SANTA CLARA, Calif.--(BUSINESS WIRE)--Targeting the fast growing $60 billion asset performance management (APM) market, manufacturing AI analytics leader BISTel, says its expanded global sales footprint, together with enhanced cloud, Internet of things (IoT) and AI technologies will power a wave of new intelligent AI manufacturing applications in 2021. “The expansion and deployment of our award-winning GrandView APM framework will spark continuous improvement programs across the pharmaceutical, petrochemical and industrial manufacturing sectors as the deployment of digital transformation technologies gains traction worldwide,” said W.K. Choi, CEO, BISTel.
GrandView Taps $250 Billion Market by 2030
According to Transparency Market Research, the global asset performance management market is the fastest growing market within Industry 4.0. It is projected to grow from almost $70 billion in 2020 to more than $240 billion by 2030. Widespread adoption across manufacturing sectors such as pharma, oil and gas, industrial, metals, healthcare, auto and chemical are contributing significantly to a compounded annual growth rate (CAGR) of more than 16.1 percent over the next 10 years. The predictive maintenance market is by far the fastest growth segment within the APM market, growing from $14.1 billion in 2020 to almost $68 billion by 2030. “Following three years of development, GrandView APM was launched last year to address the needs of this fast-growing market. By helping to transition manufacturers from legacy, inefficient scheduled based maintenance to AI predictive based maintenance approaches, manufacturers will save millions of dollars in maintenance costs alone and extend the life of equipment,” commented Choi.
Powerful Visualization and Integrated Analytics Secure Award Win and Drive Growth in 2021
The Pharma Manufacturing 2020 Innovation Award winner was chosen for its ability to integrate big data analytics and an IoT technology platform with smart manufacturing applications supported by BISTel’s manufacturing domain expertise. The GrandView™ solution provides for continuous monitoring of the health and performance of factory equipment, pumps, motors, fans, and other industrial assets and showcases powerful data visualization for all users. Coupled with an asset health index and AI predictive analytics technology, users can generate a RUL (remaining useful life) prediction, pinpointing when assets will fail. Users can also connect the GrandView APM’s prediction to their plant’s CMMS, EAM or ERP systems, automatically generating a work order scan to order parts and perform maintenance — thereby minimizing or even eliminating system downtime.
Asset Data Centric Management Approach
BISTel’s asset data centric management approach is driving the deployment of the new GrandView-APM framework. Manufactures recognize the importance of an asset data centric management approach because this approach generates deeper insights at the asset level across the entire production environment. This approach calls for connecting, analyzing and sharing knowledge among engineers, processes and equipment across the ecosystem, putting data to work to yield the type of insights that drive continuous manufacturing improvements to greater heights.
On Tap for 2021
According to Choi, “Significant investments in sales, technology and product development will support a massive growth initiative across the manufacturing sector, especially in highly complex environments where we excel in and where quality and productivity are critical,” noted Choi. “With pharma, oil & gas, and industrial production sectors investing heavily in new industry 4.0 technologies, BISTel’s GrandView APM is well positioned to grow rapidly in 2021.”
Many Opportunities to Connect with Customers in 2021
GrandView investments mean taking this innovative solution to as many customers as possible in 2021. In Q1 alone, BISTel will appear at Automate Forward 2021, Impact Series 2021, and AI Expo. You can also sign up to participate in the BISTel FREE POC Program that enables manufacturers to test drive the GrandView APM for free. For more information visit www.grandview-apm.com
From its industry proven Equipment Engineering Systems (EES) framework to its new its AI GrandView APM analytics solution and Decision Support System (DSS) designed for knowledge sharing across the manufacturing ecosystem, BISTel continues to pioneer advancements that drive the digital transformation of the manufacturing sector. For more than 20 years, BISTel’s intelligent manufacturing solutions collect and manage data, monitor the health of equipment, optimize process flows, analyze large data, quickly identify root cause failures to mitigate risk, predicting issues before they occur and extending the life of valuable equipment and other assets through industry leading predictive analytics. BISTel helps customers reduce downtime, improve yield, increase asset utilization, achieving significant production and engineering efficiencies across the factory. Founded in 2000, BISTel has more than 395 employees worldwide. The company is headquartered in Santa Clara with offices in California, China, France, Seoul, Singapore and Texas. BISTel’s domain expertise in manufacturing AI, includes, auto, flat panel, industrial, petrochemicals, semiconductor as well as automotive, and pharmaceutical manufacturing. For more information visit bistel.com or www.grandview-apm.com