The global predictive maintenance market is likely to be led by North America in the coming years. North America is anticipated to have the highest market share in the global predictive maintenance market, while the Asia Pacific is projected to increase during the forecast period at the highest levels of CAGR. In the Asia Pacific, the highest rate of growth can be attributed to massive investments by the private and public sectors in improving their maintenance solutions, which has resulted in increased demand for predictive maintenance solutions for maintenance automation and plant safety processes.
In September 2018, International Business Machines Corporation (NYSE: IBM), one of the key players, announced its partnership with Fluor Corporation (NYSE: FLR). They will be using artificial intelligence systems to predict, track, as well as calculate the status of engineering, procurement, manufacture, and construction (EPC) in various megaprojects, from start-up to completion. Fluor's extensive engineering, manufacturing, construction, and deep supply chain experience coupled with IBM Watson's artificial intelligence and analytic technologies form the basis for big data analysis and diagnostics systems that allow critical project outcomes to be predicted and also provide timely insights into the health of projects. IBM Corporation has been a pioneering creator of predictive maintenance tools for various industry verticals. The company offers solutions for the repair, control, and optimisation of properties for better use and performance. It improves maintenance programs for organisations by creating a set of instructions for implementing changes in asset performance. It also allows consumers to improve the lives of their properties by using these solutions.
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The major key players in the global predictive maintenance market include companies like Microsoft Corporation, Hitachi, Ltd., Schneider Electric SE, General Electric Company, SAP SE, and International Business Machines Corporation, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions and capacity expansions.
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