The operational excellence agenda has dramatically increased asset management digitization efforts according to a new study from independent research firm Verdantix. The increase in momentum for asset management digitization will be driven by asset reliability and safe operations becoming a high priority within operational excellence initiatives, rise in spend on operational excellence initiatives, cost-cutting programmes, new technology, and the COVID-19 pandemic and the ensuing economic recession.
“In 2020, the twin shocks of the COVID-19 pandemic and ensuing economic downturns disrupted supply chains, closed industrial facilities and changed end-customer spending habits,” commented Sebastian Winter, Verdantix industry analyst. “Rather than reducing spend on asset management software applications and other solutions that are part of operational excellence initiatives, these twin factors have increased it.”
Key findings of the Verdantix report Market Overview: Asset Management Software Landscape:
- According to 259 senior managers across operations, maintenance and engineering, asset reliability and safe operations are becoming a high priority for executives at industrial firms.
- Availability of new technology enablers, such as AI, cloud computing, IoT, and connected worker platforms, have enhanced the asset management software value proposition.
- Industrial IoT solution providers ARM, Cisco, Industrial Scientific and Siemens all offer data and device management, IoT gateways and security, as well as process management and orchestration to enable a firm’s IoT strategy.
- According to our global survey of 259 respondents, software solutions for asset maintenance are top of spending plans and software solutions that include asset failure analytics and asset health monitoring will also see a healthy increase.
- Future developments for asset management software applications focus on predictive analytics that enable preventative actions and digital twin simulations that tie together equipment and process views.
“The asset management software market includes a diverse set of vendors with solutions for managing information, optimizing work plans and execution, and to improve asset performance,” continued Winter. “This market has seen rapid changes over the last few years, and we expect to see this continue with the integration of process safety management into asset management workflows, the emergence of maintenance analytics and digital twins, and continued growth of field service management leveraging connected worker solutions.”
Learn more on the Verdantix webinar: “Optimising Industrial Facility Management: The Landscape Of Asset Management Software”.