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Predictive Maintenance Market to Touch Valuation of US$ 60,368.8 Million By 2031 | IBM Leads the Global Predictive Maintenance Market with More than 13% Revenue Share: Astute Analytica

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New Delhi, March 03, 2023 (GLOBE NEWSWIRE) — The global predictive maintenance market was valued at US$ 5,934.2 million in 2022 and is expected to reach US$ 60,368.8 million by 2031, growing at a CAGR of 29.4%. The increasing adoption of Industry 4.0 and the digitalization of manufacturing processes are driving the demand for predictive maintenance solutions, making it a critical component of businesses’ strategies.

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The market is highly competitive, with major players such as IBM, SAP, and Microsoft dominating the market, but emerging players such as Uptake, Fluke Corporation, and Senseye are offering innovative predictive maintenance solutions. The expected growth in demand for predictive maintenance solutions creates significant opportunities for both established and emerging players in the market.

To Seize Growth Opportunities, Service Providers in predictive maintenance market Must Forge Long-Term Strategies and Partnerships, Finds Astute Analytica Study

Astute Analytica’s analysis of the predictive maintenance (PdM) market highlights the installation base of IoT enabled devices is projected to increase substantially by 2025, creating an opportunity of USD 18.65 billion in IT Services for IoT. This will drive the adoption of PdM solutions in industries such as oil and gas where vendors like Siemens, General Electric, ABB, and Honeywell provide critical equipment together with predictive maintenance services. To capitalize on the growth opportunities, technology and service providers must develop long-term strategies and partnerships to ensure sustainable revenue.

They should focus on building partnerships with data owners to get access to the required data, developing platforms that can integrate with other third-party applications and open APIs, and investing in custom data analytics solutions that can leverage the data collected for predictive maintenance.

Furthermore, vendors in the predictive maintenance market should also look into the potential of leveraging artificial intelligence and machine learning capabilities to further enhance the accuracy, reliability and scalability of their predictive maintenance solutions. In addition, they must pay special attention to addressing the security challenges associated with the collection and storage of data generated from IoT devices. Ultimately, Gartner’s analysis emphasizes the importance of predictive maintenance solutions for companies to remain competitive in today’s market and recommends that technology and service providers develop strategies and partnerships that are tailored to the specific needs of their customers.

Predictive Maintenance 2.0: Exploring the Latest Trends Revolutionizing Equipment Maintenance Market

  • Adoption of Artificial Intelligence (AI): Predictive maintenance systems that incorporate AI, Machine Learning (ML), and other advanced analytics are becoming more popular. AI-powered predictive maintenance systems can analyze large amounts of data, identify patterns and anomalies, and make accurate predictions about equipment failure.
  • Edge Computing: Edge computing involves processing data at the device or sensor level instead of sending all the data to a central server for analysis. This allows for faster analysis and response times, which is particularly important in predictive maintenance.
  • Predictive Analytics Software: Predictive analytics software is becoming more sophisticated and easier to use. This makes it easier for maintenance teams to analyze data, identify patterns, and make predictions about equipment maintenance needs in the global predictive maintenance market.
  • Predictive Maintenance-as-a-Service (PMaaS): Many companies are now offering predictive maintenance as a service, where third-party vendors handle the data analysis and maintenance planning for customers. This can be particularly beneficial for smaller companies that don’t have the resources to develop their own predictive maintenance systems.
  • Integration with Enterprise Resource Planning (ERP) systems: Predictive maintenance systems are increasingly being integrated with ERP systems. This allows for a more streamlined approach to maintenance planning and scheduling, as well as more accurate budget forecasting.
  • Augmented Reality (AR): AR technology can be used to provide maintenance technicians with real-time data about equipment performance, as well as instructions for repairs and maintenance tasks. This can improve efficiency and reduce downtime.

Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/predictive-maintenance-market

Rapid Adoption of AI-Based Predictive Maintenance Systems Across Industrial Sectors: Astute Analytica’s Projections and Findings

Out study indicates that there is a rapid increase in the adoption of AI-based condition monitoring and fault detection systems in industrial organizations. The research suggests that this adoption rate will increase from less than 1% in 2018 to 25% by 2023. Moreover, the report on the global predictive maintenance market highlights that by 2024, 30% of new commercial aircraft will have embedded health monitoring systems that leverage AI-based predictive analytics for real-time troubleshooting and maintenance alerts. Furthermore, the study suggests that 60% of electric utilities will be using big data and AI offerings for predictive maintenance across their distribution networks by 2023, which is a significant increase from 5% in 2019. Finally, the report predicts that by 2031, 70% of process manufacturers will be using advanced process control solutions that include machine learning capabilities for predictive maintenance purposes, up from 10% in 2020.

Vibration Monitoring to Hold More than 22% Revenue Share of Global Predictive Maintenance Market

The report also highlights that the increasing adoption of Industry 4.0 and the Industrial Internet of Things (IIoT) is a major factor driving the demand for predictive maintenance solutions. Wherein, vibration monitoring systems are the most commonly used predictive maintenance solutions, accounting for over 22% of the market share. This is due to the fact that vibration monitoring can detect a range of equipment issues such as misalignment, unbalance, bearing defects, and gear damage.

Moreover, it has been found that most of the end users are making use of predictive maintenance systems to alert maintenance teams to take appropriate action, optimizing maintenance schedules and improving equipment performance. These findings suggest that the use of predictive maintenance systems that monitor vibrations is becoming increasingly popular among end users who aim to enhance equipment reliability and efficiency.

IBM Leads the Global Predictive Maintenance Market with More than 13% Revenue Share

IBM is a leading player in the global predictive maintenance market due to its expertise in advanced analytics, artificial intelligence, and the Internet of Things (IoT). With over a century of experience in the technology industry, IBM has a deep understanding of advanced analytics and data science. It has invested heavily in developing predictive maintenance solutions that can help organizations reduce downtime and improve equipment reliability.

IBM recently acquired Envizi, a leading data and analytics software provider, in February of 2022. Envizi specializes in predictive maintenance, analytics, and machine learning, and provides solutions for enterprise asset management, asset optimization, and asset performance management. This acquisition is part of IBM’s broader strategy to expand its presence in artificial intelligence and analytics, and further its leadership position in the predictive maintenance market.

Some of the Top Market Players Are:

  • Fujitsu Limited
  • Hitachi, Ltd.
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • Google Llc
  • IBM Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • SAP Se
  • Software Ag
  • Onyx Insight
  • Amazon Web Services, Inc.
  • SAS Institute
  • Hakunamatata Solutions
  • Other Prominent Players

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: [email protected]
Website: www.astuteanalytica.com


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Saviynt Appoints James Ross as RVP-ANZ to Strategically Accelerate Growth in the Australia and New Zealand Region

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LOS ANGELES, May 22, 2024 /PRNewswire/ — Saviynt, a leading provider of cloud-native identity and governance platform solutions, today announced the appointment of James Ross as RVP-ANZ as the company has seen rapid growth in the Australia and New Zealand (ANZ) region, with double digit growth year over year.

