Hexagon Introduces Asset Management Solution HxGN APM

Hexagon, the global leader in digital reality solutions, including autonomous sensor and software technologies, has announced a comprehensive risk management solution. 

This solution named HxGN APM is designed to help asset-intensive organisations proactively identify and mitigate asset risks, minimise downtime and optimise maintenance expenditure.

Ideal for the needs of manufacturers, HxGN APM will provide a myriad of benefits through its sophisticated detection architecture and advanced analytics. 

“The addition of HxGN APM to Hexagon’s portfolio provides enhanced analytical insights across the asset lifecycle, enabling organisations to maximise the delivery capability of their industrial assets at an optimal cost and risk profile,” says Joe Nichols, Vice President of Portfolio Strategy for APM, Hexagon’s Asset Lifecycle Intelligence division.

This announcement comes after Hexagon acquired Itus Digital, an asset performance management (APM) solution provider based in Roanoke, Virginia, US earlier this year.

This acquisition, now part of Hexagon's Asset Lifecycle Intelligence division, brings additional technological and strategic value to the company.

HxGN APM with its advanced optimisation engine, will enable manufacturers to balance the performance, risk and cost of asset strategies, extending asset life cycles and enhancing efficiency in a data-driven, sustainable manner. 

The benefits of HxGN APM

• Optimises asset value: Helps customers balance performance, cost, and risk through the implementation of asset strategies.
• Enables proactive work processes: Continuously analyses asset failure risk and directs maintenance, inspections, and monitoring activities based on actual condition and health.
• Ensures rapid failure detection and prevention: Using the embedded Asset Twin Library, HxGN APM offers pre-set asset strategies and analytics to predict potential failures before they occur.

HxGN APM also boasts an intuitive application process, streamline system integrated and enhanced scalability.

Hexagon, which operates in 50 countries and has approximately 24,500 employees, has the infrastructure to effortlessly scale the solution, monitoring 25 assets all the way to one million.

This will provide immense benefits to the asset-intensive manufacturing industry where expanding operations to meet demand and avoiding unplanned downtime are important considerations.

“Unplanned downtime costs manufacturing companies a staggering $50 billion annually." comments Bas Beemsterboer, Senior Director of Sales Strategy at Hexagon's Asset Lifecycle Intelligence Division.

"HxGN APM enables manufacturers to adopt a structured approach to operationalize asset strategies, safely maximizing predictable production at the lowest sustainable cost. Purpose-built for manufacturers, HxGN APM leverages existing information sources like asset records, order history, and sensor data to provide stakeholders with critical visibility into risk, cost, and performance data they previously lacked.”

Growth in the APM software market 

“Hexagon’s entrance into the APM market aligns seamlessly with the surging demand for APM solutions and mirrors a broader trend among industrial asset maintenance software vendors, which are increasingly undertaking acquisitions to differentiate themselves in the market,” commented Kiran Darmasseelane, senior analyst in independent research firm Verdantix's Operational Excellence practice.

Verdantix is anticipating substantial growth in the APM software market.

The recent Verdantix market size and forecast report on APM software projects that the market will expand from US$2.5 bn in 2022 to just under US$5bn by 2028, with a compound annual growth rate (CAGR) of 11.9%.

Additionally, the latest Verdantix global corporate survey indicates that 54% of the 304 executives interviewed plan to increase their investment in APM software over the next 12 months.

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