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Automotive Predictive Maintenance Market to Grow at a CAGR of 17% during Forecast Period – Transparency Market Research, Inc.

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Wilmington, Delaware, United States, March 03, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global automotive predictive maintenance market stood at US$ 1.8 Bn in 2022 and is anticipated to be valued at US$ 7.4 Bn by 2031, expanding at a CAGR of 17% between 2023 and 2031. Increase in utilization of connected vehicles and IoT devices is anticipated to drive the global automotive predictive maintenance market in next few years. Automotive suppliers and manufacturers are investing considerably in predictive maintenance solutions to boost operational effectiveness and customer satisfaction, which is expected to drive industry growth.

Increase in adoption of autonomous vehicles and electric vehicles (EVs) is likely to accelerate market development. Leading companies are investing significantly so as to develop cutting-edge predictive fleet maintenance technologies, including artificial intelligence (AI) and machine learning (ML), to increase precision and effectiveness of their offerings.

Automobile predictive maintenance entails utilization of data analysis as well as machine learning (ML) algorithms to anticipate and avert possible equipment breakdown. It makes use of condition-monitoring technologies to assess a component’s performance using IoT systems. Data that has been gathered with time is analyzed and monitored, and then models are developed in order to assist in avoiding failures. Predictive maintenance for automobiles reduces the possibility of unforeseen vehicle failure. ML and artificial intelligence are used to comprehend driving trends and habits of owners of vehicles. These latest technologies are included in routine maintenance to improve dependability and safety of vehicles.

In order to meet client expectations, manufacturers are offering all-encompassing predictive maintenance solutions, which include services, software, and hardware. Companies could offer one-stop solution for clients, which helps them gain automotive predictive maintenance market share.

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Key Findings of Market Report

  • Vehicle-to-everything communication, or V2X, describes a vehicle’s capability to communicate directly with road infrastructure, other automobiles, and communication gadgets.. V2X, allows for sharing of data about a vehicle’s direction, speed, and position. Rise in adoption of connected automobiles is a result of development in V2X. This factor is anticipated to accelerate expansion of the global automotive predictive maintenance market in the next few years.
  • Based on the most recent market forecast, the solutions segment is anticipated to account for the largest market share during the forecast period. ML algorithms are used in predictive maintenance of vehicles to suggest routine maintenance. It forecasts the likelihood of a breakdown based on the recurrence of similar incidents in the past. Real-time breakdown event logs are maintained by AI and ML algorithms. These investigate how frequently these incidents occur, which is anticipated to increase demand in next few years.
  • Over-the-air (OTA) updates are wireless methods for updating a device’s firmware or software without having to physically access it. This technology makes it possible for devices to automatically obtain upgrades and updates that do not necessitate human participation. Owners of vehicles no longer need to do routine auto maintenance tasks at a gas station due to OTA. They only need to go to a service facility for urgent and necessary servicing tasks.

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Global Automotive Predictive Maintenance Market: Growth Drivers

  • Predictive maintenance for connected vehicles assist in cutting costs by lowering demand for unforeseen downtime and maintenance. Usage of data and machine learning algorithms could help predict when a device is most likely to malfunction or break down, and maintenance can be carried out only as needed. In such a case, there is no need to carry out maintenance on a regular basis. This strategy decreases demand for spare parts and avoids unplanned downtime. Operational loss mitigation strategies for commercial vehicle fleets are gradually becoming more dependent on predictive maintenance.
  • Demand for commercial fleets is increasing in developing countries such as Brazil, China, and India. Predictive maintenance is used by commercial fleet owners to lower the number of unexpected vehicle breakdowns. Fleet owners can forecast when repair is necessary by using predictive maintenance to proactively keep track of their vehicles’ condition. This lessens the possibility of expensive malfunctions and inadvertent downtime. Therefore, rise in commercial vehicle sales is likely to accelerate the growth of the global automotive predictive maintenance market in the next few years.

