Manufacturing To Be the Leading Sector for Operational Predictive Maintenance

Highmark Health, one of the top most healthcare provider with around 50 million patients and members across the world produces adequate amount of documents on a daily basis. They have recently enabled predictive maintenance for their customers. This will helps the patients to access the database in real-time.

Predictive maintenance also allows maintenance experts to assume the precise moment of a failure so that later on the repair can be scheduled at a time. Top most players in the operational predictive maintenance market are focusing on improving the maintenance processes as decreasing asset downtime has become extremely vital for several tech firms.

The key role of IoT

The necessity for operational predictive maintenance is increasing as organizations across the globe are implementing Internet of Things (IoT) and big data in order to improve the operational efficiency. IoT helps to ensure that the operational efficiency is more than that of the threshold for the optimum performance. It uses onboard electronics and sensor technology that anticipates potential problems and breakdowns.

For predictive maintenance and to enhance the operational efficacy, several manufacturers have also started implementing technology based ERP software, these factors are expected to drive the growth of the manufacturing end user segment. Manufacturing segment is leading the market currently. Based on the revenues, the segment is expected to lead over the forecast period (2016-2024) with total revenue shares of 25%.

In manufacturing sector, predictive maintenance helps the facility managers to avoid the virtual downtime when the equipment is not sustaining to its extreme potential. These systems significantly scan the range of data such as output, energy use, runtime, and temperature. This significantly enhances the operations and decision making at the manufacturing plants.

Several manufacturing plants that are renewable based have started deploying operational predictive maintenance solutions in order to improve their operational process. Top most manufacturers are introducing low-cost solutions, eventually enabling other players to lower their prices. This is boosting the adoption for operational predictive maintenance significantly.

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North America to be the leading region

North America is said to observe highest demand for operational predictive maintenance market. The manufacturing end user segment is projected to develop at a CAGR of 26.4% in the Asia Pacific. Firms in the US and Canada will account for over US$ 1,200 sales of operational predictive maintenance systems by the end of the forecast period.

Asia-Pacific market for operational predictive maintenance is said to rise at the potential CAGR of 27.3%. Latin America will also witness momentous growth further. Whereas, revenues in Europe and the Middle East & Africa (MEA) will display adequate growth in the near future.

Germany’s top most software companies such as Robert Bosch GmbH and Software AG are providing innovative operational predictive maintenance systems and services across the globe. US tech companies such as SAS Institute Inc., IBM Corporation, PTC Inc., eMaint Enterprises LLC and Rockwell Automation, Inc. have also adopted operational predictive maintenance in order to attain more operational efficiency.

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