Verdantix Says The Asset Performance Management Software Market Is Poised For Rapid Innovation
NEW YORK--(BUSINESS WIRE)--Customers in asset intensive sectors will benefit in 2019 from a wide range of innovations launched by Asset Performance Management (APM) software vendors according to a new report from independent research firm Verdantix. Prominent vendors of asset reliability software such as ABB, AspenTech, Aveva, Bentley Systems, GE Digital, SAS, Siemens and Uptake have recently made big investments to enhance the APM software value proposition.
“Our assessment of nine of the most prominent asset performance management software vendors uncovered a new wave of innovation” stated David Metcalfe, Verdantix CEO. “Market-shaping vendors like Aveva and GE Digital see the potential for digital twin models to revitalize and ramp up the APM software value proposition. Specialists like AspenTech, Bentley Systems and Uptake solve decades-old asset failure problems with impressive new analytic tools.”
The Verdantix report, “Smart Innovators: Asset Performance Management Software” is based on an analysis of the product strategies of 9 vendors and a survey of 211 buyers of industrial risk management software. Key findings:
73% of operations managers consider digital technology is important for industrial risk management and 69% see the integration potential of APM software as a positive purchase driver.
Four innovations – cloud computing, digital sensors, machine learning and digital twin simulation engines – will revitalize the APM value proposition.
Five workflow capabilities differentiate asset performance management vendors. ABB, Aveva, GE Digital and IBM lead on asset health workflow. Aveva and Uptake lead on maintenance planning. GE Digital and IBM lead on EHS risk assessment.
On analytics, AspenTech offers market-leading functionality for three of six capabilities: failure modes, predictive failure analytics and prescriptive maintenance. Only four vendors – Aveva, GE Digital, IBM and Uptake – offer solid functionality across all six analytics capabilities.
“Across the board, APM vendors are doubling down on their product investment” continued Metcalfe. “Delivering a visual APM experience using digital twin simulations is the big prize on the horizon. Vendors hope that digital twins will put asset reliability analysis into the hands of a much broader user group and expand the scope of industrial risk management on APM platforms.”
Register for the Verdantix webinar: “A Fresh Look At Asset Performance Management Software” on March 7.