Global Automotive Predictive Maintenance Market: Regional Landscape

  • Europe is anticipated to account for the largest share of the global automotive predictive maintenance market between 2023 and 2031. The market in the region is driven by increase in utilization of pollution control measures. Utilization of predictive maintenance in the automobile industry could increase equipment efficiency and decrease emissions by lowering the incidence of equipment failures and downtime.
  • The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. Vehicle production and consumption are notably high in India and China. Growth of the predictive maintenance market in Asia Pacific is driven by higher awareness about its advantages.

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Global Automotive Predictive Maintenance Market: Key Players

Some of the key market players in the global automotive predictive maintenance market

  • Robert Bosch GmbH
  • ZF Friedrichshafen AG
  • Delphi Technologies
  • Siemens AG
  • NXP Semiconductors N.V.
  • Garrett Motion Inc.

Global Automotive Predictive Maintenance Market: Segmentation

Component

  • Solutions
  • Services

Technology

  • IoT
  • Big Data & Data Analytics
  • Business Intelligence (BI)
  • Cloud Computing
  • 5G

Application

  • Oil Change
  • Transmission Checkup
  • Belt Change
  • Brake and Tire Inspection
  • Coolant Replacement
  • Engine Air Filter
  • Cabin Filter
  • Others

End-user

  • Individuals
  • Manufacturers
  • Insurance Providers
  • Dealers and Service Partners
  • Fleet Owners

Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Duty Trucks
  • Buses and Coaches

Regions

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 10 years.

Contact Us:

Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: 1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com

Email: [email protected]

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Artificial Intelligence

TRON Forum collaborates with four major microcontroller manufacturers to hold TRON Programming Contest Using World-Standard Real-Time OS with 5 million JP YEN cash prize

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TOKYO, March 29, 2024 /PRNewswire/ — TRON Forum (Chair: Ken Sakamura, Professor Emeritus of the University of Tokyo) is pleased to announce that four microcontroller manufacturers, Infineon Technologies Japan K.K. (President & CEO: Ikuya Kawasaki), STMicroelectronics K.K. (Country Manager for Japan: Koichiro Takakuwa), NXP Japan K.K. (President & CEO: Masayuki Wajima), and Renesas Electronics Corporation (President & CEO: Hidetoshi Shibata) have collaborated with the Forum to hold TRON Programming Contest from Monday, December 11, 2023 jointly. The initial registration is being accepted now.

This contest is for engineers and students in Japan and overseas to compete in various  fields such as microcontroller applications, middleware, development environments, and tools using a member of TRON real-time OS (RTOS) family, “μT-Kernel 3.0” (*), which is a global standard of small-scale embedded computer systems.
(*) μT-Kernel 3.0 is an RTOS that fully complies with the real-time OS standard “IEEE 2050-2018” (IEEE Standard for a Real-Time Operating System (RTOS) for Small-Scale Embedded Systems) and runs on microcontrollers from various manufacturers.
Using the latest microcomputer boards provided by the manufacturers, contestants will compete in technologies that bring out the characteristics of RTOSs such as real-time performance, power saving, and small memory footprint, as well as development environments and tools that utilize new technologies.
The details of the contest with the total amount of cash prize, five million Japanese yen are at the following URL: https://www.tron.org/programming_contest/
About TRON Forum
TRON Forum was established in 2002 to promote TRON Project. We have been actively conducting activities centered on the T-Engine project, which prepares the development environment for embedded systems, and the operation of Ubiquitous ID Centers such as ucode.
In May 2015, Chair Sakamura received the ITU 150th Anniversary Award together with Bill Gates and others for his advocacy of open architecture TRON, which is the origin of ubiquitous networking and the IoT.
One member of the TRON RTOS family has been adopted as an international standard for real-time operating systems (RTOS) for small-scale embedded systems as 2050-2018 by Institute of Electrical and Electronics Engineers (IEEE), the world’s largest association of its kind and an international standardization organization. In 2023, the project leader, Chair Sakamura, received the IEEE Masaru Ibuka Consumer Technology Award from the IEEE in honor of the late Mr. Ibuka. In addition, the TRON RTOS family received the IEEE Milestone recognition in 2023.
URL: https://www.tron.org 
 
 

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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Artificial Intelligence

ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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