Independent research firm Verdantix has released its buyer’s guide for asset performance management (APM) solutions, which provides an up-to-date analysis of 27 prominent APM solutions available in the market. The APM solutions market has exhibited resiliency to the COVID-19 pandemic, with operations and maintenance leaders turning to digital solutions to help optimize asset performance and intervention strategies to counteract demand shocks and supply chain disruptions. Reflecting buyer requirements for ease of integration, mobility and digital twins, the buyer’s guide focuses on breaking down the offerings of 18 APM solutions providers: Augury, AVEVA, Bentley Systems, Bently Nevada (including ARMS Reliability), Cenosco, Cognite, Endevor, GE Digital, Hitachi ABB Power Grids, Honeywell, IBM, Itus Digital, Lloyd’s Register, Pragma, Seeq, Senseye, Symphony Industrial AI and Uptake.
“Globally, the APM solutions market is still at a ‘land-grab’ stage, with large total addressable market opportunities and a fragmented competitive landscape,” commented Verdantix Industry Analyst, Victor Voulgaropoulos. “As a result, a wide range of vendors are targeting this market, offering solutions with varying breadth and depth of functionality.”
Key findings of the Buyer’s Guide: Asset Performance Management Software report:
- AspenTech, AVEVA, Bentley Systems, Bently Nevada, DNV, GE Digital, Hitachi ABB Power Grids, Honeywell, IBM, and Siemens have developed the most comprehensive APM solutions covering all the core APM capabilities of asset health monitoring, asset failure prediction, maintenance optimization, and performance optimization.
- The market is witnessing a flurry of predictive maintenance specialists entering this space that typically rely on AI-driven analytics to predict asset failure, such as Augury, Detechtion Technologies, Seeq, Senseye, SparkCognition and Symphony Industrial AI.
- To shortlist best-fit APM solution providers, prospective customers should consider vendors with: 1) industry and asset class-specific credentials; 2) consultative selling approach; 3) far-sighted customer success programmes, 4) integrations with the current technology stack; 5) ability to extend and scale the solution; and 6) thought leadership and available customer success stories.
“To gain competitive edge, APM solution providers are aiming to further accelerate time-to-value with plug-and-play solutions, increase autonomy with modular and extensible platforms and offer a comprehensive solution that can become the foundation of a firm’s digital strategy through digital twins,” continued Voulgaropoulos. “Buyers should use this guide to support them in their search for APM software applications that fit their requirements.”