Asset Performance Management Statistics 2024 – Everything You Need to Know

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Are you looking to add Asset Performance Management to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Asset Performance Management statistics of 2024.

My team and I scanned the entire web and collected all the most useful Asset Performance Management stats on this page. You don’t need to check any other resource on the web for any Asset Performance Management statistics. All are here only 🙂

How much of an impact will Asset Performance Management have on your day-to-day? or the day-to-day of your business? Should you invest in Asset Performance Management? We will answer all your Asset Performance Management related questions here.

Please read the page carefully and don’t miss any word. 🙂

Best Asset Performance Management Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 84 Asset Performance Management Statistics on this page 🙂

Asset Performance Management Benefits Statistics

  • Salary (67%) and benefits (63%). [0]

Asset Performance Management Market Statistics

  • According to Statista, “The global market for fixed asset management software is forecast to grow from 3 billion U.S. dollars in 2019 to 5.2 billion U.S. dollars in 2024. [1]
  • Asset Management System Market Asset management systems represent a booming market that is expected to maintain a compound annual growth rate of 10.3% from 2020 to 2025. [2]
  • The global asset performance management market size was valued at USD 13,237.85 million in 2018 and is expected to grow at a compound annual growth rate of 9.15% from 2019 to 2025. [3]
  • The on premises segment accounted for more than 50% of the total market share in 2018 and is expected to continue dominating the market over the forecast period. [3]
  • The manufacturing segment is estimated to register a CAGR of above 10% from 2019 to 2025 and hold a significant market share over the forecast period. [3]
  • North America accounted for a market share of more than 30% in 2018. [3]
  • The global asset performance management market size was estimated at USD 14.4 billion in 2019 and is expected to reach USD 15.8 billion in 2020. [3]
  • The global asset performance management market is expected to grow at a compound annual growth rate of 9.1% from 2019 to 2025 to reach USD 24.4 billion by 2025. [3]
  • On premise deployment mode dominated the asset performance management market with a share of 66.5% in 2019. [3]
  • The global asset performance management market size is expected to grow at a Compound Annual Growth Rate of 10.1% during the forecast period, to reach USD 4.0 billion by 2026 from USD 2.5 billion in 2021. [4]
  • The global Asset performance management market size is expected to grow at a Compound Annual Growth Rate of 10.1% during the forecast period, to reach USD 4.0 billion by 2026 from USD 2.5 billion in 2021. [4]

Asset Performance Management Software Statistics

  • According to Statista, “The global market for fixed asset management software is forecast to grow from 3 billion U.S. dollars in 2019 to 5.2 billion U.S. dollars in 2024. [1]
  • Using Digital Twin software to predict failures before they occur, the operations achieved a Return on Investment of 166% on this compressor. [5]
  • 41% attribute the success of their HR software to a close relationship between IT and HR.HR. [0]
  • The other 82 percent of assets display a random failure pattern. [6]
  • According to the ARC Advisory Group,1 82% of mechanical breakdowns display a random failure pattern and are caused by process induced conditions that current maintenance practices do not monitor. [7]
  • Using Digital Twin software to predict failures before they occur, the operations achieved a Return on Investment of 166% on this compressor. [5]

