New ARC Advisory Group research on the process simulation and optimization software market reveals that successful industrial transformation will require effective application of machine learning and predictive analytics to improve plant uptime and asset availability.
“ARC believes that artificial intelligence will be used more pragmatically to insert the ‘expert’ into the product and work alongside of process simulation tools. While simulation solutions have been developed for data storage, management, visualization, and basic analytics required to support process optimization, ARC believes the industry has only recently started to see more sophisticated analytics solutions emerging for the process industries. There is great untapped wealth to be captured with the data you already own, and process simulation companies are beginning to enhance capabilities in process analytics and plant safety. Technology trends such as machine learning, artificial intelligence, and analytics can now bring safety and asset performance together,” according to Peter Reynolds, Contributing Analyst at ARC Advisory Group and key author of ARC’s Process Simulation and Optimization Software Global Market Research report.
About the Process Simulation and Optimization Software Research
This ARC research explores current and historical market performance and related technology and business trends, identifies leading technology suppliers, and provides five-year global forecasts for the process simulation and optimization software market. 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, plus five-year market forecasts by application, region, industry, revenue type, customer type, and sales channel.
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 a:
- Market Intelligence Workbook (Excel) – personalized spreadsheet includes up to five years of historical data in addition to the current base year market data and five-year market forecast. This workbook enables licensed users to freely manipulate the data to make it easier to analyze the latest data for business intelligence and generate custom reports.
- Concise Market Analysis Report (PDF) – provides an executive-level summary of the current market dynamics, market forecasts, and competitive analysis, plus an overview of strategic issues. The PDF is available with or without detailed charts.
For more information on this and other available ARC market research, please visit our Market Data & Studies section.