Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Asset Reliability Software Market
As per Market Research Future (MRFR)’s analysis, the global asset reliability software market is poised to strike a CAGR of 10% during the forecast period 2017 to 2023. Asset reliability software optimizes tasks assigned to the asset management staff by automating the majority of the financial, commercial, administrative, and technical operations. The software has gained a quick mileage owing to its efficiency in managing the physical assets.
The asset reliability software market is expected to remain highly lucrative and witness an upsurge in demand over the next couple of years. The factors that are contributing towards the growth of the market are increased life of assets, minimized maintenance and procurement costs, better returns on investments, etc. it has paved its way across major industries such as manufacturing, oil and gas, healthcare, energy and utilities, transportation and logistics, etc. The growth of these industries is projected to propel the expansion of the asset reliability software market over the next couple of years.
The compliance with legal parameters such as license procurement and renewal has accelerated the adoption of asset reliability software. It facilitates the achievement of higher operational efficiency which is likely to augment the asset reliability software market across the review period.
By revenue source, the global asset reliability software market has been segmented into software and services. The software has been further sub-segmented into linear assets, non-linear assets, field service management (FSM), and maintenance repair and operations (MRO). The services segment is sub-segmented into professional services and managed services.
By deployment, the asset reliability software market has been segmented into on-premise and cloud.
By industry, the global asset reliability management software has been segmented into aerospace, defense, food & beverages, chemical, mining, transportation, and others.
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The global asset reliability software market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is currently leading the market growth and is poised to retain its position through the assessment period.
Asia Pacific has been anticipated to exhibit substantial growth over the next few years, especially in the fast-developing country-level markets such as India, China, South Korea, Singapore, and Japan. The developments in communications technology are presumed to dictate the growth trajectory of the regional asset reliability software market in the upcoming years. The advent of 5G services is likely to have a major influence on the expansion of the market over the assessment period.
Some of the key players profiled in this report are ABB Ltd. (Switzerland), Dude Solutions, Inc. (U.S.), eMaint (U.S.), CGI Group Inc. (U.S.), International Business Machines (IBM) Corporation (U.S.), Infor (U.S.), Oracle Corporation (U.S.), IFS AB (Sweden), SAP SE (Germany), Schneider Electric SA (France), Ramco Systems (India), and Vesta Partners, LLC (U.S.).
In February 2019, The Emerson Electric Co., an American multinational corporation, has announced the release of its latest AMS Device Manager designed to improve plant reliability through managed data for proactive management of field devices.
In February 2019, Lloyd's Register (LR), a professional services company with a focus on engineering and technology solutions, has announced the launch of its LR AllAssets at the ARC Industry Forum in Orlando, Florida, USA.
In January 2019, Aspen Technology, Inc., an asset optimization™ software company, has won a contract from IRPC PLC, Southeast Asia’s integrated petrochemical leader, for the deployment of Aspen Mtell software in refinery and petrochemical plants.
In January 2019, one of the top ERP software companies, ESS, has announced the deployment of energy management software in Caribbean island Bonaire for increasing reliability and reducing cost.