Saviynt has solidified its position as a key player in the cloud identity security landscape with its Identity Cloud. The company’s continued focus on innovation and client satisfaction has contributed significantly to building a safer Australia with prominent customers across the energy and utilities, finance, retail, energy, and transport and logistics sectors.
“James’ appointment as the Regional Vice President (RVP) for ANZ marks a strategic move to accelerate growth and solidify market presence in the region,” said Dan Mountstephen, SVP APAC at Saviynt. “With a proven track record of dynamic leadership at Collibra, ForgeRock, and CA Technologies, James brings a wealth of experience and expertise to the role. His visionary approach and collaborative spirit are poised to inspire and mobilize teams toward ambitious targets.”
Saviynt has consistently expanded its client base and deepened its relationships with existing customers through customized solutions and unparalleled support, cementing its reputation as a trusted partner in the region’s cybersecurity ecosystem. As RVP ANZ, Ross is set to foster key partnerships and implement agile strategies to propel the company towards new heights of success in the dynamic ANZ market.
“Joining Saviynt excites me because it’s an opportunity to help more organizations simplify their identity ecosystem in order to drive efficiencies and improved security posture. I am committed to leveraging Saviynt’s cutting-edge solutions to continue to broaden our partnerships in the region to improve our accessibility for customers, strengthen our regional delivery, whilst continuing to provide a great customer experience,” said Ross.
To learn more about Saviynt, please visit our website.
About Saviynt
Saviynt empowers enterprises to secure their digital transformation, safeguard critical assets, and meet regulatory compliance. With a vision to provide a secure and compliant future for all enterprises, Saviynt’s cutting-edge solutions have been recognized as industry leaders. For more information, please visit www.saviynt.com.
Press Contact
Jacklyn [email protected]
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Appdome Sweeps Cybersecurity Excellence Awards

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Unified Mobile Defense Platform Recognized for Innovation and Leadership Across Nine Cybersecurity Categories
REDWOOD CITY, Calif., May 21, 2024 /PRNewswire/ — Appdome, the mobile app economy’s one-stop shop for mobile defense, today announced it has received a total of nine (9) Cybersecurity Excellence Awards. The Appdome Unified Mobile App Defense Platform was awarded best in class across nine categories in recognition of the comprehensive breadth, depth and value of the Appdome platform to brands and enterprises alike.

