Description
Asset performance management software solutions use asset-related data, predictive analytics, and Industry 4.0 technologies to anticipate failure or life of an asset and to recommend a maintenance solution that will improve the reliability of the asset. End users in the process industries acknowledge the effectiveness of deploying an APM suite of solutions, as it will help accelerate digital transformation. Asset-heavy end users, such as O&G, and petrochemical and chemical, understand that APM suites integrate risk, finance, inventory management, quality, and operations to bring the highest business value. The shift from site functional excellence to enterprise-wide performance management and the customer preference for above-site management principles will drive the adoption of APM solutions. Automating asset failure prediction is a major focus for industries today, as they move into asset performance autonomy. In a field of more than 20 industry participants, Frost & Sullivan independently plotted the top 15 companies in this Frost Radar™ analysis. The global APM market Frost Radar™ analysis features AVEVA, AspenTech, GE Digital, ARMS Reliability, ABB, Yokogawa, Atonix Digital, IBM, Bentley Systems, Emerson, Infor, Apergy, IPS, Detechtion Technologies, and DNV GL. While there are other companies competing in the market or have recently entered it, Frost & Sullivan has identified these 15 as the market powerhouses on the basis of their revenue for the 2016–2020 time period.
Author: Avinash Kumar
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