses.
Asset Performance Management Market Landscape
Partnerships and
acquisitions along with product launches are the key strategies adopted by the
players in the Asset Performance Management market. As of 2020, the market for Asset
Performance Management market is consolidated with the top players including AppDynamics,
Broadcom DX, New Relic Inc., IBM Corp., Dynatrace LLC, HP, CA Technology,
Microsoft, among others.
Acquisitions/Technology Launches/Partnerships
- In November 2020, Dynatrace announced expanded partnership with SAP. Through incorporating the AI-powered observability and digital experience management capabilities of Dynatrace into SAP Commerce Cloud, customers gain a greater knowledge, including third-party providers, of apps and microservices operating in their network.
- In April 2020, Ensono also launched a new APM offering that provides users with a comprehensive review of the performance of the programme by reducing downtime and increasing stability. Its real-time performance visibility allows device bottlenecks to be reduced, inefficiencies to be minimised, and world-class end-user experience to be provided.