Verdantix Green Quadrant Benchmark Highlights Leading APM Software Vendors In Rapidly Evolving Market

Verdantix Green Quadrant Benchmark Highlights Leading APM Software Vendors In Rapidly Evolving Market

The 2024 Verdantix Green Quadrant: Asset Performance Management Software report assesses 20 asset performance management (APM) software vendors on their products' technical and functional capabilities and their market momentum. Our research entailed two-hour live software demos with participants, responses to a 137-point factual questionnaire, interviews with 30 corporate APM software buyers and desk research. The study also features findings from our operational excellence global corporate survey of 304 operations, maintenance, engineering, IT and process safety decision-makers. Vendors featured in this Green Quadrant are ABB, AspenTech, AVEVA, Baker Hughes, Bentley Systems, C3 AI, Cenosco, DNV, GE Vernova, Hexagon, Hitachi Energy, Honeywell, IBM, IFS Energy & Resources (formerly P2), Prometheus Group, SAP, SymphonyAI Industrial, UptimeAI, Wood and Yokogawa.

What are the key takeaways from this benchmark of APM software applications? Our analysis shows that:

• Providers are strengthening their data management capabilities to improve asset performance analytics.
  Over three-quarters of industrial firms participating in our annual operational excellence global corporate survey highlighted data integration, improving data access for collaboration with SMEs and enhancing data quality as significant challenges. Lack of a robust data infrastructure is a precursor to inaccurate results from ML models, which often leads to stalled or failed implementations. Responding to this demand for better data management, APM software providers have invested in strengthening their underlying data management capabilities. AspenTech, for example, acquired industrial DataOps provider Inmation in 2022 and subsequently launched DataWorks in February 2023. Similarly, AVEVA bolstered its data management capabilities and launched CONNECT, its industrial intelligence platform, in April 2024.
  
  
• AI analytics and generative AI are key to augmenting APM software capabilities.
  Vendors providing quick-to-deploy ML models for asset condition monitoring and predictive maintenance have rapidly risen to popularity, making up over half of the total $2.04 billion spend in 2024. Industrial software providers are capitalizing on this popularity through acquisitions aimed at bolstering their failure prediction capabilities. Prometheus entered the APM software market with the acquisition of Atonix Digital in March 2023, followed by Hexagon acquiring Itus Digital in April 2024. Similarly, generative AI (GenAI) is increasingly starting to feature within APM solutions. C3 AI and SymphonyAI Industrial offer natural language interfaces aimed at helping engineers with fast-generating predictive insights and contextually relevant prescriptive and corrective actions.
  
  

• APM software vendors are enhancing accessibility and scalability with out-of-the-box functionality and low-code/no-code configuration.
  With the APM software market growing rapidly at a 11.9% CAGR, vendors are building onto this success and refining their solutions to improve usability and accelerating time-to-value. ABB's Ability Genix platform provides a low-code environment for application, analytics development and workflow customizations, with libraries of pre-built components and integrations with third-party development environments. GE Vernova combines its library of pre-defined failure modes, diagnostics and prescriptive actions catering to 350+ asset classes with LCNC development capabilities to empower users with configuring and deploying failure prediction and reliability models with ease.
  
  

Check out the full report here: Verdantix Green Quadrant: Asset Performance Management Software 2024.

Join our webinar on Tuesday, 30 July 2024 from 4:00 pm BST | 11:00 am EDT | 8:00 am PDT: How To Choose The Right Asset Performance Management Software.