Predictive Maintenance Market

Top Companies in Predictive Maintenance Industry - ABB (Switzerland), Schneider Electric (France) and Software AG (Germany)

The predictive maintenance market is expected to grow from USD 10.6  billion in 2024 to USD 47.8 billion in 2029, at a CAGR of 35.1%  during the forecast period. The predictive maintenance market is propelled by several factors, including the rising adoption of emerging technologies for gaining valuable insights, the introduction of machine learning and artificial intelligence, and the increasing emphasis on minimizing maintenance costs, equipment failures, and downtime.

Key players operating in the predictive maintenance market across the globe are IBM (US), ABB (Switzerland), Schneider Electric (France), AWS (US), Google (US), Microsoft (US), Hitachi (Japan), SAP (Germany), SAS Institute (US), Software AG (Germany), TIBCO Software (US), Altair (US), Oracle (US), Splunk (US), (US), Emerson (US), GE (US), Honeywell (US), Siemens (Germany), PTC (US), Dingo (Australia), Uptake (US), Samotics (Netherlands), WaveScan (Singapore), Quadrical Ai (Canada), UpKeep (US), Limble (US), SenseGrow (US), Presage Insights (India), Falcon Labs (India). These companies employ various approaches, both organic and inorganic, including introducing new products, forming strategic partnerships and collaborations, and engaging in mergers and acquisitions, to expand their presence and offerings within the predictive maintenance market.

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ABB is a pioneering technology company specializing in electrification and automation solutions, driving towards a more sustainable future. With over 130 years of experience, its workforce of approximately 105,000 employees focuses on innovating industrial transformation. ABB's diverse portfolio includes business segments like Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, Corporate and Other. These segments offer a range of products and solutions, from safer electrical systems to integrated automation systems, motors, generators, drives, robotics, and machinery automation. The company's commitment to excellence and innovation shapes its role as a leader in power and automation technologies.

ABB offer a range of solutions designed to optimize asset performance and minimize downtime. ABB Ability Predictive Maintenance suite leverages advanced analytics, machine learning, and IoT technologies to predict equipment failures before they occur. By monitoring equipment health in real-time and analyzing historical data, ABB's solutions enable customers to prioritize maintenance tasks, extend asset lifespans, and increase operational efficiency. ABB's predictive maintenance offerings span various industries, including manufacturing, energy, utilities, and transportation, catering to diverse customer needs worldwide. With a focus on innovation and collaboration, ABB continues to advance its predictive maintenance capabilities to meet the evolving demands of the market.

Schneider Electric is a global provider of energy management and automation solutions. It is a pioneer in manufacturing industrial engineering equipment that specializes in electricity distribution and automation management. It operates through four business segments, namely building, infrastructure, industry, and IT. The company’s smart grid portfolio consists of products and solutions, which are reliable, energy-efficient, and sustainable. Its smart grid solutions combine electricity channels with IT infrastructure to build network structures for efficient demand and supply management. Its ADMS solutions unify various model platforms under a single solution suite that includes SCADA, Document Management System (DMS), Energy Management System (EMS), Operations Management Systems (OMS), and Data Transfer Solutions (DTS). It offers advanced metering infrastructure, provides end-to-end smart metering solutions, and supports Meter Data Management (MDM). The company’s energy management products focus on analytics solutions and making energy safe, reliable, productive, efficient, and green. Its Grid Modernization and Power Structure provide solutions that connect grids with Distributed Energy Resources (DERs) to increase infrastructure reliability. The company focuses on R&D and inorganic growth strategies to cater to the evolving enterprise needs. Its low-voltage electric distribution panel, developed using the cutting-edge IoT platform, collects large volumes of data and stores it in the cloud to optimize business performance. Moreover, the company caters to a broad customer base present across 100 countries in North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. It operates through 200 plants and 90 distribution centers across the globe.

Software AG is a leading independent integration, IoT, analytics, process software, and services company in the ICT industry. The company was founded in 1969 and is headquartered in Darmstadt, Germany. It offers Business Process Management (BPM), data management, and consulting services worldwide. It provides a digital business platform and digital transformation solution for banking institutions, capital markets, government organizations, manufacturing companies, commodity trading firms, and supply chain firms. Its portfolio includes solutions in the areas of customer journey design, fraud detection, omnichannel integration, smart branch monitoring, mobile enablement, SAP, real-time promotions, and cash flow risk management. In addition to this, it provides business and IT transformation, analytics and decisions, process and integration, in-memory data, and transaction processing solutions. The company’s solutions include an integration platform built on a powerful Enterprise Service Bus (ESB) that enables organizations to virtually connect any system and application quickly. It has offices in Darmstadt, Tres Cantos, Luxembourg, and Dublin, among other locations.

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Predictive Maintenance Market by Component (Hardware, Solution (Deployment Mode), & Services), Technology, Technique (Vibration Analysis, Infrared Thermography, Motor Circuit Analysis), Organization Size, Vertical, & Region - Global Forecast to 2029

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Predictive Maintenance Market Size,  Share & Growth Report
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