Know the factors that driving the growth of the Predictive maintenance Industry?
Predictive maintenance is a technique which helps to determine the condition of the equipment and machines in the enterprise. It helps the enterprises by providing information about the failure of the machines so accordingly the plans to replace the machine can be prepared. It saves the time as well as it helps in the reduction of cost for the enterprises. There are various parameters such as the temperature of the machine and vibration in the parts of machines which helps to identify the condition of the machine. Predictive maintenance is used by enterprises to improve their production and operational efficiency. This has increased the demand globally.
Tibco is one of the main suppliers of predictive maintenance solutions
Global predictive maintenance market is set to witness a healthy CAGR of 29.22% in the forecast period of 2019 to 2026.
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Market Drivers:
- The rising use of latest and emerging technologies to gain valuable business insight for decision making has driven the market growth
- There is a rising need for cost reduction and downtime by various end user verticals which has boosted the market growth
- The focus on operational efficiency by various verticals is propelling the market growth
- The rapid industrialization has contributed to the market growth
- The advent of technologies such as big data and Internet of Things has driven the market growth
Top Competitors of Predictive Maintenance Market
- TIBCO
- IBM
- Microsoft
- SAP
- Software AG
- Schneider Electric
- General Electric
- Hitachi
- PTC
- Uptake Technologies, and others