Global Predictive Maintenance for Manufacturing Market - Introduction
- 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 also enables 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 scheduling of corrective maintenance and prevents unexpected product failures.
To gauge the scope of customization in our reports, Ask for a Sample
Impact of Coronavirus (COVID-19) on the Predictive Maintenance for Manufacturing Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19) has a negative impact on the predictive maintenance for 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 manufacturing industry has the potential to deliver cost saving solutions to decrease extra maintenance cost. Embedded computer systems or IoT systems help to improve product safety and reduce repair cost 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, increase in demand for embedded computer systems or IoT enabled systems to avoid unplanned maintenance downtime is driving the global predictive maintenance for manufacturing market.
Opportunity for Smart Car Manufacturers and Fleet Sensor Manufacturers
- Increase in 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, 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 Issue Expected to Hamper the Market
- Car manufacturers are offering sensor-based vehicles to collect vehicle performance that significantly require high skilled professionals and labour.
- However, 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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
North America to Account for Major Share of the Global Predictive Maintenance for Manufacturing Market
- In terms of region, the global predictive maintenance for manufacturing market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global predictive maintenance for manufacturing market during the forecast period due to increasing adoption of AI & ML technologies in 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.
- 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.
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: Research Scope
Global Predictive Maintenance for Manufacturing Market, by Component
- Professional Services
- Consulting & Integration
- Support and Maintenance
- Managed Services
- Professional Services
Global Predictive Maintenance for Manufacturing Market, by Software Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
Global Predictive Maintenance for Manufacturing Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Predictive Maintenance for Manufacturing Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.