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.

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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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