Press release
Asset Reliability Software Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
Asset Reliability Software Market
The Business Research Company offers in-depth market insights through Asset Reliability Software Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The asset reliability software market size has grown rapidly in recent years. It will grow from $5.37 billion in 2023 to $6.07 billion in 2024 at a compound annual growth rate (CAGR) of 13.04%. The growth in the historic period can be attributed to regulatory compliance, aging infrastructure, increased complexity of operations, focus on operational efficiency, growing awareness of predictive maintenance.The asset reliability software market size is expected to see rapid growth in the next few years. It will grow to $9.18 billion in 2028 at a compound annual growth rate (CAGR) of 10.88%. The growth in the forecast period can be attributed to industry 4.0 integration, sustainability and environmental concerns, globalization of supply chains, rise of performance-based contracts, increased emphasis on data-driven decision-making. Major trends in the forecast period include edge computing integration, artificial intelligence and machine learning adoption, blockchain for asset management, augmented reality (AR) for maintenance support, subscription-based and cloud solutions.
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Market Segmentation:
The asset reliability software market covered in this report is segmented -
1) By Type: Linear Assets, Non-linear Assets, Field Service Management, Maintenance & Repair Operations
2) By Services Offered: Professional Services, Managed Services
3) By Deployment: Cloud, On-premises
4) By Industry: Aerospace, Defense, Chemical, Mining, Transportation, Food and Beverages
Major Driver - Increasing Adoption Of Industry 4.0 Fuels Growth In The Asset Reliability Software Market
The rising adoption of Industry 4.0 is expected to propel the growth of the asset reliability software market going forward. Industry 4.0, or fourth industrial revolution, refers to the ongoing transformation of traditional manufacturing and industrial practices with the integration of modern smart technology, data exchange, and automation. In Industry 4.0, asset reliability software is used to optimize the performance of physical assets by leveraging data from interconnected devices and sensors. For instance, in March 2023, according to the Verizon Communications Inc., a US-based telecommunications company, retailers anticipate a significant increase in automation and expect up to 70% of routine tasks will be partially or fully automated by 2025. Further, they expect to leverage the labor and productivity benefits by re-deploying associates to customer-facing high-value tasks (18% of retailers) and supporting business operations (26% of retailers). Therefore, the rising adoption of Industry 4.0 is driving the growth of the asset reliability software market.
Competitive Landscape:
Major companies operating in the asset reliability software market report are International Business Machines Corporation, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., CGI Group Inc., Fluke Corporation, Infor Inc., Atlassian Corporation, Bentley Systems Inc., IFS AB, Freshworks Inc., Aspen Technology Inc., Vesta Partners LLC, Dude Solutions Inc., Ramco Systems Limited, AssetWorks LLC, Innovyze Inc., Mainsaver Software Inc., eMaint Enterprises LLC, Asset Panda LLC, Nuvolo Technologies Corporation, eSolutionsGroup Ltd., MaintainX Inc.
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Top Trend - Innovative Cloud-Based EAM Solutions Transforming Asset Reliability Software Market
Major companies operating in the asset reliability software market are developing new solutions, such as cloud-based enterprise asset management (EAM) solutions, to gain a competitive edge in the market. Cloud-based enterprise asset management (EAM) refers to a software solution that is hosted and delivered over the internet through cloud computing infrastructure. For instance, in March 2022, Aptean Inc., a US-based software company, launched Aptean EAM, a cloud-based enterprise asset management (EAM) solution tailored for manufacturing and businesses relying on intricate equipment for production support. Aptean EAM simplifies intelligent preventative maintenance, streamlining asset maintenance functions through a unified platform that manages work orders, automates approvals, tracks spare parts inventory, schedules preventative maintenance, assigns skilled labor, and facilitates mobile compliance inspections. It aims to reduce downtime, improve safety, and lower overall maintenance costs for businesses that rely on equipment-driven operations.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Asset Reliability Software Market Characteristics
3. Asset Reliability Software Market Trends And Strategies
4. Asset Reliability Software Market - Macro Economic Scenario
5. Asset Reliability Software Market Size And Growth
…..
27. Asset Reliability Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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