December 9, 2023

Predictive Maintenance Market Size Surpasses Expectations 2030

In an era of technological transformation, businesses are increasingly turning to cutting-edge tools such as machine learning and artificial intelligence to boost precision and efficiency in data analysis. One notable development arising from this shift is the growing adoption of predictive maintenance, which enables companies to make highly accurate operational predictions compared to traditional threshold-based monitoring tools.

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Unplanned Downtime Spurs Demand for Predictive Maintenance

Industries spanning manufacturing, healthcare, logistics, and transportation are witnessing a transition from traditional Business Intelligence (BI) tools to advanced analytics driven by AI and IoT. Unplanned downtime due to equipment breakdown can result in significant costs and maintenance expenses. To address this challenge, technology companies have developed predictive maintenance applications that utilize machine parameters and data analytics to detect equipment breakdown before it occurs. This proactive approach can significantly reduce or eliminate downtime issues, leading to improved functionality, extended equipment lifespan, and a more favorable return on investment. As awareness among industrial customers about the cost-saving potential of predictive maintenance continues to grow, the predictive maintenance market is poised for substantial growth in the coming years.

Real-Time Condition Monitoring Revolutionizes Predictive Maintenance

Effective asset management has become a critical need across various industry sectors. Consequently, there is a rising demand for real-time condition monitoring solutions leveraging the Internet of Things (IoT). IoT networks are facilitating live monitoring of asset conditions, enabling data transmission and analysis in real time. The integration of machine learning and AI enables meaningful real-time insights, enhancing the operational efficiency of predictive maintenance. With actuators, sensors, and other control tools providing real-time inputs, quality assessment, management, and control can be achieved without human intervention. Real-time condition monitoring helps detect early asset failures, positioning real-time predictive maintenance for substantial growth in the near future.

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Cloud-Based Predictive Maintenance Solutions on the Rise

Predictive maintenance vendors are increasingly offering cloud-based solutions, capitalizing on the benefits of cost-effectiveness, streamlined data generation and storage, enhanced management, and scalability. These advantages are expected to drive the demand for cloud-based predictive maintenance solutions, further bolstering the predictive maintenance market’s growth.

Asia Pacific Emerges as a Key Market

The Asia Pacific region is anticipated to witness significant growth in the predictive maintenance market, driven by increasing investments by public and private sectors in technology solutions to enhance maintenance practices. The manufacturing sector in the region is a particularly promising platform for predictive maintenance, with substantial growth in recent years. Predictive maintenance solution providers are encouraged to expand their presence in the Asia Pacific market to tap into its potential.

Competitive Landscape

Leading companies in the predictive maintenance market are actively pursuing growth strategies, including alliances, partnerships, new product launches, and mergers and acquisitions. For example, in 2020, PTC enhanced its ThingWorx IoT platform to accelerate industrial IoT deployment across enterprises’ value chains. In 2019, NXP Semiconductors and Microsoft collaborated to launch an Anomaly Detection Solution for Azure IoT users, focusing on predictive maintenance. TIBCO Software acquired SnappyData in the same year, complementing its TIBCO Connected Intelligence solution. IBM introduced an IoT solutions portfolio in 2021, aimed at asset-intensive companies like MARTA, to improve maintenance strategies. Aizon launched Aizon Asset Health in 2021, providing real-time alerting and monitoring to enhance equipment and asset performance for biotech and pharmaceutical manufacturers.

Key players in the predictive maintenance market include IBM, SAP, Microsoft, TIBCO Software, PTC, and Softweb Solutions.

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Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad