Predictive Maintenance Market

IBM (US) and Microsoft (US) are leadin players in Predictive Maintenance Market

MarketsandMarkets forecasts the predictive maintenance market size to grow from USD 3.0 billion in 2019 to USD 10.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 28.8% during the forecast period. The predictive maintenance market is said to have high growth potential, due to the increasing use of emerging technologies to gain valuable insights and the growing need to reduce maintenance cost and downtime.

According to MarketsandMarkets, predictive maintenance is an approach used by enterprises to predict future failure points as well as monitor the condition of an asset in real time. Besides passive monitoring, the predictive maintenance technique leverages the benefits of machine learning algorithms that take critical historical data, such as temperature, pressure, and vibration, as an input for providing prediction regarding the condition of an asset in real time. The forecast enables enterprises to significantly reduce unplanned machine downtime and decide whether any particular asset needs maintenance. Predictive maintenance also ensures machines are taken for maintenance to reduce production losses.

Some of the major predictive maintenance vendors are IBM (US), Microsoft (US), SAP (Germany), GE (US), Schneider Electric  (France), Hitachi (Japan), PTC (US), Software AG (Germany), SAS (US), TIBCO (US), C3 IoT (US), Uptake (US), Softweb Solutions (US), Asystom (France), Ecolibrium Energy (India), Fiix (Canada), OPEX Group (UK), Dingo (Australia), and Sigma Industrial Precision (Spain). These predictive maintenance vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global predictive maintenance market.

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IBM (US) was founded in 1911 and is headquartered in New York, US. The company operates through five business segments, namely, cognitive solutions, global business services, technology services and cloud platforms, systems, global financing, and others. It offers cloud, mobile, cognitive, security, research, Watson analytics, consulting, commerce, experience design, IoT, and technology support services and solutions. It also offers industry solutions, system services, IT infrastructure, resiliency services, and financing. IBM is one of the top vendors in the predictive maintenance market owing to the strong portfolio of solutions and services that the company offers in the market. The IBM Cloud has emerged as a platform of choice for all business applications, as it is compatible with AI and is safe to use. It is a unifying platform, which integrates the capabilities of IBM in a single architecture and spans over public and private clouds. Using this powerful cloud platform, the company can cater to the requirements of different businesses across the globe, along with a continuous stream of innovative capabilities, computation and storage, data and Watson services, IoT and blockchain services, and IBM Q. Moreover, it drives its growth through a renewed focus on organic product development, yielding a robust product pipeline in the predictive maintenance market.

Microsoft (US) was founded in 1975 and is headquartered in Washington, US. The company is a global leader in building best-in-class platforms and providing productivity services for an intelligent cloud infused with AI. It generates revenue by licensing and supporting a range of software products. Its offerings include a wide range of cloud-based and other services; design, manufacturing, and selling devices; and online advertising. It is one of the leading companies that offer AI and IoT solutions and services. The company operates through three segments, namely, productivity and business processes, intelligent cloud, and more personal computing. Microsoft is publicly listed on the NASDAQ stock market under the ticker symbol, MSFT. Microsoft caters to a wide range of industry verticals, including finance and insurance, manufacturing and retail, media and entertainment, public sector, healthcare, and IT and telecommunications. The company has expanded its geographical presence in more than 190 countries across North America, APAC, Latin America, MEA, and Europe.

Related Reports:

Predictive Maintenance Market by Component (Solutions and Services), Deployment Mode, Organization Size, Vertical (Government and Defense, Manufacturing, Energy and Utilities, Transportation and Logistics), and Region - Global Forecast to 2024

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