“We congratulate Appdome on being recognized as an award winner in 9 categories of the 2024 Cybersecurity Excellence Awards,” said Holger Schulze, CEO of Cybersecurity Insiders and founder of the 600,000-member Information Security Community on LinkedIn, which organizes the 9th annual Cybersecurity Excellence Awards. “With over 600 entries across more than 300 categories, the awards are highly competitive. Appdome’s achievement reflects outstanding commitment to the core principles of excellence, innovation, and leadership in cybersecurity.”
Within a single pane of glass, Appdome delivers the most complete set of no-code, no-SDK, fully automated mobile defenses to mobile brands and enterprises, empowering mobile developers, cybersecurity, fraud and IT teams to deliver on any mobile cyber objective quickly and easily.
The nine (9) categories in which Appdome received a Cybersecurity Excellence Award are:
Mobile Security Platform: Appdome is the only enterprise-grade mobile security platform built for full mobile defense lifecycle management, visibility and control to brands and enterprises alike, including key features for build, test, release, monitor, response, and compliance automation. Mobile Security Automation: Appdome is the only mobile defense solution that uses machine learning to code and build over 300+ mobile app security, anti-fraud, anti-cheat, anti-malware, anti-bot, geo-compliance and other defenses in Android & iOS apps in the DevOps pipeline.Mobile Social Engineering Defense:  The Appdome Social Engineering Prevention solution is the first of its kind to protect mobile users from voice phishing (Vishing) scams and other imposter scams, T.O.A.D. attacks, Remote Access Trojans (RATs), Gold Pickaxe, FaceID bypass and more without an SDK or external servers.Mobile Bot Defense: The Appdome MOBILEBot™ Defense solution is the first mobile anti-bot solution to come out of the box compatible with any industry standard web application firewall (WAF) on the market and provide multi-layered bot, credential stuffing and Account Take Over (ATO) defense without an SDK, external server, performance limits, or restrictions.Mobile Geo Compliance:  Only the Appdome Mobile Geo-Compliance solution guarantees accurate and authentic geo location of mobile devices, applications and users without code or coding in the mobile app, without implementing an SDK and without deploying additional servers.Mobile XDR: The Appdome ThreatScope™ Mobile XDR solution is the only mobile attack and threat monitoring service that comes pre-packaged into the mobile defense lifecycle, requires no device agent, device profile, separate code, coding, SDK or server, and provides real-time detection and automated response across internal (employee facing) and external (consumer facing) Android & iOS apps.DevOps Mobile Security Tool: The Appdome platform’s fully integrated Security Release Management™ capabilities and Appdome Certified Secure™ mobile DevSecOps certification offer the only true enterprise-grade compliance assurance, audit and control for mobile defense at brands and enterprises, allowing quick verification that all security, anti-fraud and compliance objectives have been met.   Mobile Application Security:  With 300+ separate defenses for mobile apps, Appdome has the most comprehensive set of mobile application security features available in one product, fully compatible with all mobile Android & iOS apps.”Nine Cybersecurity Excellence Awards for Mobile Defense tells a very compelling story for the incredibly complex Dev, Sec, and Ops challenges organizations face detecting and defeating mobile-based risks and attacks,” said Chris Roeckl, Chief Product Officer at Appdome. “Point products make these challenges worse by adding complexity and overloading already taxed cyber and engineering teams. Appdome is the only platform simplifying work, bringing all these unique challenges under a single pane of glass, delivering 300+ protections and simultaneously resolving the security, fraud, resilience and compliance challenges brands and enterprises face.”
Learn more about the award-winning Appdome Platform at www.appdome.com or request a personalized demo at https://www.appdome.com/request-a-demo/appdome-home/
The full list of awards are available from the Cybersecurity Excellence Awards website  https://cybersecurity-excellence-awards.com/
About AppdomeThe Appdome mission is to protect every mobile app and mobile user in the world. Appdome provides the mobile industry’s only Unified Mobile App Defense platform, powered by a patented mobile coding engine, Threat-Events™ Threat-Aware UX/UI Control, and ThreatScope™ Mobile XDR. Using Appdome, mobile brands eliminate complexity, ship faster and save money by delivering 300+ Certified Secure™ mobile app security, anti-malware, anti-fraud, mobile anti-bot, anti-cheat, geo compliance, MiTM attack prevention, code obfuscation, social engineering and other protections in Android and iOS apps with ease, inside the mobile DevOps and CI/CD pipeline. Leading financial, healthcare, government and m-commerce brands use Appdome to protect Android and iOS apps, mobile customers and mobile businesses globally. Appdome holds several patents including U.S. Patents 9,934,017 B2, 10,310,870 B2, 10,606,582 B2, 11,243,748 B2 and 11,294,663 B2. Additional patents pending.
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Courageous Whistleblowers Reclaim Derogatory Terms As Data Shows 80% of Financial Professionals Stay Silent on Suspected Internal Fraud, Fearing Retaliation

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Enron whistleblower, Sherron Watkins, alongside stars of Apple TV’s The Big Conn, Sarah Carver and Jennifer Griffith, reclaim derogatory labels for whistleblowers          Concerning new data shows more than half of financial professionals in the UK and US have spotted or suspected internal fraud in their workplaces, yet four out of five stay silent fearing retaliation          32% of professionals in finance have seen whistleblowers victimized behind their back or to their faceJACKSONVILLE, Fla., May 21, 2024 /PRNewswire/ — New data from fraud detection software company Medius shows more than half of financial professionals in the UK and US (56%) have spotted or suspected internal fraud in their workplaces yet four in five (81%) stayed silent. When asked why, 45% of professionals cited the fear of recrimination.

