Green Quadrant: Asset Performance Management Solutions 2024
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Executive Summary
This report provides a detailed fact-based comparison of the 20 most prominent asset performance management (APM) software providers in the market. Based on the proprietary Verdantix Green Quadrant methodology, our analysis comprised two-hour live product demonstrations with pre-set scenarios, desktop research and vendor responses to a 137-point questionnaire covering eight technical, 10 functional and nine market momentum categories. Verdantix also conducted interviews with 30 software users and reviewed the data from our global survey of 304 operational excellence decision-makers. Verdantix research finds that the APM software market consists of providers hailing from multiple backgrounds and operating in a competitive environment. Vendors are differentiating themselves by offering easily configurable and scalable APM software, leveraging the latest advancements in AI and generative AI (GenAI), and adjacent capabilities for asset lifecycle management, environmental performance and risk management. Among the firms analysed in this study, ten providers – ABB, AspenTech, AVEVA, Baker Hughes, Bentley Systems, C3 AI, GE Vernova, Honeywell, IBM and Yokogawa – demonstrated leading APM capabilities.
Table of contents
The state of the APM software marketDigitization, net zero and operational performance are driving APM up the corporate agenda
Growing demand for APM software has spurred vendor interest over the last two years
APM product development will converge around enhanced product functionality, net zero challenges and improved accessibility through AI
APM software buyers have a long wish-list when choosing their vendor and solution
APM software vendor product strategies focus on enhancing flexibility, scalability and adoption
Green Quadrant for APM software 2024
Green Quadrant methodology
Scope and methodology for the 2024 Green Quadrant APM software study
Evaluated providers: selection criteria
Evaluation criteria for APM software
ABB APM software overview
Analyst insight: ABB’s APM suite combines asset management expertise with strong technical and condition monitoring capabilities
AspenTech APM software overview
Analyst insight: AspenTech leverages engineering expertise and AI to offer market-leading predictive failure and strong environmental performance capabilities
AVEVA APM software overview
Analyst insight: AVEVA’s APM solution delivers leading predictive maintenance and reliability analysis capabilities with patented AI models and comprehensive asset libraries
Baker Hughes APM software overview
Analyst insight: Baker Hughes offers robust RCM and maintenance optimization capabilities for the oil and gas industry
Bentley Systems APM software overview
Analyst insight: Bentley Systems enhances reliability and inspections with data-driven digital twin solutions
C3 AI APM software overview
Analyst insight: C3 AI provides market-leading data management and GenAI capabilities to solve asset management challenges
Cenosco APM software overview
Analyst insight: Cenosco’s IMS Suite offers strong integrity and risk management capabilities for process industries
DNV APM software overview
Analyst insight: DNV’s APM solution helps electric utilities better understand asset condition, with robust inspection management functionality
GE Vernova APM software overview
Analyst insight: GE Vernova’s market-leading APM software supports industrial firms’ energy transition efforts
Hexagon APM software overview
Analyst insight: Hexagon enhances its asset reliability capabilities with the acquisition of Itus Digital
Hitachi Energy APM software overview
Analyst insight: Hitachi Energy’s robust reliability and AIP capabilities optimize uptime, performance and capital allocation for power utilities
Honeywell APM software overview
Analyst insight: Honeywell will combine powerful failure prediction capabilities with broader industrial solutions to deliver a fully integrated, closed-loop reliability portfolio
IBM APM software overview
Analyst insight: IBM offers a single platform for optimized asset management, predictive maintenance, safety and reliability analysis
