Global Predictive Maintenance for Manufacturing Market -
- Predictive maintenance in manufacturing enables optimization of product cost by receiving real-time information about product performance. Predictive maintenance offers major cost benefits in terms of operational efficiency and long-term functionality to manufacturing units, which in turn is driving the market.
- Predictive maintenance for manufacturing market also enables the accurate gathering of real-time information about a product and helps to identify the product’s condition as and when maintenance is to be carried out. It enables the scheduling of corrective maintenance and prevents unexpected product failures.
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Impact of Coronavirus (COVID-19) on the Predictive Maintenance of Manufacturing Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19) have a negative impact on the predictive maintenance of the manufacturing market. COVID-19 is having an adverse impact on entire elements of the technology segment. ICT spending across the globe is projected to drop around 4%–5% by the end of 2020. The hardware industry is expected to face the most adverse impact on the IT sector. IT infrastructure growth has slowed down owing to the decline in hardware supply and curtailed manufacturing capacity.
Increase in Demand for Embedded Computer Systems or IoT Enabled Systems to Avoid Unplanned Maintenance Downtime, Driving the Global Predictive Maintenance for Manufacturing Market
- Predictive maintenance systems can help small, medium, and large enterprises to avoid downtime in their manufacturing fields. Additionally, predictive maintenance easily provides detailed insights regarding product and usage patterns.
- Predictive maintenance in the manufacturing industry has the potential to deliver cost-saving solutions to decrease extra maintenance costs. Embedded computer systems or IoT systems help to improve product safety and reduce repair costs so that products can be in operation reliably. To avoid product downtime, manufacturers are significantly adopting embedded computer systems or IoT-enabled systems to monitor product performance. This easily collected data is used for analyzing product performance and efficiency.
- Therefore, an increase in demand for embedded computer systems or IoT-enabled systems to avoid unplanned maintenance downtime is driving the global predictive maintenance for the manufacturing market.
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Opportunity for Smart Car Manufacturers and Fleet Sensor Manufacturers
- An increase in the need for predictive analysis for car manufacturers, significantly augmenting the demand for smart cars and smart sensor-enabled vehicles to improve the driving experience and improve vehicle safety. Sensor manufacturing companies are expected to offer compact and more advanced sensors for all types of vehicles to maintain their dominance in the market. Manufacturing companies use artificial intelligence and IoT technologies to enhance car performance and reduce the maintenance cost of the vehicle, which is expected to help manufacturing companies expand their customer base for smart cars during the forecast period.
- Therefore, the increasing need for predictive analysis for car manufacturers is expected to be a driving factor to enhance the growth of the market during the forecast period.
Lack of Skilled Workforce and Data Security & Privacy Issues Expected to Hamper the Market
- Car manufacturers are offering sensor-based vehicles to collect vehicle performance that significantly requires highly skilled professionals and labor.
- However, the shortage of skilled workforce in manufacturing units creates key issues in various manufacturing industries such as automobiles and food & beverages which is anticipated to hamper the market growth during the forecast period.
North America to Account for Major Share of the Global Predictive Maintenance for Manufacturing Market
- In terms of region, the global predictive maintenance for the manufacturing market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for a major share of the global predictive maintenance for the manufacturing market during the forecast period due to the increasing adoption of AI & ML technologies in the manufacturing industry, indicating potential growth of the market. Europe is expected to be the second-largest market for predictive maintenance for manufacturing from 2020 to 2030.
- The Asia Pacific is projected to be a rapidly growing market for predictive maintenance for manufacturing during the forecast period due to increasing initiatives to standardize the manufacturing sector, specifically in India, Japan, and China.
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Key Players Operating in the Global Predictive Maintenance for Manufacturing Market Include:
- Accenture plc
- Cisco Systems, Inc.
- General Electric Company
- Hitachi, Ltd.
- Honeywell International Inc.
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Schneider Electric SE
Global Predictive Maintenance for Manufacturing Market, by Component
- Software
- Integrated
- Standalone
- Services
- Professional Services
- Consulting & Integration
- Support and Maintenance
- Managed Services
- Professional Services
- Cloud
- Public Cloud
- Private Cloud
- Hybrid Cloud
- On-premise
- Small & Medium Enterprises
- Large Enterprises
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