While process safety systems are widely used across the process industries, new ARC Advisory Group research on the process safety lifecycle management systems market reveals that end users continue to lag in implementing fully functional process safety lifecycle management systems. This is largely due to business ignorance coupled with a lack of holistic solutions, which would make it much easier for end users to maintain the effectiveness of their systems over time. This ARC research indicates that most end user implementations continue to consist of a hodgepodge of supplier software coupled with homespun spreadsheets/databases.
"Safety regulations and standards continue to drive the market as companies seek ways to ensure compliance with dwindling resources. Offerings in this space continue to mature to meet the growing need as end users slowly realize spreadsheets hidden on employees’ laptops cannot meet the need. Unfortunately, businesses have so many challenges vying for the corporate board’s attention. The responsibility for elevating process safety lifecycle management’s value to the board’s attention will take the cooperation of company personnel and suppliers,” according to Mark Sen Gupta, Research Director and key author of ARC's Process Safety Lifecycle Management Market Research.
Process Safety Lifecycle Management Market Trends
In addition to providing detailed competitive market share data, the report also addresses key market trends as follows:
- AI, AI Everywhere
- New Industries Deploying Process Safety Technology
- Weight of Law
- Digital Transformation
- Cloud and Cybersecurity
- Further Reduction in Expertise
- Move to More Comprehensive Solutions
- The Decline of Carbon-fired Power Generation Will Affect Process Safety Revenues
Leading Suppliers to the Process Safety Lifecycle Management Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. An alphabetical list of key suppliers covered in this analysis includes: aeShield, Hexagon, Honeywell, Mangan, Schneider Electric.
About the Process Safety Lifecycle Management Research
The Process Safety Lifecycle Management research explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, plus five-year market forecasts. The research segmentation includes Industry, Customer Type, World Region, Sales Channel, Service Revenues by Type, Deployment Model, Deployment Mode, Revenue Category, Application, Overall Scope, Lifecycle Stage.
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