IFS Energy & Resources APM software overview
Analyst insight: IFS Energy & Resources delivers strong asset information and case management capabilities for asset-heavy industries
Prometheus Group APM software overview
Analyst insight: Prometheus Group disrupts the APM market by combining predictive analytics and risk management in a single UI
SAP APM software overview
Analyst insight: SAP seamlessly combines asset health and strategy applications with third-party integrity management functionality
SymphonyAI Industrial APM software overview
Analyst insight: SymphonyAI Industrial offers strong asset failure prediction capabilities, supported by knowledge graphs and GenAI
UptimeAI APM software overview
Analyst insight: UptimeAI optimizes plant performance through AI-empowered asset health and predictive analytics functionality
Wood APM software overview
Analyst insight: Wood delivers strong risk and asset integrity management software to oil and gas firms
Yokogawa APM software overview
Analyst insight: Yokogawa’s APM suite leverages robust platform interoperability and predictive analytics
Table of figures
Figure 1. APM software provider landscapeFigure 2. Industrial APM software forecast by software functionality: 2022-2028
Figure 3. APM software market drivers
Figure 4. Factors driving the digital transformation of plant operations
Figure 5. Key APM transactions over the last two years
Figure 6. Industrial technologies to achieve net zero goals
Figure 7. Industrial data management challenges
Figure 8. Perceived effects of GenAI on industrial operations
Figure 9. Technical capabilities criteria for APM software
Figure 10. Functional capabilities criteria for APM software
Figure 11. Momentum criteria for APM software
Figure 12. Vendor category scores (Capabilities)
Figure 13. Vendor category scores (Momentum)
Figure 14. Green Quadrant for APM software 2024
Organisations mentioned
ABB, Accenture, ADM, ADNOC (Abu Dhabi National Oil Company), Advent International, Air Liquide, Aker BP, Alectra, Amazon Web Services (AMS), Ameren IL, American Petroleum Institute (API), Angular, ARMS Reliability, Asint, AspenTech, Atonix Digital, ATT Tanjung Bin, Augury, AVEVA, Azima DLI, Baker Hughes, Baltimore Gas and Electric Company, BASF, Bayer, Bentley Systems, Bently Nevada, Bharat Petroleum, BHP, Blyncsy, BP, C3 AI, Canadian National Railway, Canary, Capgemini, Caserones, Cenosco, CERN, China National Petroleum Corporation (CNPC), Compressor Controls Corporation (CCC), Copperleaf, Deloitte, Delta-X, DNV , Doble, Dow, DS Smith, Duke Energy, Emerson, EPCOR, Equinor, Ericsson, Esri, Evolution Mining, Exelon, Expert Microsystems, Export Development Canada (EDC), Falkonry, Fidelis Group, FirstEnergy, Flint Hills Resources, FLIR, Fluke Reliability, Fractall, GE Vernova, General Electric (GE), Genstar Capital, Georgia-Pacific, Google, Greenbird, GSK, HCLTech, Helios Solutions, Hexagon, Hitachi Energy, Honeywell, IBM, Icon Water, IFS, IFS Energy & Resources (formerly P2), Indorama, InfluxData, inmation, International Electrotechnical Commission (IEC), International Organization for Standardization (ISO), Itus Digital, Java, Jupyter, Juraj Dobrila University of Pula, Kal Tire, Kyowa Hakko Bio, Leonard Green & Partners, Limble CMMS, Lundin Energy Norway, MathWorks, MaxGrip, Microsoft, MOL Group, MongoDB, Nanoprecise Sci Corp, National Grid US, Nippon Gases, Node.js, NRG Energy, OCI Global, Open AI Energy Initiative, OQ (formerly Oman Oil Company), Oracle, Origin Energy, OSIsoft, Petrobras, Petroleum Energy Oman, Petronas, Pinnacle, PNM, Poka, Posit Software, PostgreSQL, Prayagraj Power Generation Company, Proceedix, Prometheus Group, ProSensus, PSE&G, PTT Exploration and Production (PTTEP), PTT Global Chemical (PTTGC), Python Software Foundation, QAFCO, Rockwell Automation, Samotics, Sandvik, Santos, SAP, Schneider Electric, Shell, Sirfull, SOCAR, South East Water, Suncor Energy, SymphonyAI Industrial (SAII), Tampa Electric, Tata Power, Tennessee Valley Authority (TVA), Tüpraş, TwinThread, UpKeep, UptimeAI, US Air Force, US Securities and Exchange Commission (SEC), Viewport.ai, Visionaize, Visual Studio Code, Wipro, Wood, Woodside Energy, Xcel Energy, Yokogawa, ZerynthAbout the authors
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