Asset Performance Management Latest Statistics

  • Unfortunately, this applies to only 18 percent of assets. [6]
  • According to a blog, “Over the 2004 to 2014 period an estimated $51.2 million of heavy plant, equipment and vehicles were stolen from businesses. [1]
  • According to the data, “80% of employees waste an average of 30 minutes per day retrieving information.”. [1]
  • According to Retail Wire, “Overstocks and outof stocks cost retailers $1.1 trillion globally in lost revenue. [1]
  • Overstocks are responsible for 3.2 percent in lost revenue for the average retailer, and outof. [1]
  • As per the capterra blog in 2017, “Businesses, on average, spend 80% of their time reacting to maintenance issues that arise rather than preventing them.”. [1]
  • “As of 2015, 25 percent of the global data required security but was not protected. [1]
  • That number was projected to increase to 45 percent in 2025.”. [1]
  • On average, there is 5 to 10 percent of ghost assets exist in every organization. [1]
  • Can you believe that the amount of working capital tied up in inventory equals 7% of the gross domestic product of the United States?. [2]
  • As many as 43% of them use manual methods of tracking or do not track inventory at all. [2]
  • A staggering 80% of employees waste their time because they don’t have the right asset support behind them. [2]
  • A 54% Increase in Theft over 2 years!. [2]
  • In the past 2 years, 33% of salespeople have experienced asset theft. [2]
  • While it differs from industry to industry, 75% of maintenance work should be preventive and 25% reserved for situations that can’t be avoided. [2]
  • Research has shown that 35% of company data is not protected at all, despite requiring strong security. [2]
  • This was the case with a medical facility in New England, where harmful administration errors dropped by a whopping 41% after a tagging system was put in place. [2]
  • Up to 15% OEE improvement Support of prescriptive maintenance through implementation of analytics strategies. [8]
  • Jun 2018 Application of machine learning to asset performance management marks a transition from estimated and statistical models towards measured patterns of behaviour. [7]
  • While more than 60% of the customers prefer public cloud hosting at present, the demand for asset performance management systems hosted on private cloud is expected to increase over the forecast period. [3]
  • The hosted segment is expected to register a significant CAGR of 11.49% from 2019 to 2025. [3]
  • The predictive asset management segment is expected to register the highest CAGR exceeding 11% over the forecast period. [3]
  • To learn more about this report, request a free sample copy The government & public sector segment is expected to exhibit the highest CAGR of 10.7% from 2019 to 2025. [3]
  • However, Asia Pacific is expected to witness substantial growth and register the highest CAGR of 10.11% from 2019 to 2025. [3]
  • 80% of fortune 2000 companies rely on our research to identify new revenue sources. [4]
  • 77% of mining executives identify cost and Asset Performance Management as a top strategic concern. [5]
  • The response rate was 50 percent, 6 percentage points higher than the 2019 response rate of 44 percent. [9]
  • 51% of job hunters prefer finding job opportunities through online listings. [0]
  • 53% of people look up company details and reviews on job search websites. [0]
  • The global workforce is 55.3% male and 44.7% female,cites LinkedIn’sWorkforce Diversity Report 2020. [0]
  • 58% of leadership positions are held by men. [0]
  • LinkedIn’s report also highlights thatBlack and Latino workers only represent 5.8% of leadership rolesin their survey. [0]
  • McKinsey’s Diversity and Inclusion Report states thatcompanies with greater gender diversity outperform less diverse companies by 25%.When companies put both men and women in leadership roles, they are 25% more likely to outperform their peer group. [0]
  • Companies with ethnic diversity outperform peers of less diverse companies by 36%Ethnic diversity practices strongly correlate with improved financial performance. [0]
  • Business executive teams that included ethnic diversity were 36% more likely to financially outperform. [0]
  • , highlights that 25% of companies’ onboarding programs don’t include any form of training. [0]
  • Up to 20% of staff turnover occurs within the first 45 days. [0]
  • 72% of respondents listed oneon one time with their direct manager as the most important part of any onboarding process. [0]
  • 70% of say a friend at work is the most crucial element to a happy work life. [0]
  • 51% ofmanagers are not engaged; 14% are actively disengaged. [0]
  • Meanwhile, Gallup’s Employee Engagement poll, states30% of U.S. workers are engaged in their workplace. [0]
  • Companies with high employee engagement are 21% more profitable Engaged workers are healthier workers. [0]
  • 33% of workerslook for a new job because they’re bored. [0]
  • 89% of workers believe it’s important to always network for future opportunities. [0]
  • With nearly 90% of workers constantly networking for new opportunities, some attrition is natural across all industries. [0]
  • The report states that 47% of HR teams say employee retention and turnover is their biggest challenge. [0]
  • An estimated 35% of employees will leave their jobs each year to go work somewhere else. [0]
  • 27% of workers leave their jobs voluntarily every year. [0]
  • 80% of exit surveys use poor methodology. [0]
  • Job characteristics and work environment led the way at 81% and 53%, respectively. [0]
  • While just 39% expected workers to spend at least one day a week at home before the COVID19 pandemic, 55% plan on this after COVID ends, states the COVID 19 US Remote Work Survey by PwC. [0]
  • Once the coronavirus subsides and allows offices to reopen,32% of workerswant five days at home per week, 9% four days per week, 17% three days per week, 14% two days per week and 11% one day per week. [0]
  • 17% would like to work remotely less than once per week or stay in the office full. [0]
  • A twopart disease management and lifestyle program saved employersroughly $30 per employee,but 87% came from disease management. [0]
  • 87% of employees participate in lifestyle management programs. [0]
  • According to LinkedIn’s 2020 Workplace Learning Report 83% of executives support employee learning. [0]
  • Companies who encourage curiosity see employees engage more deeply in their work, with 73% generating and sharing new ideas. [0]
  • 24% of development professionals don’t measure learning engagement. [0]
  • Employer portals led 56% of employees to learning opportunities. [0]
  • PwC HR Technology’s Survey indicates that58% of businesses use HR technology to find, attract and retain talent. [0]
  • Roughly44% of talent managerslook to cloud solutions to increase efficiency and productivity, while 35% see the cloud as a way to reduce costs. [0]
  • 74% plan on increasing spending on HR technology. [0]
  • 47% of companies will use AI based solutions in human resources by 2024.AI is already something 17% of businesses leverage. [0]
  • 57% of those using AI in HR are looking to improve their employee experience. [0]
  • 51% look to AI to save costs with HR.Repetitive tasks may be automated with AI, and that can lead to significant savings. [0]
  • According to the Open University, 79% of job applicants use social media in a job search. [0]

