Hexagon’s HxGN APM lauded as an industry innovator by independent research firm

HxGN APM from Hexagon’s Asset Lifecycle Intelligence division has been identified as an innovator in the asset performance management (APM) market in the Green Quadrant: Asset Performance Management Solutions 2024 report from Verdantix, a leading independent research and advisory firm.

Verdantix assessed 20 prominent suppliers using a 137-point questionnaire, two-hour live demonstrations and interviews with 30 existing APM software customers. The resulting analysis is based on the proprietary Verdantix Green Quadrant methodology, which is designed to provide an evidence-based, objective assessment of vendors offering comparable products or services. This report, which includes Hexagon for the first time, provides individuals who are responsible for selecting, implementing and deriving value from asset management software applications with a detailed assessment of key APM solution providers and their respective product offerings.

Enriched by the April 2024 acquisition of Itus Digital, Hexagon’s rebranded HxGN APM solution delivers streamlined workflows for failure prediction and reliability analysis. This is backed by robust asset information management, as detailed in Verdantix’s comprehensive analysis.

Key features of HxGN APM cited in the Verdanitx Green Quadrant: Asset Performance Solutions 2024 report include:

• Impressive Asset Information Management and Failure Prediction Capabilities: HxGN APM offers seamless integration with the leading EAM solutions, including HxGN EAM, with statistical methods that calculate failure rate and Machine Learning (ML) models that evaluate conditions against failure modes.
• Robust Reliability Analysis and Corrective Actions Management: Enabled by the Itus Digital acquisition, HxGN APM leverages the use of an Asset Twin Library, out-of-the-box asset models, with pre-defined failure modes, protections, conditions, analytics and prescriptive actions. Hexagon received a score of 2.2/3.0 for reliability analysis in the Green Quadrant analysis, above the category average of 1.7.

Verdantix also notes “Hexagon plans to integrate all of its industrial software into a singular Smart Digital Reality™, while HxGN APM’s strategy is focused on providing asset condition monitoring, failure prediction, reliability centered maintenance (RCM) and maintenance optimization through a seamless user interface (UI) and real-time data connectivity. The company’s broader strategy is centered on integration of all its industrial solutions, while also streamlining connection with third-party tools. With HxGN SDx2, its digital twin and information management software, as its data management layer, Hexagon aims to create a platform that unifies design, engineering, operations and maintenance.”

Per the Verdantix report, the recent focus of APM software development has been on blending maintenance, operations, environmental initiatives and precise engineering. The integration of Generative AI and Machine Learning redefines the functional possibilities of APM software. HxGN APM aligns perfectly in the evolving landscape of APM software, delivering robust solutions for predicting equipment failures, formulating effective remedial strategies, minimizing maintenance costs, maximizing asset efficiency and optimizing energy consumption, making Hexagon a key player in this growing market.

“We are excited to be named an Innovator in our first Verdantix APM Green Quadrant report. The recognition mirrors our approach which uniquely operationalizes asset strategies allowing customers to optimize asset risk, cost and performance,” said Joe Nichols, vice president, Portfolio Strategy for APM, Hexagon’s Asset Lifecycle Intelligence division.

Verdantix foresees substantial growth in the APM software market. The recent Verdantix market size and forecast report on APM software predicts that the market will grow from $2.5 billion in 2022 to just under $5 billion in 2028, at a CAGR of 11.9%, while the recent Verdantix global corporate survey reveals that 54% of the 304 executives interviewed plan to increase investment in APM software over the next 12 months.