Asia-Pacific asset performance management (APM) market is projected to grow at a significant CAGR during the forecast period (2020-2026). The market is mainly driven by the growing demand for a digital and analytical solution in various sectors including IT & telecom, BFSI, energy & utilities, and others sector. Some of the major companies offering APM software in the region include Oracle, SAP, IBM, Microsoft Corp., and so on. The countries which are contributing significantly to the growth of the market include China, India, Japan, and the Rest of Asia-Pacific. Among these countries, China contributes significantly to the Asia-Pacific APM market owing to the growth in the various end-user industry such as energy & utilities, BFSI, IT & telecom, and others.
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China is the largest consumer of energy and utilities for a couple of years. As per BP PLC, in 2019 the fuel consumption of the country was around 3.3 billion tons equivalent oil. The county is a coal-dependent country and around 58% of the total energy consumed is generated by coal. Renewable sources of energy increased by 111 million tons of oil equivalent in 2018 to 143 million tons of oil equivalents in 2019. The increasing demand for energy and utilities in the country is continuously adding assets in the country including solar farms, windmills, thermal power plants, and others which are providing significant scope for the APM industry in the near future.
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Asia-Pacific APM Market – Segmentation
By Deployment
- Cloud-based
- On-Premises
By Industry
- BFSI
- Energy & Utilities
- Healthcare
- Government
- IT & Telecom
- Others(Food & Beverages)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
