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Verdantix Benchmark Reveals Seven Leaders In The Rapidly Developing Asset Performance Management Solutions Market

  • Press release
  • Operational Excellence

“Vendors in the market need to focus on simplifying asset management strategies, while educating buyers, as well as investing in developing ESG, energy transition and decarbonization capabilities, in order to support growing ESG and sustainability priorities.”

Verdantix Benchmark Reveals Seven Leaders In The Rapidly Developing Asset Performance Management Solutions Market

London, 08 September 2022 – Seven vendors – AspenTech, AVEVA, Bentley Systems, Cognite, GE Digital, Hitachi Energy and IBM – lead the rapidly growing market for asset performance management (APM) solutions. Using its proprietary Green Quadrant methodology, independent research firm Verdantix assessed the capabilities of 15 APM software providers against 10 capability and 12 market momentum criteria, measuring their ability to collect and stream data in order to boost the performance of assets. 

“Driving economic return and increasing asset uptime is a key focus for many firms; however, they are also facing pressure from the C-Suite to reduce expenditure, break down technology silos and increase sustainability by reducing emissions,” commented Kiran Darmasseelane, Industry Analyst at Verdantix. “Operations teams are now looking to APM software to better utilize existing data and generate greater insights into asset behaviour, to help predict – and therefore reduce – machine failure, preventing downtime and improving safety.”

The Verdantix report ‘Green Quadrant: Asset Performance Management Solutions 2022’, provides prospective buyers of APM software with detailed analysis to speed up vendor selection decisions. Key findings are:

  • APM software use cases have evolved past minimizing asset downtime and maximizing production and quality, to encompass sustainability, EHS and operational initiatives to support strategic objectives.
  • M&A investment is accelerating product development, with major firms such as AVEVA, Emerson and Siemens expanding their offerings for the APM market with their recent acquisitions of OSIsoft, AspenTech and Senseye, respectively.
  • Industrial automation technology vendors such as AVEVA and GE Digital lead the market, but new specialists coming through are gaining an edge by focusing on machine learning and AI analytics. SymphonyAI Industrial’s predictive analytics solution allows users to forecast asset failure and unseen operational issues, while Cognite’s industrial DataOps platform helps customers easily ingest, manage and contextualize all asset data.
  • Vendors are increasingly focusing on 3D visualization and integrating solutions with industrial wearables to create a connected workforce. GE Digital’s recent partnership with 3D digital twin software provider Visionaize offers customers interactive, traffic-light-style visualizations of risk, corrosion and integrity operating windows. Hitachi Energy, meanwhile, offers its Lumada Inspections Insights, which allow users to automate inspection processes and visualize the health and risk profiles of assets.
  • With growing ESG and sustainability concerns, vendors are expanding their APM software portfolios to support environmental performance and optimize energy consumption. For instance, Flutura’s Net Zero module supports firms in reducing GHG emissions and assessing carbon footprints across an entire product life cycle and supply chain.
  • Sensor and instrumentation manufacturers are seamlessly integrating with Internet of Things (IoT) devices, to retrieve plant data and optimize asset performance. Witness Honeywell’s integrations between its sensors and software products to create a holistic solution that optimizes operational efficiency, process safety, risk and emissions.

 

“One of the key barriers to APM software adoption is its complexity and the expertise required for deployment,” continued Darmasseelane. “Vendors in the market need to focus on simplifying asset management strategies, while educating buyers, as well as investing in developing ESG, energy transition and decarbonization capabilities, in order to support growing ESG and sustainability priorities.”

To learn more, join the webinar Selecting The Right APM Software Vendor For Optimal Asset Maintenance, Operations And Performance.

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Olivia Russell

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