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Asset Reliability Software Global Market Report 2024: Size, Share, Growth, Trends, Forecast to 2033
Asset Reliability Software Global Market Report
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Asset Reliability Software Market 2024 Key Insights:
• The asset reliability software market is expected to grow to $9.18 billion in 2028 at a compound annual growth rate (CAGR) of 10.88%.
• Increasing Adoption Of Industry 4.0 Fuels Growth In The Asset Reliability Software Market
• Innovative Cloud-Based EAM Solutions Transforming Asset Reliability Software Market
• North America was the largest region in the asset reliability software market in 2023
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