Verdantix Says Spending On Asset Performance Management Software Will Hit $4 Billion In 2024 Reflecting An 11.5% Growth Rate
London – October 15, 2019. The global market for asset performance management (APM) software will grow from $2.3 billion in 2019 to $4.0 billion in 2024 according to a new study from independent research firm Verdantix. The forecasted compound annual growth rate of 11.5% will be driven by the availability of new technologies such as predictive maintenance analytics, digital twin simulations and the industrial IoT. Vendors positioned to benefit from this growth include AspenTech, AVEVA, GE Digital, IBM, Lloyd’s Register and Uptake.
Over the next five years, the Asset Performance Management (APM) software market is set to grow from $2.3 billion in 2019 to $4.0 billion in 2024. But where will this growth come from and how can software vendors capture a greater segment of this fast-evolving market?
London – August 21, 2019. Independent research firm Verdantix has released its annual global survey of 284 managers responsible for operational excellence at large firms across 12 industries and 13 major economies. The interviewees – managers responsible for asset integrity, engineering and operations -- expect an average budget increase of 6% in 2020 compared to 2019. High priorities for 2020 are achieving safe operations (58% of respondents), improving asset reliability (50%), and enhancing process excellence (44%).
New York: Customers in asset intensive sectors will benefit in 2019 from a wide range of innovations launched by Asset Performance Management (APM) software vendors according to a new report from independent research firm Verdantix. Prominent vendors of asset reliability software such as ABB, AspenTech, Aveva, Bentley Systems, GE Digital, SAS, Siemens and Uptake have recently made big investments to enhance the APM software value proposition.
London, January 22, 2019. Three software vendors –eVision, Enablon and Petrotechnics – lead the market for Operational Risk Management (ORM) software but face strong competition in this diverse market. Independent research firm Verdantix, assessed the capabilities of 17 software suppliers on their ability to help customers manage risk for physical assets such as oil refineries, mines and chemical plants. Also included in the study are Cority, DevonWay, DNV GL, Engica, Gensuite, j5 International, ProcessMAP, RAP International, RiskPoynt, SAI Global, Sphera, TenForce, Vault Intelligence and VisiumKMS.
London – October 1, 2018. Independent research firm Verdantix has published a ground-breaking forecast for operational risk management software. Based on a survey of 221 managers at industrial assets and an analysis of 88 vendors’ revenues, the model predicts that the market will grow from $1.3bn in 2018 to $3.1bn in 2028 and $14.6bn in 2038. Compound annual growth will be a healthy 13%.
London–August 15, 2018. A survey conducted by independent research firm Verdantix has found that 40% of 221 operations managers at industrial firms believe digital technology is essential for operational risk management. The survey covers the 2019 budget plans, priorities and technology preferences of risk managers across chemicals, oil and gas, mining, manufacturing, construction and transport.