PUBLISHER: The Business Research Company | PRODUCT CODE: 1681823
PUBLISHER: The Business Research Company | PRODUCT CODE: 1681823
Asset reliability software is a category of software designed to assist businesses in enhancing the reliability of their physical assets. This software aids in monitoring asset conditions, identifying potential issues, and scheduling maintenance activities to optimize asset performance.
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 asset reliability software market research report is one of a series of new reports from The Business Research Company 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 asset reliability software market size has grown rapidly in recent years. It will grow from $5.4 billion in 2024 to $6.01 billion in 2025 at a compound annual growth rate (CAGR) of 11.3%. 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 $9.1 billion in 2029 at a compound annual growth rate (CAGR) of 11.0%. 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.
The increasing adoption of Industry 4.0 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 4.0 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 March 2022, Dynatrace Inc., a US-based technology company, formed a partnership with Amazon Web Services Inc. to enhance cloud monitoring and observability solutions. Through this collaboration, Dynatrace intends to utilize AWS services to improve cloud observability and performance management, allowing organizations to optimize their cloud environments and boost application performance with AI-powered monitoring solutions. Amazon Web Services Inc., also a US-based technology company, offers a wide array of cloud computing services.
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 2024. 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 revenues earned by entities by providing services such as condition monitoring, predictive maintenance, asset performance management, root cause analysis, and work order management. The market value includes the value of related goods sold by the service provider or included within the service offering. The asset reliability software market also includes sales of edge devices, servers, and sensors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
Asset Reliability Software Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on asset reliability software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for asset reliability software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The asset reliability software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.