Operational Risk Management Software Market Size And Forecast 2018-2038

Executive Summary

Software that supports risk management for industrial assets and production sites has been available for over 20 years. The market for operational risk management (ORM) software is now at an inflection point and is poised to expand rapidly out of the core petro-chemical and mining sectors. Future growth will be driven by customer demand to fulfil operational excellence plans, deliver enterprise risk management capabilities and launch digital transformation strategies. Vendors will meet these requirements by offering ORM systems which provide dynamic risk management capabilities using real-time data feeds from equipment condition monitors and workers using mobile devices and wearables. The ORM software market will grow from $1.3 billion in 2018 to $1.9 billion in 2023 and $3.0 billion in 2028. To benefit from this growth vendors will need to develop flexible product architectures which facilitate integration with other IT systems and can scale into multiple industries.