The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Asset Reliability Software Market Analysis. The growth sectors of the Asset Reliability Software Market Analysis are identified with precision for a better growth perspective.
The global asset reliability software market is predicted to grow at a 10% CAGR over the forecast period (2017-2023), reveals the new Market Research Future (MRFR) report. Asset reliability software simply put, is a vital tool which helps to automate massive administrative, commercial, technical, and financial activities that are assigned to the asset management team. This software helps to support enterprises in determining their usage requirements and quantitative business. Trending technologies such as analytics, big data, and IoT have generated new opportunities for asset reliability. Besides, the effect of industrial IoT on asset performance management is quickly reshaping the way in which assets are managed in industries.
In the modern, dynamic business environment, companies use various innovative methods for tracking the physical assets in the business. One such essential tool is the asset management software. The specialty of asset reliability software is this play a crucial role in managing systems effectively and also at the same time minimize upkeep costs. Also known as APM (asset performance management), asset reliability solutions help manufacturers to constantly attain higher levels of safety and operational efficiency by balancing risk and costs to optimize benefits and safety.
Various factors are driving the growth of the asset reliability software market. These factors, in accordance with the Market Research Future (MRFR) report, include higher returns on investment, minimized procurement and maintenance costs, increased capacity of assets in the business, and advancements in cloud-based asset services and digital information and analytics. Industries such as metal and mining, chemicals, utilities, retail, energy, IT and telecommunications, healthcare, government, transportation and logistics, manufacturing, and oil and gas have contributed to the asset reliability software market growth.
On the contrary, high installation cost, lack of skilled workforce, and concerns about data security are factors that may deter the asset reliability software market growth over the forecast period.
The Market Research Future report offers a wide segmental analysis of the asset reliability software market based on deployment, revenue source, and industry.
Based on revenue source, the asset reliability software market is segmented into services and software. The software segment is again segmented into maintenance repair and operations (MRO), field service management (FSM), non-linear assets, and linear assets. The services segment is again segmented into managed services and professional services.
Based on deployment, the asset reliability software market is segmented into cloud and on-premise.
Based on industry, the asset reliability software market is segmented into transportation, mining, chemical, food and beverages, defense, aerospace, and others.
Leading players profiled in the asset reliability software market report include Vesta Partners, LLC (US), Ramco Systems (India), Schneider Electric SA (France), SAP SE (Germany), IFS AB (Sweden), Oracle Corporation (US), Infor (US), International Business Machines (IBM) Corporation (US), CGI Group Inc. (US), eMaint (US), Dude Solutions, Inc. (US), and ABB Ltd. (Switzerland).
July 2019: Leading professional services company, Lloyd’s Register (LR) that specializes in technology solutions and engineering has announced about its latest release, LR AllAssets. It will add new functionality to the AllAssets APM (asset performance management) platform along with an addition of the maintenance optimization module, that includes FMECA, FMEA, RCM, and Maintenance Optimization libraries and capabilities.
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