Predictive Maintenance Market Driven by Industrials

24 June 2016 | Updated 01 January 1970

An international operational predictive maintenance software market report that has been produced by Persistence Market Research is summarised here:

Operational predictive maintenance software retrieves multiple data sources in real time to predict quality issues or asset failure. Adoption of these software solutions facilitate organisations to prevent downtime and reduce maintenance costs. Operational predictive software solutions detect failure patterns and minor anomalies to determine the assets and operational processes that are at the greatest risk of failure. Deployment of operation predictive maintenance software boosts equipment uptime and enhances supply chain processes and quality.

One of the major factors for the increasing usage of these software solutions is their ability to accurately predict asset failure.

The predictive maintenance market has been experiencing massive growth in the recent years due to rise in demand for transforming maintenance operations and reducing asset downtime both in the M&E and manufacturing sectors. Increasing demand for big data and Internet of Things and the rising focus of organisations on reducing operational cost is further expected to fuel the growth of the operational predictive maintenance market over the next eight years and beyond. However, lack of training for operators and lack of trust in predictive maintenance technology is hindering the market growth.

Operational Predictive Maintenance Market can be segmented on the basis of component as follows:

Based on the component, the global operational predictive maintenance market is classified into solutions and services. Further, services segmentation is further categorised into system integration, training and support and consulting. Based on the deployment type, the global operational predictive maintenance market is further segmented into cloud-based and on-premise.

Among these, cloud based operational predictive maintenance solutions market is expected to show swiftest growth enabling enterprises to reduce their dependence on data mining specialists, data integration and IT.

In terms of application, the market is segmented in to automotive, energy & utilities, healthcare, manufacturing facilities, government & defence and transportation & logistics.

Among these, manufacturing facilities are expected to hold the major market share for the operational predictive maintenance market due to high deployment rate by manufacturers to reduce production maintenance costs to increase profitability. There will also be a reflected uptake in premises based predicted maintenance.

Some of the leading companies operating in the global operational predictive maintenance market which are transmuting the market with technology innovation are IBM Corporation, SAS Institute Inc., Software AG, General Electric, Robert Bosch GmbH, Rockwell Automation, Inc., PTC, Inc., Schneider Electric, Svenska Kullagerfabriken AB, and Emaint Enterprises, LLC.

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Article written by Charles Stewart | Published 24 June 2016