SEATTLE, May 27, 2020 (GLOBE NEWSWIRE) -- Operational predictive maintenance software collects multiple data resources in real-time, in order to predict issues regarding quality and asset failure. Corporate companies in many sectors are adopting to minimize maintenance costs and prevent downtime. Furthermore, operational predictive maintenance includes consulting services, training & support, and implementation and integration. These services optimize the operational process by supporting operational departments by using advanced analytics software in their day-to-day business process. Operational predictive maintenance software can help to detect failure patterns and minute anomalies, which can avert the greatest risk of failure.

The global operational predictive maintenance market is estimated to account for US$ 1,138 Mn at a CAGR of 22.4% over the forecasted period 2020-27.

Market Drivers:

1. Increasing use of emerging technologies to gain valuable insights is expected to accelerate growth of the global operational predictive maintenance market during the forecast period

Various companies, especially manufacturing organizations are increasingly adopting emerging technologies, in order to gain vital insights. These technologies can predict failure in equipment and reduce losses. Latest development in technology has led to increased adoption of predictive maintenance solutions with easy availability for manufacturers. With increasing adoption of IoT and artificial intelligence, implementation of operative predictive maintenance is expected to increase. Thus, these factors are expected to accelerate growth of the global operational predictive maintenance market in the near future.

2. Growing requirement of reduced maintenance cost and downtime is expected to support the global operational predictive maintenance market growth over the forecast period

The need for reduced maintenance costs and downtime has increased in the recent past. Corporate as well as manufacturing companies are focused on reducing cost of unwarranted maintenance operations. As a result of this major manufacturer as well as SMEs are implementing predictive maintenance software. Thus, these factors are expected to boost the global operational predictive maintenance market growth over the forecast period.

Market Opportunities

1. Advent of real-time condition monitoring can provide excellent growth opportunities
2. Growing adoption of cloud-based software can offer significant business opportunities

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Key Takeaways

• North America holds the dominant position in the global operational predictive maintenance market and is expected to witness significant growth over the forecast period 2020-27. This is owing to increasing adoption of IoT technology and big data technology in the North America region. Furthermore, North America is has large presence of technology companies such as Google Inc., Facebook Inc., Microsoft Corporation and others which are highly investing in the emerging technologies such as IoT, AI, ML, and others.

• Among end user, manufacturing segment is expected to dominate the global operational predictive maintenance market over the forecasted period 2020-27. This is owing to growing maintenance need of manufacturing equipment to reduce the machine downtime. Moreover, in the recent past, manufacturing industry is shifting toward Industry 4.0, which enables companies to adopt the robotics and other related technologies. Thus, adoption of Industry 4.0 in the manufacturing industry is expected to drive the
• Among Deployment Mode type, cloud based segment is expected to create a lucrative opportunity for global operational predictive maintenance market during the forecast period 2020-27. This is owing to features provided by cloud type model such as multiple device access with simple internet connection, eliminating the need of IT infrastructure and others. Due to these features many companies in the various sectors are adopting cloud based operational predictive maintenance software. For instance, September 2018, Chevron Corporation, a US based Oil industry company, launched operational predictive maintenance software, to predict the problems in its oil fields and refineries.

Competitive Section:

Major players operating in the global operational predictive maintenance market are Robert Bosch GmbH, General Electric Company, PTC, Inc., IBM Corporation, Rockwell Automation Inc., SAS Institute Inc., eMaint Enterprises LLC, Schneider Electric SE, and Software AG.

Key Developments:

1. Major market companies are involved in partnerships and collaborations, in order to enhance the market presence. For instance, in November 2017, PTC, Inc. partnered with Senseye to offer predictive maintenance.
2. Key companies are focused on collaborations and partnerships, in order to strengthen market position. For instance, in November 2018, Rockwell Automation Inc. collaborated with Metso Metric for predictive maintenance solutions for mining equipment.

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Market Segmentation:

1. By Type

• Software
• Services

• Implementation and Integration
• Training & Support
• Consulting

2. Deployment Model

• On-premise
• Cloud-based

3. By End User

• Public Sector
• Automotive
• Manufacturing
• Healthcare
• Energy & Utility
• Transportation
• Others

4. By Region

• North America
• Latin America
• Asia Pacific
• Europe
• Middle East & Africa