Verdantix Benchmark Reveals The Ten Leaders In The $5 Billion Asset Performance Management Solutions Market
- Generative AI (GenAI) and machine learning (ML) are redefining the capabilities of APM software.
- Digitization, net zero goals, and enhanced operational performance are driving significant market growth.
Verdantix Benchmark Reveals The Ten Leaders In The $5 Billion Asset Performance Management Solutions Market
Despite economic challenges, the asset performance management (APM) solutions market is experiencing significant growth, driven by the increasing importance of digitization, net zero goals, and enhanced operational performance. According to the new Verdantix benchmark report of the 20 most prominent APM software providers, spending on APM software is projected to reach $5 billion by 2028.
Over the past two years, the APM software market has seen significant transformation, with APM providers expanding their product offerings to address maintenance, operations, engineering and environmental initiatives. Innovations in GenAI and ML are redefining the capabilities of APM software. This shift is yielding numerous benefits, offering cost savings through a transition from preventative to predictive maintenance, eliminating unplanned downtime, and mitigating industrial accident risks.
Among the 20 providers featured in the report, ten firms – ABB, AspenTech, AVEVA, Baker Hughes, Bentley Systems, C3 AI, GE Vernova, Honeywell, IBM and Yokogawa – demonstrated leading APM capabilities.
The report, Green Quadrant: Asset Performance Management Solutions 2024, provides valuable insights for operations executives at industrial organizations seeking to select the best-fit provider for APM software for their business. Key findings:
- Buyers of APM solutions are opting for software vendors with deep industry knowledge and tech implementation services expertise. They demand solutions with a robust data management foundation. For example, GE Vernova has developed APM Accelerators – pre-built industry models for monitoring and benchmarking the performance of solar and wind assets. C3 AI’s modular platform, meanwhile, offers users the ability to build data ingestion, sensor quality management, data lineage and visualization through a fully graphical interface.
- Expansion into sustainability and net zero functionality has become a strategic priority for technology buyers, with APM software vendors expanding capabilities to include environmental and sustainability features. For instance, IBM Envizi’s emissions management software can collect and visualize operational emissions data and link emission reduction efforts with maintenance activities.
- APM software providers are incorporating GenAI capabilities to improve accessibility and deliver prescriptive insights. AVEVA’s industrial AI assistant leverages large language models (LLMs) to extract insights from multiple data sets, to answer complex questions.
“Digitization, net zero, and operational performance are propelling APM to the forefront of the corporate agenda. Buyers are looking to leverage GenAI and machine learning to redefine the capabilities of APM software, achieving significant business benefits, such as predictive maintenance, elimination of unplanned downtime, and reductions in both worker injuries and environmental damage,” commented Kiran Darmasseelane, Senior Analyst at Verdantix. “In response, vendors are enhancing the flexibility, scalability and adoption of their APM solutions. They are also investing in robust data management capabilities and forming strategic partnerships, to gain market share.”
To learn more, join the webinar How To Choose The Right Asset Performance Management Software on 30 July.
