Asset Reliability Software Global Market Report 2024

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 observed in the historical period can be attributed to several factors, including regulatory compliance requirements, aging infrastructure prompting the need for maintenance, increased complexity of operations in various industries, a focus on operational efficiency, and a growing awareness of the benefits of predictive maintenance practices.

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 anticipated growth in the forecast period can be attributed to several factors, including the integration of Industry 4 technologies, growing concerns about sustainability and the environment, globalization of supply chains, the rise of performance-based contracts, and an increased emphasis on data-driven decision-making in asset management. Major trends expected in the forecast period encompass the integration of edge computing for enhanced asset management, the adoption of artificial intelligence and machine learning for predictive analytics, the use of blockchain for secure and transparent asset management, the application of augmented reality (AR) for maintenance support, and a shift towards subscription-based and cloud solutions for asset reliability software.

The increasing adoption of Industry 4 is poised to drive the expansion of the asset reliability software market in the foreseeable future. Industry 4.0, also known as the fourth industrial revolution, entails the transformation of conventional manufacturing and industrial processes through the integration of modern smart technology, data exchange, and automation. Within the realm of Industry 4.0, asset reliability software plays a pivotal role in optimizing the performance of physical assets by harnessing data from interconnected devices and sensors. For instance, insights from Verizon Communications Inc. in March 2023 indicate that retailers foresee a substantial surge in automation, with up to 70% of routine tasks expected to be partially or fully automated by 2025. This shift is anticipated to unlock labor and productivity benefits, allowing retailers to reallocate associates to customer-facing high-value tasks and support business operations. Consequently, the increasing adoption of Industry 4 serves as a catalyst propelling the growth of the asset reliability software market.

Key players in the asset reliability software market are striving to gain a competitive advantage by developing innovative solutions such as cloud-based enterprise asset management (EAM) solutions. Cloud-based EAM solutions refer to software solutions hosted and delivered over the internet through cloud computing infrastructure. For instance, Aptean Inc. introduced Aptean EAM in March 2022, a cloud-based EAM solution tailored for manufacturing and businesses relying on complex equipment for production support. Aptean EAM streamlines intelligent preventative maintenance by providing a unified platform for managing work orders, automating approvals, tracking spare parts inventory, scheduling preventative maintenance, assigning skilled labor, and facilitating mobile compliance inspections. By leveraging Aptean EAM, businesses aim to minimize downtime, enhance safety, and reduce overall maintenance costs associated with equipment-driven operations. In February 2021, Baker Hughes Company, a leading energy technology company headquartered in the US, completed the acquisition of ARMS Reliability Pty Ltd. for an undisclosed sum. This strategic move bolstered Baker Hughes' asset performance management portfolio, enhancing its ability to harness data capture, integration, visualization, and analytics to optimize the reliability and availability of physical assets across diverse industries. ARMS Reliability Pty Ltd., based in Australia, specializes in providing asset management solutions focused on reliability.

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.

North America was the largest region in the asset reliability software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the asset reliability software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the asset reliability software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The asset reliability software market research report is one of a series of new reports that provides asset reliability software market statistics, including asset reliability software industry global market size, regional shares, competitors with asset reliability software market share, detailed asset reliability software market segments, market trends, and opportunities, and any further data you may need to thrive in the asset reliability software industry. This asset reliability software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The main types of asset reliability software include linear assets, non-linear assets, field service management, and maintenance and repair operations. Linear assets pertain to physical assets that follow a linear path or network, such as pipelines, railways, or utility lines. These software solutions offer various services, including professional services and managed services, and can be deployed through cloud or on-premises models. Industries that commonly utilize asset reliability software span across aerospace, defense, chemical, mining, transportation, and food and beverages.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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