"Smart Strategies, Giving Speed to your Growth Trajectory"

Prescriptive Maintenance Market Size, Share & Industry Analysis, By Component (Solution, Services), By Deployment (On-Premise, Cloud-Based, Hybrid), By Industry (Government & Defence, Manufacturing, Energy & Utilities, Transportation & Logistics, Healthcare & Life sciences, Others) and Regional Forecast, 2022-2029

Region : Global | Report ID: FBI102974 | Status : Ongoing

 

KEY MARKET INSIGHTS

The World is becoming smart with the adoption of emerging technologies such as Artificial Intelligence (AI), Machine Learning, and Artificial Neural Networks (ANN) among others. Industries are also looking ahead for integrating such advanced technologies with the present systems to improve efficiency, reduce latency, cost, and workforce. Machine maintenance is an intimate fragment of any industry. If there is a machine, then maintenance is a crucial part. Additionally, maintenance industry is also augmenting with the adoption of advanced technologies. Approach to the maintenance of a machine or system evolving over a while. Following are the type of maintenance which are conducted across the idnustries,



  1. Corrective Maintenance

  2. Preventive Maintenance/ Prescriptive maintenance

  3. Condition-based Maintenance

  4. Predictive Maintenance

  5. Predetermined Maintenance


Prescriptive maintenance is a strategic maintenance process that continuously monitors and identifies asset failure by applying cognitive analysis and IIoT tools. It also offers solutions to end-users. The growth of the prescriptive maintenance market estimated to increase due to the capability to make intelligent and time-efficient decisions from real-time data analysis. Also, cost-optimized and reduced downtime makes the system more efficient for adoption, which further contributes prescriptive maintenance market to grow.


Key Market Driver -

• Growing need to reduce maintainance time and cost • Adoption of innovative technologies

Key Market Restraint -

• Deficiency of skilled workforce


Real-time condition monitoring to assist in taking quick actions made opportunities for the growth of the market. Privacy and data security issues may become challenging for the prescriptive maintenance market. Regular maintenance and up-gradation require to keep systems updated.


Key Players Covered:


Infor., Accenture., SAS Institute Inc., IBM Corporation, GENERAL ELECTRIC, Schneider Electric, Teradata., Hitachi are playing a significant role in the implementation of prescriptive maintenance. These companies have adopted different growth strategies, such as partnerships and collaborations, new product launches, acquisitions, to expand their occurrence in the global prescriptive maintenance market further.


SAP SE is a cloud company that provides Enterprise Resource Planning (ERP) software, analytics, intelligent technologies, and management. Gruppo FS Italiane (Trenitalia) has created a dynamic asset system that is capable of taking better, real-time, and error forecasting decisions By using the SAP predictive maintenance and service solution. Now the company is looking to implement prescriptive maintenance with IoT-enabled and machine learning engineering simulations to reduce maintenance cost, unplanned failures, and the number of maintenance actions.


Schneider Electric provides energy and digital automation solutions. The company combines real-time automation, leading energy technologies, software, and services to offer integrated solutions for data centers, homes, buildings, infrastructure, and industries. The company also delivers solutions in electrical distribution maintenance. With the evolution in maintenance technologies, Schneider Electric embraced with advanced maintenance strategies from reactive maintenance to prescriptive maintenance.


Regional Analysis:


The increasing trend of manufacturers towards reliability based maintenance offers an opportunity for the growth of the prescriptive maintenance market in North America. Growing demand for higher asset uptime and lower maintenance cost is expected to drive the growth of prescriptive maintenance market. Integration of maintenance systems with emerging technologies such as IoT, machine learning improves the performance of the system. This enhancement contributes to improving approach towards prescriptive maintenance in Europe. Technological advancements in electrical distribution maintenance also offers an opportunity to drive the growth of the market in the region. Global technological evolution, real-time data analysis, intelligent asset failure tracking and solution are advantageous features of prescriptive maintenance. This features encouraging industries to adopt prescriptive maintenance technology to contribute to the growth of market in Asia Pacific, Middle East Africa and Latin America.


To gain extensive insights into the market, Request for Customization


Segmentation


























 ATTRIBUTE


 DETAILS

By Component




  • Solution

    • Integrated

    • Stand-alone



  • Services

    • System Integration Services

    • Support and Maintenance Services

    • Consulting Services





By Deployment




  • On-Premise

  • Cloud-Based

  • Hybrid



By Industry




  • Government & Defence

  • Manufacturing

  • Energy & Utilities

  • Transportation & Logistics

  • Healthcare & Life sciences

  • Others



By Geography




  • North America (the U.S. and Canada)

  • Europe (the U.K., Germany, France, Scandinavia, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)



Key Industry Developments



  • April 2018: Hitachi power solution co. Ltd. Launched “knowledge-based analytics solution for prescriptive maintenance,” Applied with their patented ‘Structure Identifier Management Technology’ (SIMT)

  • April 2019: SAS announced a collaboration with Siemens to uniting its ‘streaming analytics’ with siemens ‘MindsPhere’. The combination contributes to the increase in productivity, optimize assets performance, and reducing operational risk through predictive and prescriptive maintenance.


Prescriptive Maintenance Market Size, Share and Global Industry Trend Forecast till 2026
  • Ongoing
  • 2021
  • 2018-2020

    CHOOSE LICENSE TYPE

  • $4850
    $5850
    $7850
    Pre Book

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Information & Technology Clients

Panasonic
Samsung
Softbank
Go daddy
Bain & Company

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X