In 2019, Europe held the largest share of the predictive maintenance market. The growth of IoT connectivity, increasing investment in predictive maintenance, and growth in the automotive sector are among the factors likely to drive the market growth during the forecast period. In addition, companies such as Robert Bosch GmbH, Schneider Electric SA, and SAP SE are encouraging the development of predictive maintenance solutions in the region.
IBM, SAS, GE DIGITAL, SCHNEIDER, TIBCO SOFTWARE AND SOFTWARE AG – PROMINENT MARKET PARTICIPANTS IN PREDICITIVE MAINTENANCE MARKET
Unplanned outages can disrupt the production process and cause unsatisfactory results. Such incidences can cause huge financial loss not just in the manufacturing industry but also in logistics, and passenger and freight transport. For example, in Germany, roughly a quarter of all trains arrive behind schedule. This is a significant disadvantage for passengers and freight customers. Also, delays in extremely tight schedules and crowded networks have a ripple effect that affects the entire system’s programs. Studies show that defects cause more than one-third of initial delays in rolling stock and infrastructure components; in other words, they are caused by unexpected failures in the metro, train, etc. Over 80% of European manufacturers and transportation operators plan to increase their expenditure on predictive maintenance solutions over the next two years to redefine their maintenance processes and improve operational efficiency. To optimize the maintenance processes of assets, European manufacturers and transportation operators turn to digital technologies such as the Internet of Things or predictive maintenance to allow vast amounts of operational data to be collected, which can be used to predict failures of their machinery and vehicles.
Globally, the market comprises numerous market players specializing in broad range of business offerings pertaining to the predictive maintenance related solutions, professional services, niche offerings, cloud-based platform predictive analytics, and regional focus. However, the market does constitute selected number of prominent market players with competitively well-positioned to leverage their considerable large business competencies and brand recognition to provide numerous predictive maintenance-based solutions and services to leading customers across different industry verticals. For instance, market players such as IBM, Schneider Electric, SAS and Tibco among few other leading companies dominate the international market in terms of number of customers, business competencies, extensive solution and service portfolio continue to lead the global market. Few of the important market initiatives and contracts developments from the market are mentioned below:
|2020||Cyient joined Microsoft Azure Certified for the Internet of Things (loT), ensuring customers get loT solutions quickly with hardware and software that has been pre-tested and verified to work with Microsoft Azure loT services.||North America|
|2019||Siemens Digital Industries Software and SAS announced a new partnership to help companies create new IoT edge and cloud-enabled solutions by applying SAS and open source streaming analytics through Siemens’ MindSphere. Siemens’ MindSphere and SAS Analytics combined would help the companies to increase productivity and reduce operational risk through predictive / prescriptive maintenance and optimized asset performance management||North America|
|2017||Israel Electric Corporation (IECo) selected Schneider Electric’s predictive asset analytics software to improve reliability, availability, and performance. Schneider Electric’s predictive maintenance software will be used to monitor 4100 MW of combined-cycle natural gas generation at eleven units across seven sites.||mea|