Verdantix Benchmark Reveals Three Leaders In The Process Safety Management Software Market
London, August 10, 2021. Three vendors – Enablon, Sphera, and VelocityEHS – lead the market for process safety management (PSM) software reflecting the highly competitive market environment. Using its proprietary Green Quadrant methodology, independent research firm Verdantix assessed the capabilities of 13 PSM software providers on their ability to meet customer demands to consolidate functionality and technology integrations into comprehensive solutions.
“The PSM software space has developed from a point-solution-focused market to one of increasing integration and consolidation of functionality – but there is still much room for growth,” stated Bill Pennington, Research Director. “As a result, PSM software buyers are looking to work with PSM vendors that have mobile applications with offline functionality for PSM, open architecture, and extensive out-of-the-box functionality and standards to support PSM programmes.”
The Verdantix report, “Green Quadrant: Process Safety Management Software 2021”, provides prospective buyers of PSM software with detailed analysis to speed up vendor selection decisions. Key findings:
- Enablon, Sphera, and VelocityEHS stand out as the market leading PSM software providers.
- AVEVA offers the most robust AI-enhanced analytics tools for maintaining mechanical integrity.
- Intelex offers the strongest deployment environment capabilities with a perfect score of 3.00/3.00.
- Application and data centre security offerings are led by DevonWay, Enablon, Intelex, Sphera, TenForce, and VelocityEHS.
- Leading vendors are demonstrating various competitive advantages by expanding their offerings to integrate critical aspects of PSM, such as Hexagon for robust asset management capabilities, Sphera for control of work functionality, VelocityEHS for critical event management, and VisiumKMS for management of change.
- New technologies for PSM include using 3D laser scanning to develop digital twins for asset management PSM activities, employing risk visualization techniques to optimize PSM solutions, and increasing spending on wearables for process and worker safety.
- Hazardous waste management solutions present a significant opportunity for digitization as these solutions among the benchmarked vendors are not currently robust, with an average score of 1.00/3.0 across the 13 vendors.
“PSM software offers capabilities to support process safety management, managing change and highlighting of at-risk activities,” continued Pennington. “These capabilities serve customers in high-risk industries well, but PSM vendors should continue to look towards leveraging of new innovative technologies to enhance PSM software functionality and create a connected ecosystem for dynamic risk management.”
Join the Verdantix webinar: Selecting The Right Software Vendor For Your PSM Needs