Whistleblowers Sherron Watkins, Sarah Carver and Jennifer Griffith have joined forces to reclaim the derogatory names they were called after reporting serious internal financial fraud.
To help empower others to come forward, the whistleblowers are reclaiming the terms “snitch”, “rat” and “traitor”.
Sherron Watkins is the former Vice President of Enron Corporation who alerted the CEO to accounting irregularities, warning the organization “‘might implode in a wave of accounting scandals.” Watkins received national acclaim for her courageous actions and TIME magazine named her along with two others as their Persons of the Year in 2002, calling them simply ‘The Whistleblowers.’
Sarah Carver and Jennifer Griffith are the stars of Apple TV’s The Big Conn after they exposed a fraud scheme of more than $550 million while employed at the Social Security Administration. In efforts to silence their disclosures, they experienced multiple acts of severe retaliation and were denied protection. Ultimately, both Carver and Griffith were forced from employment.
Concerns of repercussions are vindicated – the survey reveals the extent to which financial professionals in the UK and US have witnessed negative consequences for whistleblowers firsthand:           
59% have seen whistleblowers subsequently left out of important decisions           33% have seen whistleblowers moved to a different team           32% have heard whistleblowers called derogatory names behind their backs or directly to their faceWhen asked what would encourage them to flag suspicious activity, 93% of workers surveyed would feel more comfortable doing so if they had more evidence, yet nearly half (48%) said the legal system simply does not adequately protect whistleblowers.
Jim Lucier, CEO at Medius, a leading global provider of cloud-based accounts payable automation and spend management solutions, said:
“White collar crime is on the rise and no organization is safe. Employees are the last line of defense against fraud but confidence to report suspicious activity is declining. AI anomaly-detection technology can provide employees with the evidence and assurances they need to be more forthcoming. Building a culture where employees feel comfortable to report their suspicions could save organizations millions in the long-run.”
Medius works with over 4,000 customers across 102 countries and processes $200 billion in annual spend. It uses the power of AI and automation to detect fraud the moment invoices are submitted safeguarding against bad actors and potential threats, internal and external.
Sherron Watkins, whistleblower who was called a “snitch”, said: “When someone is troubled by corporate wrongdoing and they attempt to sound the alarm, the pathway is uncharted, things happen organically. Normal rational people speak about their concerns with their closest friends and work colleagues, who often suggest staying safe saying “keep your head down, if you must report, go soft, nothing black and white.” Yet black and white evidence is what is needed to get the attention of those in power, either internally or with media or outside watchdog groups to prevent or stop fraudulent activity.”  
Jennifer Griffith, whistleblower who was called a “traitor”, said: “Choosing to blow the whistle involves more than just the desire to right a wrong.  It’s about protecting their employers from fraud. However, it’s more often than not seen as causing trouble for the employer, or as a self-serving action to get a financial reward. No one who chooses to blow the whistle expects to have their reputation attacked, their credibility impugned or to lose their job. The cost of ignoring a whistleblowers complaints are far greater than acknowledging that a problem exists and taking steps to fix it.  It’s been 19 years since I blew the whistle and the problems that existed then with the Social Security Administration still exist today. We must do more to protect whistleblowers.”
Sarah Carver, whistleblower who was called a “rat”, said: “The government’s attempt to conceal the fraud resulted in exacerbated damage, whereas a more prudent approach would have entailed immediate acknowledgement and rectification upon initial disclosure. The retaliatory measures aimed at silencing me made me stronger and fight harder to find someone to listen and stop the fraud.”
Georgina Hallford-Hall, CEO of Whistleblowers UK, said: “Too many organisations talk the talk but fail to engage with whistleblowers often at great cost to both. Technology used properly can remove the fear that both organisations and whistleblowers have about dealing with whistleblowing because it removes the person and focuses on the concerns or malfeasance. WhistleblowersUK are calling on the UK government to introduce an Independent Office of the Whistleblower to protect everyone from discrimination setting standards that end stigmatisation and discrimination making it safe to speak up.”
The billboard advertising campaign runs on Wall Street from Saturday, 18th May to Friday, 24th May 2024.
For more information about how Medius can prevent fraud, visit: https://www.medius.com/whistleblowing/
Notes to Editor
Methodology
The research was conducted by Censuswide with 1500 financial professionals in the UK and US (aged 18+) between 04/22/24 – 05/07/24. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles and are members of The British Polling Council.
For more information, please contact: 
Fight or Flight for [email protected] / +44 330 133 0985
This information was brought to you by Cision http://news.cision.com
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