Industrial Automation Magazine India

Growth driven by increased adoption of advanced analytics by SMEs owing to rise in cloud computing – Technavio

New York, November 24, 2023 – The Predictive Maintenance (PdM) Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the predictive maintenance (PdM) market between 2022 and 2027 is USD 16.57 billion.

The increased adoption of advanced analytics by SMEs owing to the rise in cloud computing is notably driving market growth. The cloud PdM tools adoption provides SMEs with new opportunities by leveraging technologies, such as mobility, AI, and IoT. PdM tools are adopted through the cloud across SMEs for better management of business operations through a centralized management system, with improved collaboration, productivity, simplified compliance, and risk management. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge – Lack of expertise and technical knowledge is a major challenge hindering the growth of the global PdM market. The shortage of talented people and niche skills to manage and operate predictive analytics is a constant challenge for enterprises. PdM helps prevent equipment failure through corrective or planned maintenance. Additionally, PdM cannot exist without health monitoring. This part of developing an accurate and efficient model is a vital aspect of micro-segmentation since it requires extensive expertise. Hence, a lack of expertise and technical knowledge will negatively impact the growth of the global PdM market during the forecast period. Learn about additional key drivers, trends, and challenges available with Technavio.

The solutions segment will be significant for overall market growth during the forecast period. The rising adoption of PdM solutions in various growing sectors such as energy and utilities, manufacturing, and healthcare is boosting the growth of the PdM market globally. Additionally, PdM integration guarantees the return on investment (RoI) and helps organisations meet and exceed sustainability goals, enabling remote machine monitoring globally.

Key Companies in the Predictive Maintenance (PdM) market: Augury Inc., Avnet Inc., C3.ai Inc., Dell Technologies Inc., Deutsche Telekom AG, Fortive Corp., General Electric Co., Hitachi Ltd., Honeywell International Inc., International Business Machines Corp., PTC Inc., RapidMiner Inc., Reliability Solutions sp. z o.o., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, SAS Institute Inc., Schneider Electric SE, Siemens AG, Warwick Analytics Services Ltd.