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, 2024-2032

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.

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Segmentation

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.