- New Verdantix report recognizes GE Digital as having a comprehensive, cross-industry capability in Asset Health Monitoring, Asset Failure Prediction, Maintenance and Performance Optimization Categories
- Report states the APM software market is expected to grow by 12% Y/Y to $4.4 billion in 2025
SAN RAMON, Calif. – AUGUST 11, 2021 – GE Digital today announced that the latest Verdantix Buyer's Guide to Asset Performance Management (APM) Software has recognized GE Digital as a leader in the competitive field with a focus on customer success. The report from Verdantix, an independent industry analyst firm, provides executives at industrial facilities responsible for performance and maintenance optimization with an up-to-date analysis of 27 prominent APM solutions. The report also notes that the APM solutions market is currently sized at $2.7 billion and has a promising forecast – it is expected to grow by 12% year over year to $4.4 billion in 2025.1
According to Verdantix, there are four main functionalities that best constitute a holistic APM offering: Asset Health Monitoring, Asset Failure Prediction, Maintenance Optimization, and Performance Optimization. GE Digital was found to have a comprehensive, cross-industry capability for each category. This report updates and extends Verdantix’s analysis of solutions provided through the Green Quadrant: APM Solutions published in June 2020.
In addition, the Buyer’s Guide recognizes GE Digital’s APM software as having:
- Broad and deep asset health monitoring and failure prediction functionality. GE Digital achieved perfect scores of 3.0/3.0 for asset health monitoring and asset failure prediction functionality in the 2020 Verdantix APM Green Quadrant. This is provided by the full APM suite of software – APM Health providing a comprehensive view of asset health with performance dashboards; APM Reliability offering built-in workflows for production loss analysis, root cause analysis, and statistical reliability analysis and optimization; APM Strategy for risk-based analysis and optimization; and APM Integrity to manage risk, lower inspection costs, and ensure regulatory compliance. The report also included GE Digital’s SmartSignal software that offers predictive maintenance functionality driven by time-to-action forecast analytics in this category.
- Implementation and asset class expertise that drives accelerated project success. The report acknowledges GE Digital’s Industrial Managed Services (IMS) as ensuring customers can capitalize on the long-term value of their APM solution with training, process development, and asset monitoring through Digital Twin technology. GE Digital’s IMS centers worldwide monitor more than 8,000 customer assets and have saved industrial companies a total of $1.5B+ USD in avoided costs. By managing the software and analytics, and providing expert services, IMS experts augment and expand a company’s digital capabilities and Operations & Maintenance (O&M) staff.
- Comprehensive and use-case specific mobile applications. APM’s Rounds Data Collection module allows users to efficiently collect and analyze equipment readings.
“GE Digital is a protagonist in its core vision to connect asset reliability with financial performance metrics and is supported by its well-founded subject matter expertise and comprehensive implementation programme,” said Victor Voulgaropoulos, industry analyst for Verdantix. “The APM solution 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.”
According to Verdantix, digitally-enabled automation and remote operations are now a high priority across all industries. This trend has created demand for upgrading legacy infrastructure and a mindset change across all levels of an organization, from technicians and engineers to directors and executives.
“APM solutions are playing a key role in ensuring reliable operations and minimizing outages, which have substantial financial, legal, and safety implications in critical industries,” said Linda Rae, General Manager of GE Digital’s Power Generation and Oil & Gas business. “We’re very pleased that GE Digital has been recognized not only for our APM solution, but for our ability to help customers achieve success with it.”
More information about GE Digital’s Asset Performance Management software solutions can be found here.
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