Asset Reliability Software & Services

This Asset Reliability Software & Services market research study delivers current market analysis plus a five year market and technology forecast. The study is available in multiple editions including worldwide, all regions, and most major countries.

Analytics Drive Growth in the Asset Reliability Market

New ARC Advisory Group research on the Asset Reliability market reveals the positive fallout of the COVID-19 pandemic that accelerated the adoption of analytics and digital technologies, such as the cloud, for asset management applications. The market outlook remains upbeat for the asset reliability software and services solutions market. Building upon growing adoption prior to 2020, the pandemic increased the use of analytics, particularly to support predictive maintenance and remote monitoring.

Information to help make informed decisions is the lifeblood of asset reliability, and as a result, analytics are quickly becoming an indispensable tool to ensure an asset’s reliability by applying sophisticated algorithms to asset data to identify trends or patterns that are invisible to the naked eye. A host of software analytics suppliers are appearing in the market with machine learning and reliability analytics solutions for asset performance management (APM).

Asset Reliability Software & Services Strategic Issues

In addition to providing a five-year market forecast, the Asset Reliability market research report provides detailed quantitative current market data and addresses key strategic issues as follows.

Embrace Digitalization

While critically important in today’s asset-intensive industries, Industrial IoT and PdM initiatives should be expanded and be viewed as foundational components for digital transformation initiatives. Companies that are just now focusing on digitalization are somewhat behind their peers, but are still not too late to get started. New digital technologies can augment asset reliability, maintenance, and operational processes to new levels of performance.

Leverage Data

Value of Data Increasing Exponentially: It is becoming increasingly more common for the value of the data generated by individual assets over the course of their lifecycle to be of greater value to the organizations than the asset itself. Unlocking the value of this data is the challenge.

Learn to Trust It:  Asset health data analysis and resulting recommendations generated by reliability solutions must be trusted. Analytics offer enormous potential to improve performance, but only when people trust what the data indicates. It is new technology and humans tend to fear the unknown. According to the Industrial Internet Consortium, trustworthy data is safe, secure, private, reliable, and resilient. Until such time, technology users have the confidence that the system performs as designed, consumers of the data will be leery.

Manage It: Multiple end users have shared with ARC that the inability to identify the correct asset record was a contributing factor in incidents involving significant loss. This is an excellent reason to make asset information the foundation for improved asset reliability as well as digital transformation. The hallmarks of good asset information are complete, accessible, current, and trustworthy. Good asset information can provide the basis for the plant’s license to operate by improving risk management, decreasing unplanned shutdowns/slowdowns, increasing productivity, reducing supply chain costs, and reducing the time needed to commission assets. Managing asset data provides a sustainable path forward.

Empower Operators in Reliability Process

Historically, the custodian of asset reliability has been the maintenance department. Recent ARC research indicates that as end users refine their digitalization strategies, this approach is limiting. While ARC research indicates that the maintenance department has the biggest impact on asset performance, operations is a close second. Empowering operators to adjust operations to compensate for process issues can be the difference between a good quality product and rework or worse, scrap.