Asset Reliability Software & Services

This Asset Reliability Software & Services market research delivers current market analysis plus a five year market and technology forecast. The research is available in multiple editions including worldwide, all regions, and most major countries.

Asset Reliability Market: Artificial Intelligence and Analytics Drive Growth

According to 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.

Asset Reliability Software & Services Strategic Issues

In addition to providing a five-year market forecast, the Asset Reliability market research report provides detailed quantitative current market data and addresses key strategic issues as follows.

Embrace Digitalization

While critically important in today’s asset-intensive industries, Industrial IoT and PdM initiatives should be expanded and be viewed as foundational components for digital transformation initiatives. Companies that are just now focusing on digitalization are somewhat behind their peers, but are still not too late to get started. New digital technologies can augment asset reliability, maintenance, and operational processes to new levels of performance.

Improve Data Management

Multiple end users have shared with ARC that the inability to identify the correct asset record was a contributing factor in incidents involving significant loss. This is an excellent reason to make asset information the foundation for improved asset reliability as well as digital transformation. The hallmarks of good asset information are complete, accessible, current, and trustworthy. Good asset information can provide the basis for the plant’s license to operate by improving risk management, decreasing unplanned shutdowns/slowdowns, increasing productivity, reducing supply chain costs, and reducing the time needed to commission assets. Managing asset data provides a sustainable path forward.

Integrate Different Asset Management Solutions

IoT, edge computing, and analytics provide a deeper understanding of maintenance needs that is central to the effectiveness of modern APM systems. Owner/operators should make sure that the functions in their applications meet expectations for ease-of-use, analysis, and systems integration. For successful asset management operations, it is crucial that users integrate their different asset management solutions. When information and data is easily transferred between different applications, it simplifies the job of maintenance and operations staff. Without integration, key data remains siloed and never leveraged to its full potential by different APM systems.