San Francisco, California, June 01, 2017: Predictive maintenance solutions are emerging as a boon for enterprises worldwide. These solutions help organizations in precisely predict asset failure, which in turn aids them in planning removal of the asset before it fails. The whole process, thereby, helps them in ensuring that the production is not affected. A report by TMR Research, titled “Predictive Maintenance Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” encompasses a detailed description of all the vital aspects, including trends, opportunities, geographical segmentation, and competitive scenario of the market.
The ability of predictive maintenance solutions to minimize asset downtime and cut down operational and maintenance costs is boosting their demand across various industry verticals such as transportation and logistics, energy and utilities, aerospace and defense, healthcare, manufacturing, and government. In addition, these solutions are acknowledged for their ability to improve decision-making capabilities of organizations for planning production cycle and associated aspects. The growing popularity of big data due to the digitization of processes across industry verticals is also escalating the demand for predictive maintenance solutions.
On the flip side, the dearth of workforce with the adequate technical knowledge to handle these solutions is hampering the growth prospects of the global predictive maintenance market. This is further compounded by the hefty sums required to train personnel to interpret data generated by predictive maintenance technologies. However, the upswing in the adoption rate by small and medium-sized enterprises and the soaring demand for real-time streaming analytics are unfolding immense opportunities for the growth of the market.
On the basis of geography, the report segments the market into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America is anticipated to account for a large chunk in the revenue pie in the global arena. The domicile of a large number of predictive maintenance service providers provides a significant push to the region. Asia Pacific is a promising market for predictive maintenance and is, therefore, attracting many players to invest in the region. The booming end user industries in emerging countries are promoting the development of the market in the region.
The majority of the market leaders are engaged in collaboration and mergers and acquisitions to consolidate their position in the highly competitive arena. Besides this, they are also focusing towards product innovation and new product launches in order to enhance their visibility in the market. Some of the prominent companies operating in the global predictive maintenance market are Warwick Analytics, IBM, Software AG, PTC, Robert Bosch, SAP SE, RapidMiner, Rockwell Automation, General Electric, and SKF.