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Predictive maintenance industry accelerates due to adoption of technology

13 January 20226 min reading

The Global Predictive Maintenance Market  was valued at USD 4.1Bn in 2020 and is expected to reach USD 21.2 Bn by 2027, with a growing CAGR of 26.1% during the forecast period.

Prashil Uttam Sawale
AllTheResearch
Digital Marketing Analyst


The Global Predictive Maintenance Market  was valued at USD 4.1Bn in 2020 and is expected to reach USD 21.2 Bn by 2027, with a growing CAGR of 26.1% during the forecast period.

Enterprises are leveraging artificial intelligence and machine learning technologies to analyze IoT data with incredible accuracy and speed compared to existing business intelligence tools. With the emergence of predictive maintenance, enterprises can make motion predictions up to 20 times faster and more accurately than threshold-based monitoring systems.

For instance, in August 2021, in Seattle, Tignis, an AIPowered process control solution provider company announced the launch of the ’PAICe product suite’, a new set of AI and machine learning analytics tools for manufacturing and process control that puts the power of machine learning into the hands of non-data scientists. This includes the ability to leverage surrogate machine learning models by Tignis that are up to a million times faster than today's physics-based simulations.

The predictive maintenance market is forecasted to grow at a high rate owing to the need to expand the life span of deteriorating industrial machineries.

Predictive maintenance is an equipment performance and condition monitoring system that is used to monitor the machinery performance and anticipate the failure in the machinery during normal operation. The global predictive maintenance market is boosting at a significant pace as the standard for predictive maintenance at a workplace has increased.


Moreover, costs can be sustained owing to unplanned downtime due to equipment failures in various end-user industries such as industrial manufacturing & oil and gas industries. Pipelines leakages are common in oil and gas industries. These leakages can incur millions of expenses and fines to the company causing huge loss of resources. Some of the companies providing predictive maintenance solutions are coming up with innovative technological advancements to solve organization’s problems. For instance, Rayven, a predictive maintenance IoT solutions provider, provides AI and IoT-based pipeline monitoring and leak detections to save extra expenses to the oil and gas companies.

Global Predictive Maintenance Market by Region Outlook (Revenue, USD Million, 2021-2027)

•Asia Pacific

•North America

•Latin America

•Europe

•Middle East & Africa

In terms of geography, the North American region was accounted to hold the largest market share in the year 2020. The dominance is owing to the extensive presence of market players and heavy investments for predictive maintenance market. The key market companies like IBM, AWS, and Microsoft are present in the region with significant advancements in predictive maintenance. For instance, in April 2021, Amazon Web Services, Inc. announced the launch of a predictive maintenance service, ‘Amazon Lookout for Equipment’ which uses machine learning to assists scheduling maintenance work for the machineries using sensors. It collects data from sensors installed in manufacturing equipment and analyzes it to detect early warning signals that can cause a machine to fail or operate at less than 100%.

The Global Predictive Maintenance Market Segmentation:

•Global Predictive Maintenance Market by Component Outlook (Revenue, USD Million, 2021-2027)

oSoftware

•Integrated

•Standalone

•Services

•Managed Services

•Professional Services

Global Predictive Maintenance Market by Deployment Type Outlook (Revenue, USD Million, 2021-2027)

•Cloud

•Public Cloud

•Private Cloud

•Hybrid Cloud

•On-premise

Global Predictive Maintenance Market by Technique Outlook (Revenue, USD Million, 2021-2027)

•Vibration Monitoring

•Oil Analysis

•Electrical Testing

•Others(Shock Pulse, Ultrasonic Leak Detectors, Infrared)

Global Predictive Maintenance Market by End User Industry Outlook (Revenue, USD Million, 2021-2027)

•Energy and Utilities

•Government and Defense

•Transportation and Logistics

•Manufacturing

•Healthcare and Life Sciences

•Others (Telecom, Agriculture, Retail, and Media)

This market study covers the global and regional markets with an in-depth analysis of the overall growth prospects in the Predictive Maintenance market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

Company Profiles and Competitive Intelligence The key players operating in the global predictive maintenance market are;

Bosch Software Innovations GmbH, IBM Corporation, Honeywell International, Inc., Microsoft, Hitachi Ltd., Software AG, General Electric, Engineering Consultants Group, Inc., Software AG, Expert Microsystems, Inc., Rockwell Automation, Inc., Google, C3 IoT, Uptake, Softweb Solutions, TIBCO Software Inc., Asystom, Uptake Technologies Inc., Ecolibrium Energy, Fiix Software, Operational Excellence (Opex) Group Ltd, Reliability Solutions Sp. zo.o., Dingo, Sigma Industrial Precision, SparkCognition, Oracle, HPE, Rapidminer, Inc., AWS, SKF Group, Micro Focus, Splunk, Senseye Ltd, Altair, RapidMiner, Warwick Analytics, ReliaSol, Seebo, Softweb Solutions, Inc ., T-Systems International GmbH, Dell Technologies, Fluke Corporation Etc.


Research Methodology:

Our market forecasting is based on a market model derived from market connectivity, dynamics, and identified influential factors around which assumptions about the market are made. These assumptions are enlightened by fact-bases, put by primary and secondary research instruments, regressive analysis and an extensive connection with industry people. Market forecasting derived from in-depth understanding attained from future market spending patterns provides quantified insight to support your decision-making process. The interview is recorded, and the information gathered input on the drawing board with the information collected through secondary research.

COVID-19 Impact on Predictive Maintenance Market Size:

The report also contains the effect of the ongoing worldwide pandemic, i.e., COVID-19, on the Predictive Maintenance Market and what the future holds for it. It offers an analysis of the impacts of the epidemic on the international market. The epidemic has immediately interrupted the requirement and supply series. The Predictive Maintenance Market report also assesses the economic effect on firms and monetary markets. Futuristic Reports has accumulated advice from several delegates of this business and has engaged from the secondary and primary research to extend the customers with strategies and data to combat industry struggles throughout and after the COVID-19 pandemic.

Recent News:

•In June 2020, PTC, an America-based computer software company, announced an upcoming launch of ‘ThingWork 9.0 Industrial IoT Platform’. The platform is loaded with several advancements in the previous version and is primarily developed to fasten the industrial IoT deployment growth across the organizational value chain. This new version of ThingWork is expected to provide helpful features to the organizations to improve work efficiency.

•In September 2019, GE Digital, announced the new version of its software portfolio, to benefit companies to operate their manufacturing plants with more efficiency. The product includes predix essentials, asset answers, and webspace 6.0 – a new HTML5 interface.

AllTheResearch provide comprehensive analysis data includes organization profiles, segmentation information, challenges, and limitations, driving factors, value, cost, income, and contact data. Also, this research provides key statistics on the state of the industry and a valuable source of guidance and direction for companies and individuals interested in the market.



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