I know you want to use Asset Performance Management Software, thus we made this list of best Asset Performance Management Software. We also wrote about how to learn Asset Performance Management Software and how to install Asset Performance Management Software. Recently we wrote how to uninstall Asset Performance Management Software for newbie users. Don’t forgot to check latest Asset Performance Management statistics of 2024.

Reference

  1. netsuite – https://www.netsuite.com/portal/resource/articles/human-resources/hr-statistics.shtml.
  2. assetinfinity – https://www.assetinfinity.com/blog/business-statistics-and-how-asset-management-software-overcomes-them.
  3. gocodes – https://gocodes.com/asset-management-statistics/.
  4. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/asset-performance-management-market.
  5. marketsandmarkets – https://www.marketsandmarkets.com/Market-Reports/asset-performance-management-market-72801714.html.
  6. wabteccorp – https://www.wabteccorp.com/mining/digital-mine/asset-performance-management.
  7. arcweb – https://www.arcweb.com/technologies/asset-performance-management.
  8. digitalrefining – https://www.digitalrefining.com/article/1001506/machine-learning-in-asset-maintenance.
  9. elisaindustriq – https://elisaindustriq.com/solutions/asset-performance-management/.
  10. state – https://www.state.gov/resources-bureau-of-global-talent-management/.

How Useful is Asset Performance Management

One key aspect of APM is predictive maintenance. By using data and analytics, businesses can predict when equipment is likely to fail and schedule maintenance before it happens. This can prevent costly breakdowns, reduce downtime, and ultimately save money in the long run. By having a proactive maintenance strategy in place, businesses can optimize the performance of their assets and extend their lifespan, ultimately improving their overall efficiency.

Another benefit of APM is its ability to enhance decision-making. By having real-time data on asset performance, businesses can make informed decisions about maintenance schedules, upgrades, and replacements. This can lead to better resource allocation, improved operational efficiency, and ultimately, increased profitability. With the rapid advancements in technology, APM can even offer predictive insights that can help businesses make smarter decisions regarding their assets.

Furthermore, APM can help businesses comply with regulations and safety standards. By regularly monitoring asset performance and ensuring that equipment is in good working order, businesses can reduce the risk of accidents, injuries, and environmental violations. This not only protects the reputation of the business but also ensures the safety of employees and the community at large.

In addition to these operational benefits, APM can also improve the overall customer experience. By ensuring that equipment is operating at its best, businesses can deliver products and services more efficiently and reliably. This can lead to increased customer satisfaction, loyalty, and ultimately, long-term success for the business.

Overall, the usefulness of APM cannot be understated. It is an integral part of any business that relies on physical assets to operate effectively. By monitoring performance, predicting maintenance needs, and making informed decisions, businesses can optimize their operations, improve efficiency, and ultimately increase profitability. In today’s fast-paced and competitive business environment, APM is not just a luxury but a necessity for staying ahead of the game.

In conclusion, businesses that invest in APM stand to gain a wide range of benefits, from cost savings and improved efficiency to enhanced decision-making and customer satisfaction. With the rapid advancements in technology, the usefulness of APM will only continue to grow, making it a vital tool for businesses looking to thrive in today’s market.

In Conclusion

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