Competition In The APM Software Market Heats Up As IBM Launches Asset Monitor
IBM has taken another step in its strategy to build out a comprehensive asset performance management solution with the release of Maximo Asset Monitor. The new application is the fourth module of the Maximo APM suite, first launched in 2018. Maximo Asset Monitor joins the Maximo Plan, Health and Predict modules in the APM suite, building on the venerable 34-year-old EAM product line that IBM acquired in 2005.
Recent Verdantix research found that the APM software market will grow from $2.3 billion in 2019 to $4 billion in 2024 as a wide range of IIoT technologies and lower cost analytics enhance the value proposition. IBM is playing into this trend with the launch of Asset Monitor.
IBM Asset Monitor aggregates sensor data gathered from industrial assets and analyses it using artificial intelligence-powered anomaly detection. The promise is that the tool can filter large volumes of data to find only the most relevant alerts, troubleshoot effectively and direct technicians to maintenance and repairs of the monitored asset. Asset Monitor will be the foundation of the Maximo APM Suite, working in conjunction with the Health module, which generates asset health scores to help users prioritize maintenance activities, and the Predict module, which builds predictive and prescriptive maintenance models.
The Plan module used for setting the initial asset maintenance strategy, is a carry-over from the original Maximo EAM technology. Rounding out the APM suite strengthens IBM’s market position relative to competitors with ambitious APM software strategies such as ABB, AspenTech and AVEVA benchmarked by Verdantix.
While IBM Asset Monitor is new, the underlying data aggregation and management components come from IBM’s Watson IoT platform. Asset Monitor adds AI-based analytics, plus dashboarding and report summaries, all designed to show more meaningful insights to the user. Results of the analysis in Asset Monitor can then kick off maintenance work orders in Maximo EAM. As with other maintenance and reliability IT systems, the goal is to reduce unplanned downtime and unnecessary maintenance costs and extend asset life.
The very extensive Maximo installed base provides IBM with a gateway to initiate customer discussions about APM deployments. Given at least 80% of asset reliability improvement spending is associated with brownfield industrial sites rather than greenfield, this is an important competitive advantage for IBM.