ARC Advisory Group’s recent research reveals that the alarm management market is on the upswing due to increased focus on operational safety. Organization operational risk is a much larger issue in which alarm management plays a role. Alarm management solutions should not only be integrated within the control system realm, but also facilitate integration with enterprise-wide operational risk evaluation offerings to gauge vulnerabilities across the organization. Cloud-based alarm management offerings remove considerable cost and risk from alarm management implementation and pave a path to easier standardization.
"Organizations can enhance their automation and decision-making by using alarm management systems based on Industrial IoT with artificial intelligence (AI) technologies. AI algorithms can handle big data, identify complex patterns, and provide intelligent predictions or recommendations. Alarm management systems can use AI to obtain more accurate alarm prioritization, automated response measures, and adaptable alarm thresholds. Adherence to alarm management related standards like ISA 18.2 provide a standardized framework for implementing an effective and sustainable alarm management strategy in process plants,” according to Kiran Chavan, Analyst and key author of ARC's Alarm Management Market Research.
Alarm Management Market Trends
In addition to providing detailed competitive market share data, the research also addresses key market trends as follows:
- Third-party Specialists Have Emerged
- Digitalization
- Continuous Improvement Initiatives for Alarm Management
- Users More Receptive to Alarm Management
- Drive for Standardization
Leading Suppliers to the Alarm Management 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: ABB, Emerson Automation Solutions, Hexagon, Honeywell, TiPS.
About the Alarm Management Research
The Alarm Management 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 Industry, Customer Type, World Region, Sales Channel, Revenue Category, Overall Scope.
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