Hexagon Acquires Itus Digital To Enhance Asset Reliability, Failure Predictions And Maintenance Strategies

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Hexagon Acquires Itus Digital To Enhance Asset Reliability, Failure Predictions And Maintenance Strategies

On April 4th, industrial software provider Hexagon acquired Itus Digital, a US-headquartered asset performance management (APM) software provider. With this acquisition, Itus Digital will integrate into Hexagon's Asset Lifecycle Intelligence division, augmenting the provider’s existing asset maintenance solution, HxGN EAM, and aiding its overarching vision of delivering insights, optimization and continuous improvement across the entire life cycle of assets.

Itus Digital, co-founded in 2019 by former GE Digital APM executives Joe Nichols and Jason Cline, brings a robust suite of capabilities to the table. Itus Digital’s solution uses over 200 equipment-level digital twins and more than 1,700 failure modes to enable precise risk assessments and robust predictive and reliability-centred maintenance strategies. Hexagon's existing solution, HxGN EAM, will now be bolstered by Itus Digital's predictive maintenance capabilities, empowering users with comprehensive insights for optimal asset performance and maintenance strategies.

Hexagon’s entrance into the APM market aligns seamlessly with the surging demand for APM solutions, and mirrors a broader trend among industrial asset maintenance software vendors, which are increasingly undertaking acquisitions to differentiate themselves in the market. Notable examples of APM-related acquisitions over the last 18 months include those made by AspenTech (Inmation), IFS (Falkonry), Prometheus Group (Atonix) and Siemens (Senseye).

Verdantix expects substantial growth in the APM software market. The recent Verdantix market size and forecast report on APM software predicts that the market will grow from $2.5 billion in 2022 to just under $5 billion in 2028, at a CAGR of 11.9%, while the recent Verdantix global corporate survey reveals that 54% of the 304 executives interviewed plan to increase investment in APM software over the next 12 months.

Competition in the market has also intensified through the rise of AI analytics software providers – such as Augury, C3 AI, H2O AI, Samotics and Symphony AI – which provide easy-to-implement solutions for predictive analytics, production optimization and emissions reduction, as well as incumbent APM market leaders such as AVEVA and GE Vernova making substantial steps to improve the accessibility and scalability of their tools.

Hexagon's recent acquisition of Itus Digital highlights its dedication to addressing the changing demands for asset management software. This move aligns with the findings of the Verdantix 10 predictions for industrial technologies in 2024 report, emphasizing the growing importance of quick-to-deploy reliability models in the industry. With Itus Digital's user-friendly interfaces, cost-effective solutions and rapid implementation processes, Hexagon remains committed to delivering accessible and innovative asset maintenance solutions that drive efficiency, reliability and sustainability across asset life cycles.

To further understand what Hexagon will bring to the APM market, stay tuned for the upcoming Verdantix Green Quadrant: Asset Performance Management Solutions 2024, where Hexagon’s APM solution will be benchmarked against 20 other APM software providers.

In the meantime, to learn more about the industrial asset maintenance market, read the following Verdantix reports: Green Quadrant: Asset Performance Management Solutions 2022, Green Quadrant: Enterprise Asset Management Software 2022 and Best Practices: Transitioning To Predictive Maintenance For Enhanced Asset Management.

Senior Analyst

Kiran is a Senior Analyst in the Verdantix Operational Excellence practice. His current research agenda focuses on emerging solutions and global market trends across the process industries, with a particular interest in APM, AIP and process simulation solutions. Prior to joining Verdantix, Kiran worked at Siemens DI, where he gained experience in advanced process modelling and digital twin technologies. Kiran holds an MEng in Chemical Engineering from the University of Nottingham.