Predictive Maintenance Market to Grow at a Formidable CAGR During Forecast Period
Advancing technologies and their rising utility in various
end use industries to drive global predictive maintenance market
According to TechSci Research report, “Global Predictive Maintenance Market By Component
(Service Vs. Solutions), By Technique (Vibration Monitoring, Electrical
Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Wear particle
analysis, Infrared, Motor circuit and signature analysis, and Others), By
Deployment Type (On Premise Vs Cloud), By Organization Size (SMEs, Large
Enterprises), By End User (Manufacturing, Energy & Utilities,
Transportation, Government & Défense, Healthcare, and Others), By Region, Forecast
& Opportunities, 2025”, global
predictive maintenance market is anticipated to grow at a formidable CAGR
during the forecast period. Predictive maintenance involves practices to
determine the condition of industry equipment to know when maintenance is
required. This helps in efficient cost management and reducing downtime as
maintenance tasks are performed only when required. The market is gaining
traction as more and more companies are now taking leverage of the novel
technologies such as artificial intelligence and machine learning in order to
improve accuracy, speed and precision. These solutions assist in informing on
equipment failures before-hand. They also record consistent patterns to monitor
proper functioning of equipment, thereby increasing precision and efficacy. Furthermore,
less equipment breakdown, longer life and durability, plant safety are some of
the desired goals of every industry due to which, the demand for predictive
maintenance has witnessed a surge, thereby fueling its market growth.
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Global predictive maintenance market is fragmented on
the basis of component, technique, deployment type, organization size, end user,
company and region. By deployment type, the market is further bifurcated into
on premise and cloud out of which, on premise held a larger share in the market
in the year 2019 as it a more convenient and efficient method of deploying
advanced technologies in industries. However, cloud is expected to deliver
maximum growth owing to the cost effectiveness, judicious utilization of
resources, internal data handling and processing.
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Some of the leading players
in global predictive maintenance market include General Electric Company, Siemens AG, Microsoft
Corporation, International Business Machines (IBM) Corporation, Thales S.A., Bosch
Software Innovations GmbH, Dell Technologies, Inc., PTC Inc., Honeywell
International, Inc., Rockwell Automation, Inc., Schneider Electric SE, Software
AG, SAS Institute Inc. (SAS) and many others. Launch of new technologies and
acquainting the industries with them is one of the several ways for the
companies to expand their business. For instance, March 2019 witnessed the
launch of IIOT (Industrial Internet of Things) which utilizes advanced
analytics and artificial intelligence techniques for predictive maintenance.
The technology solely focusses on reducing breakdowns of industrial apparatus such
as turbines transformers, elevators, etc.
“Based
on regional analysis, North America is expected to dominate the global predictive maintenance market during the
forecast period on account of presence of ample number of public vendors. The
region has a developed economy which aids the adoption and expansion of
advanced technologies, specifically machine learning. This has pushed the
market towards growth. North America is followed by Europe by virtue of
increasing investments in the market by leading players. However, Asia-Pacific
is expected to reflect a remarkable growth as most of the economies in the
region are emerging and are gradually adopting for advanced technologies.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global
Predictive Maintenance Market By Component (Service Vs. Solutions), By
Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic
Leak Detectors, Shock Pulse, Wear particle analysis, Infrared, Motor circuit
and signature analysis, and Others), By Deployment Type (On Premise Vs Cloud),
By Organization Size (SMEs, Large Enterprises), By End User (Manufacturing,
Energy & Utilities, Transportation, Government & Défense, Healthcare,
and Others), By Region, Forecast & Opportunities, 2025” has evaluated
the future growth potential of global predictive maintenance market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global predictive maintenance market.
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