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The predictive maintenance market size is forecast to increase by USD 33.77 billion at a CAGR of 39% between 2023 and 2028. Advanced analytics has gained significant traction among Small and Medium Enterprises (SMEs) due to the rise of cloud computing, enabling cost-effective access to powerful data analysis tools. Additionally, the need to extend the lifespan of aging industrial machinery has led SMEs to adopt advanced analytics for predictive maintenance and optimization. Furthermore, the implementation of new technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) in industries generates vast amounts of data, necessitating the need for advanced analytics to extract valuable insights. By harnessing the power of advanced analytics, SMEs can make data-driven decisions, enhance operational efficiency, and gain a competitive edge in their respective markets.
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Predictive maintenance (PDM) is an innovative approach to equipment maintenance that leverages sensor devices and real-time data analysis to identify and address potential equipment failures before they occur. Unlike time-based or reactive maintenance, predictive maintenance uses condition-based monitoring to analyze various parameters such as electromagnetic radio fields, vibration, acoustic sounds, and infrared emissions. NFC technology plays a crucial role in PDM through transactions between NFC chips in sensors and maintenance staff's NFC-enabled devices. This enables real-time data transfer and analysis, allowing for prompt action to be taken. For instance, a centrifugal pump motor in a coal preparation plant can be monitored using a vibration meter, and any anomalies detected can be addressed before a human error, such as a pocket dial, causes equipment failure. Maintenance software, such as CMMS, helps manage work orders, baselines, and maintenance staff assignments, ensuring efficient and effective maintenance practices. By implementing predictive maintenance strategies, industries can reduce downtime, save costs, and improve overall operational efficiency. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased adoption of advanced analytics by SMEs owing to the rise in cloud computing is notably driving market growth. In today's data-driven business landscape, the value of data has grown significantly for enterprises, from large corporations to Small and Medium-sized Enterprises (SMEs). SMEs are leveraging data analytics to discover new business opportunities and gain a competitive edge.
However, managing and analyzing vast amounts of data can be challenging for SMEs due to constraints such as scale, capital investment, storage, and security. Predictive Maintenance (PDM) using cutting-edge technologies like electromagnetic radio fields, NFC chips, and sensor devices, is revolutionizing maintenance practices. NFC technology enables transactions at a distance, reducing human error and the need for manual intervention. Thus, such factors are driving the growth of the market during the forecast period.
Proliferation of advanced technologies, AI, and IoT is the key trend in the market. Predictive maintenance (PdM) is a proactive approach to equipment maintenance that utilizes real-time data from condition-monitoring devices, such as electromagnetic radio fields, vibration meters, acoustic analyzers, and infrared analysis, to predict potential failures before they occur.
Moreover, NFC technology, through the use of NFC chips and smart posters, enables seamless transactions and work order generation, reducing human error and the need for manual data entry. PdM solutions employ machine learning algorithms to analyze historical data and establish baselines, allowing for early fault prediction and action by maintenance technicians. Thus, such trends will shape the growth of the market during the forecast period.
Lack of expertise and technical knowledge is the major challenge that affects the growth of the market. Predictive maintenance (PdM) is a cutting-edge technology that utilizes various sensors and condition-monitoring devices to analyze real-time data from electromagnetic radio fields, NFC chips, and other sources. This data is used to predict equipment failure and initiate maintenance actions before human error or pocket dial incidents cause significant damage.
Moreover, NFC technology enables transactions at a distance, allowing maintenance staff and machine operators to interact with smart posters and work orders using their mobile devices. PdM goes beyond time-based maintenance by implementing condition-based maintenance using sensor devices. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Augury Inc: The company offers predictive maintenance solutions to eliminate unplanned downtime, collaborate remotely, and uncover systemic risks.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The solutions segment is estimated to witness significant growth during the forecast period. Predictive maintenance (PdM) solutions utilize advanced technologies, such as electromagnetic radio fields, NFC chips, and sensor devices, to monitor machinery and identify potential equipment failures in real-time.
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The solutions segment was the largest segment and valued at USD 2.55 billion in 2018. By analyzing data from vibration, acoustic, and infrared analyses, PdM systems can predict issues before they escalate, enabling maintenance staff to take action and prevent downtime. NFC technology facilitates seamless transactions and communication between devices, allowing for efficient work order management and remote machine monitoring. PdM solutions also integrate with condition-based maintenance software (CMMS) and baselines to optimize maintenance work and reduce human error. Hence, such factors are fuelling the growth of thiss egment during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Predictive maintenance (PDM) is a computer-based approach that utilizes analytics tools and sensor data to anticipate equipment failures before they occur. This proactive strategy leverages predictive algorithms to analyze historical data and real-time information, enabling fleet maintenance and building managers to address potential issues before they escalate. PDM goes beyond traditional maintenance practices by harnessing the power of wireless internet connections to transmit data and receive insights in real-time. Hence, such factors are driving the market in North America during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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Predictive maintenance (PDM) is revolutionizing the way industries maintain their assets by utilizing advanced technologies to predict equipment failures before they occur. One such technology is Near Field Communication (NFC) which uses electromagnetic radio fields for transactions between devices. NFC chips are integrated into condition-monitoring devices, enabling real-time data transmission. PDM goes beyond time-based and reactive maintenance by implementing condition-based maintenance using sensor devices. These sensors analyze data such as vibration, acoustic, and infrared to detect anomalies, alerting maintenance staff when action is required. Maintenance software plays a crucial role in PDM, providing baselines, work orders, and integrating machine learning for fault prediction. Machines like centrifugal pump motors in coal preparation plants can be monitored, with vibration meters providing data for analysis.
Human error, such as pocket dials or misinterpreted smart posters, can lead to unnecessary maintenance work. However, with PDM, maintenance technicians can focus on addressing actual issues, reducing downtime and costs. The market landscape depends on the Smart poster, Payment method, Battery, Vibration analysis, Acoustic analysis, Centrifugal pump motor, Coal preparation plant, Vibration meter, Cutting edge technology, Surface level weather stations, Computer-based modeling, wireless internet connection, Buildings, CMMS software, FTMaintenance, Mobile CMMS features. Cutting-edge technologies like machine learning, Doppler Radars, and satellites are being used to enhance PDM capabilities. For instance, meteorologists use Doppler Radars and satellites to predict weather patterns, which can impact equipment performance. By integrating such data into PDM systems, industries can optimize maintenance work, ensuring their assets are always in top condition.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 39% |
Market growth 2024-2028 |
USD 33.77 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
30.74 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, UK, China, Canada, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Augury Inc., Avnet Inc., C3.ai Inc, Dell Technologies Inc., Deutsche Telekom AG, Fortive Corp., General Electric Co., Hitachi Ltd., Honeywell International Inc., International Business Machines Corp., PTC Inc., RapidMiner Inc., Reliability Solutions sp. z o.o., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, SAS Institute Inc., Schneider Electric SE, Siemens AG, and Warwick Analytics Services Ltd. |
Market dynamics |
Parent market analysis, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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