Asset Reliability Software (ARS) Market 2019 Global Segments, Size, Industry Growth and Trends by Forecast to 2023

Global Asset Reliability Software (ARS) Market is expected to grow at a CAGR 10% over the forecast period

Asset Reliability Software Market Overview:
Asset reliability software is a tool that enable manufacturers to consistently achieve higher levels of operational efficiency and safety by balancing costs and risk to optimize safety and benefits. Its helps organizations to determine their exact quantitative business needs, usage requirements and reduces administrative overheads through vastly improved efficient processes. Asset reliability software has application in various sectors such as oil and gas, manufacturing, healthcare, transportation among others and has supported in the growth of asset reliability software market.

Trending technology such as IoT, big data, analytics has resulted in generating new opportunities for asset reliability. Also, the impact of industrial Internet of Things (IIoT) on asset performance management is rapidly reshaping the way the assets managed in the industries. The asset reliability software has shown significant development in the current and past years and is expected to proceed with a continuing development in the coming years.

According to MRFR, global Asset Reliability Software Market is expected to show significant growth during the forecast period. Reduced procurement and maintenance costs and increased tracking capability of assets in business are some of the factors boosting the growth of asset reliability software market.

Moreover, advancements in digital information & analytics and cloud-based asset services are some of other factors enhancing the growth of the market. It also helps organizations to plan their budget for software requirement such as installation of new software, upgrades and any software support requirements. However, concern regarding data security, high installation cost and lack of unskilled workforce are some of the factors hampering the growth of asset reliability software market. Most of the key players such as ABB Ltd. (Switzerland), CGI Group Inc. (US), Dude Solutions, Inc. (US), eMaint (US), IBM Corporation (US), among others are following the strategy of introducing cost effective solutions to sustain in the competitive environment.

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Major Key Players:
The prominent players in the asset reliability software market are - ABB Ltd. (Switzerland), CGI Group Inc. (US), Dude Solutions, Inc. (US), eMaint (US), IBM Corporation (US), IFS AB (Sweden), Infor (US), Oracle Corporation (US), Ramco Systems (India), SAP SE (Germany), Schneider Electric SA (France), and Vesta Partners, LLC (US) and others, are profiled in Market Research Future analysis and are at the forefront of competition in the global asset reliability software market.

Industry News:
Sept 18, Merger of Lewellyn technology and Predictive Service creates leading reliability and safety platform
Predictive Service merged with Lewellyn Technology to creates a technology enabled enterprise asset management, predictive maintenance, safety, and repair services platform designed to reduce operating costs, improve equipment utilization, and ensure safety for customers worldwide.

Sept 18, Greensmith Energy launches GridSolv, a new containerized storage solution
The technology group Wärtsilä introduced a new solution, GridSolv, an advanced energy storage solution that is designed to offer maximum flexibility and speed of deployment. This energy storage solutions is expected to enable power companies and developers to integrate and optimize a diverse mix of grid resources and deliver flexibility, reliability and resilience for customers seeking best-in-class system performance.

April 18, Borealis selects Aspen Mtell® prescriptive maintenance software to improve reliability at polyethylene production site in Sweden Borealis, a leading provider of innovative solutions in the fields of polyolefins and base chemicals and fertilizers has selected Aspen, asset optimization software company, Mtell® software to improve reliability at polyethylene production site in Sweden.

Aug 18, UTC acquires Atlanta software company
Farmington conglomerate United Technologies Corp acquired an Atlanta-based predictive analytics software company to simplify and automate industrial data to improve asset reliability. Moreover, this acquisition is expected to support the company’s global digital strategy and improve its business investments.

Jan 18, ABB Launches Asset Optimization Software to Support Digital Transformation
ABB launched ability ellipse software solution which is expected to deliver a cross-enterprise approach to connected asset lifecycle management. This comprehensive solution suite would enable electric power utilities to optimize asset utilization, drive down maintenance costs and reduce equipment failures and system outages.

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Asset Reliability Software Market Segmentation:
• Segmentation by revenue source: software and services
• Segmentation by deployment: cloud and on-premises
• Segmentation by industry: aerospace, defense, chemical, food & beverages, mining, manufacturing and other
• Segmentation by region: North America, Europe, Asia-Pacific and rest of the world.

Asset Reliability Software Market Regional Analysis:
The regional analysis of asset reliability software market is studied for North America, Europe, Asia-Pacific and rest of the world. North America is expected to dominate the asset reliability software market due to enormous growth in the IT industries and growing awareness regarding the advantages of asset reliability software. Additionally, increasing demand for centralization and automation in this region is driving the growth of this market. Asia-Pacific is expected to be the fastest growing region during the forecast period.

The asset reliability software market is driven by India, Japan, China, Singapore and South Korea owing to demand for newer infrastructure and rapid adoption of new technologies by government sector in these countries. Furthermore, adoption of cloud-based solutions in this region is expected to show tremendous growth in the coming years.

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Intended Audience:
• Implementation service providers
• EAM solution providers
• Energy & utility companies
• System design & development vendors

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Release ID: 507936