Three software vendors “ eVision, Enablon and Petrotechnics “ lead the market for Operational Risk Management (ORM) software but face strong competition in this diverse market. Independent research firm Verdantix, assessed the capabilities of 17 software suppliers on their ability to help customers manage risk for physical assets such as oil refineries, mines and chemical plants. Also included in the study are Cority, DevonWay, DNV GL, Engica, Gensuite, j5 International, ProcessMAP, RAP International, RiskPoynt, SAI Global, Sphera, TenForce, Vault Intelligence and VisiumKMS.
This detailed software benchmark highlights the diversity in the market, with no one vendor able to offer all functionality required by customers in different industries, commented Malavika Tohani, Principal Analyst. The recent wave of market acquisitions demonstrates how vendors are looking to cover more industrial risk management usage scenarios to gain advantage.
The Verdantix Green Quadrant Operational Risk Management Software 2019 is the only independent benchmark of ORM software vendors available on the market. The study findings are based on a 211-point questionnaire, live product demonstrations and a survey of 211 customers. Key findings:
Market leaders eVision and Petrotechnics offer advanced IT/OT integration capabilities across ORM software, IoT sensors, wearables, historians, maintenance management systems, ERP and SCADA in order to provide customers with a dynamic picture of risks.
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eVision, Petrotechnics and TenForce differentiate themselves in the ORM software market by providing customers with advanced user interface and visualization tools such as 3D asset modelling, digital piping and instrumentation diagrams and geospatial displays.
The majority of vendors offer strong capabilities for either barrier risk management, control of work or process safety. Future competitive advantage will come from expanding ORM software capabilities to offer a broad, integrated industrial risk management platform either via acquisitions or internal R&D, capturing a greater share of the market which is expected to grow to $3.0 billion in 2028.
Its imperative that those responsible for selecting and implementing ORM software have objective research that they can depend on in order to select the most suitable supplier and drive safety and efficiencies across the business. ORM professionals should take advantage of our research results in this developing market in order prioritize investment in their product roadmap continued Tohani.
Join our webinar ˜Operational Risk Management Software Benchmark: Solutions To Control Industrial Risks to learn more.