Global Predictive Maintenance Vibration Meters Market Size By Product Type, By End User, By Geographic Scope And Forecast

Predictive Maintenance Vibration Meters Market Size And Forecast

Predictive Maintenance Vibration Meters Market size was valued at USD 3.11 Billion in 2019 and is projected to reach USD 17.96 Billion by 2027, growing at a CAGR of 24.5% from 2020 to 2027.

The major growth drivers of the market include the rising use of emerging technologies to gain valuable insights, and the increasing need to reduce maintenance costs & downtime. The Global Predictive Maintenance Vibration Meters Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Predictive Maintenance Vibration Meters Market Definition

Predictive maintenance allows manufacturers to extend equipment life, lower maintenance costs, reduce downtime, and improve production quality by addressing problems before they cause equipment failures. Predictive maintenance is a type of condition-based maintenance that monitors the condition of assets using sensor devices. These sensor devices supply data in real-time, which is used to predict when the asset will require maintenance and prevent equipment failure.

Global Predictive Maintenance Vibration Meters Market Overview

Companies are leveraging AI and ML technologies to achieve incredible precision, accuracy, and speed over traditional business intelligence tools to analyze IoT data. With the advent of predictive maintenance, enterprises can make operational predictions up to 20 times faster and with greater accuracy than threshold-based monitoring systems.

In several verticals, such as industrial manufacturing or offshore oil and gas, unplanned downtime arising from equipment breakdown can cost money. AI-based IoT solutions offer enterprises predictive maintenance applications to predict equipment failure ahead of time. Trained workers are required to handle the latest software systems to deploy AI-based IoT technologies & skill sets. Hence, the existing workers are required to be trained on how to operate new and upgraded systems.

Moreover, industries are dynamic toward adopting new technologies; however, they are facing a shortage of highly skilled workforce and proficient workers. As most of the global vendors are organizing predictive maintenance projects, the demand for a highly skilled workforce is increasing. Improved asset management is rising needed across almost every vertical. Solution providers equipped with AI and ML can collect and turn the vast amount of customer-related data into meaningful insights, as IoT generates a huge amount of data from connected devices.

Global Predictive Maintenance Vibration Meters Market Segmentation Analysis

The Global Predictive Maintenance Vibration Meters Market is segmented on the basis of Product Type, End User, and Geography.

Predictive Maintenance Vibration Meters Market, By Product Type

• Digital• Analog

Based on Product Type, the market is bifurcated into Digital and Analog. Predictive maintenance allows manufacturers to lower maintenance costs, extend equipment life, reduce downtime & improve production quality by addressing problems before they cause equipment failures.

Predictive Maintenance Vibration Meters Market, By End User

• Process Industries• Third-party Service Providers• Discrete Industries

Based on End User, the market is bifurcated into Process Industries, Third-party Service Providers, and Discrete Industries. Companies are leveraging AI & ML technologies to achieve incredible precision, accuracy, and speed over traditional business intelligence tools to analyze IoT data.

Predictive Maintenance Vibration Meters Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, the Global Predictive Maintenance Vibration Meters Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is expected to hold the largest market share in the forecast period. The attendance of significant players such as Microsoft and Google will boost the market growth with the help of incorporating technological advancements in the product portfolio. Increased disbursements of enterprises in Research and Development would expand the market growth across the region.

Key Players

The “Global Predictive Maintenance Vibration Meters Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are IBM (US), Microsoft (US), SAP (Germany), Hitachi (Japan), PTC (US), GE (US), Schneider Electric (France), Software AG (Germany), SAS (US), TIBCO (US), C3 IoT (US), Uptake (US), Softweb Solutions (US), Asystom (France), Ecolibrium Energy (India), Fiix Software (Canada), OPEX Group (UK), Dingo (Australia). The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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