Asset Performance Management (APM) is a market category within the broader asset management that focuses on delivering higher asset availability, reduce maintenance costs and reduced risk. It leverages new technologies such as connected assets, big data, and new computing capabilities. Gartner estimates that the APM market will be USD 300B business by 2020 and that 50% of asset intensive organizations will rely on APM for critical asset performance management. That’s a sizeable market to go after for OEMs, software and services companies.
Technology is fueling digital industrial transformation and machines are becoming more intelligent and collaborative. We now have a clear line of sight to achieve the goals of asset management by bringing together IT and OT objectives. While IT will continue to play a role from a back office perspective (such as finance, work order management and mobility), it’s the operational technology that will play a significant role in driving the Asset performance management.
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