Predictive Maintenance Market is estimated to fastest Grow rate Due to Number of Organizations is Opting for this Technology

Predictive maintenance helps in retrieving multiple data sources in real time to determine the condition of in-service equipment, and check quality issues and asset failures. The increasing demand of big data, internet of things and growing focus of organizations to reduce operational cost, are the key factors resulting in the growth of predictive maintenance market.

The predictive maintenance market is estimated to grow in the coming years, as number of organizations is opting for this technology. The major growth drivers for the predictive maintenance industry includes growing demand for big data and internet of things, and increasing concern of organizations to reduce the asset operation and maintenance costs. The adoption of solutions such as predictive maintenance helps organizations to prevent downtime and reduce operations and maintenance costs by determining the failure patterns and minor anomalies in the processes, and by accurately predicting asset failures, so that they can be taken out from the production to ensure efficient supply chain.

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Predictive maintenance is widely adopted by various manufacturing and services industries to improve equipment and process safety, quality and efficiency. Observing the wider use of the predictive maintenance applications, the companies in this field have been introducing dedicated departments that specialize in developing instruments, solutions and providing training to personnel for use and application of predictive maintenance equipment.

In North America, the U.S is expected to show the highest growth in predictive maintenance market during the forecast period, due to the increasing demand for better monitoring of the processes and due to presence of large number of solution and service vendors for predictive maintenance.

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Owing to the increasing growth of industries with heavy equipment and machineries in Asia-Pacific, the region holds significant opportunity for this market. Further, the heavy investments made by companies in countries like China, India, Japan and South Korea in their production facilities is increasing the demand for predictive maintenance. However, the lack of training to operators and scarce availability of experts can act as restraining force for predictive maintenance market.

Some of the major players in predictive maintenance market include IBM Corporation, SAP SE, General Electric, Bosch Software Innovations GmbH, Schneider Electric and Softweb Solutions Inc.

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