According to new ARC Advisory Group research, artificial intelligence and analytics are currently the hottest trends in the growing market for asset reliability software and services. The ability to parse enormous data sets to gain insight into asset health and performance enables manufacturing organizations to target their optimization efforts more finely than ever before. These techniques also introduce a new set of software-only suppliers to enter the reliability market that may not have the industry or process knowledge to be as effective as those with deep domain expertise. The market outlook remains upbeat for the asset reliability software and services solutions market, primarily driven by the accelerated adoption of AI and analytics for asset management applications.
"The asset reliability software and services solutions market continue to attract strong interest for several reasons, most notably because of a need for advanced asset performance management (APM) capabilities. Key reasons include a desire to add advanced asset management features, such as remote monitoring and management, predictive maintenance, and predictive analytics," according to Inderpreet Shoker, Director of Research and key author of ARC's Asset Reliability Software & Services Market Research.
Asset Reliability Market Trends
In addition to providing detailed competitive market share data, the report also addresses key market trends as follows:
- A Lifecycle View of Assets
- Adoption of Digital Twin Models
- Adoption of Predictive Maintenance
- Global Economic Impact
- Knowledge Capture
- Rising Application of Machine Learning and Analytics
- Stalled Progress
- Traditional Reliability Needs Resources
Leading Suppliers to the Asset Reliability Software & Services Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. An alphabetical list of key suppliers covered in this analysis includes: Augury, Bentley Systems, Emerson Automation Solutions, General Electric, SKF.
About the Asset Reliability Software & Services Research
The Asset Reliability Software & Services research explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, five-year market forecasts, and five years of historical analysis. The research segmentation includes Revenue Category, Sales Channel, World Region, Industry, Service Revenues by Type, Software Revenues by Industry, Service Revenues by Industry, Revenue by Deployment Model, Service Revenues by Methodology, Software Revenues by Methodology, Revenues by Methodology, Overall Scope.
This new research is available in a variety of formats to meet the specific research and budgetary requirements of a wide variety of organizations. These include:
- MIRA Service: An annual subscription service that provides a unique online environment to each customer, together with all the necessary user interface apps and datasets. MIRA unlocks the full benefits of ARC’s time-tested market intelligence by leveraging the latest analytical tools and technologies to allow you to make more actionable, real-time business decisions. Interactive access to ARC’s qualitative analysis is displayed in context with up-to-date market data, allowing clients to develop customized views of the market to best suit their needs.
- Concise Market Analysis Report (PDF): This wide-screen presentation format provides executives, business unit managers, and other users with immediate access to in-depth market analysis, including analysis associated with every market data chart and figure. Included is an executive-level summary of the current market dynamics, five-year market forecast, and competitive analysis, plus an overview of strategic issues. The PDF is available with a comprehensive set of charts with associated analysis.
- Market Intelligence Workbook (Excel Power Pivot, sold with Market Analysis Report PDF): A standard Excel Workbook, including base year market data and a five-year market forecast. This workbook enables licensed users to freely manipulate data, making it easier to analyze the latest data for business intelligence and generate custom reports, including up to five years of historical analysis.
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