Recent research by ARC Advisory Group reveals that artificial intelligence and analytics are currently the hottest trends in the asset management space. 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 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.
"With the ongoing skills gap, manufacturers need a modern asset management solution to execute maintenance with a less experienced and smaller workforce. Modern reliability solutions are now implementing AI to help address this major challenge. By leveraging AI at various steps, modern asset management software helps simplify reliability analysis, work instructions, and business processes. AI-infused APM solutions can also help achieve higher productivity even with a limited number of people. Emerging technologies such as drones, robots, and augmented reality are migrating to the general APM space. These technologies will have an impact on how process operators and maintenance technicians are trained, as well as how work is performed and when. Reliability solutions integrate these assets into a broader APM strategy," 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 research also addresses key market trends as follows:
- Reliability Is Resource-intensive
- Knowledge Capture
- A Lifecycle View of Assets
- Global Economic Impact
- Adoption of Digital Twin Models
- Rising Application of Artificial Intelligence
- Adoption of Predictive Maintenance
Leading Suppliers to the Asset Reliability 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 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 three years of historical analysis. The segmentation includes Industry, World Region, Sales Channel, Service Revenues by Type, Revenue Category, , 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.
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