Increasing efforts to reduce downtime and other operational costs and the growing competition among market players are expected to drive the demand for global predictive analytics and maintenance in the supply chain market in the forecast period.
“Global Predictive Analytics And Maintenance In Supply Chain Market are expected to witness significant growth in the forecast period. In predictive analytics and maintenance in the supply chain, the structured and unstructured data is analyzed to predict the market uncertainties Surge in the use of emerging technologies to gain informed insights and the need of organizations to lower the cost and time. The management of the asset of an organization is a crucial step that is required in all the verticals. Organizations are using predictive analytics technology in the supply chain for various works including supply chain design, inventory management, demand forecasting, predictive route planning, predictive maintenance, amongst others to optimize the flow in the supply chain.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. Leading authorities around the globe imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Companies provided the facility of work from home to employees and started taking conference meetings and calls with the help of online platforms. The use of e-commerce websites and mobile applications witnessed strong growth during this period. The restrictions imposed on the import and export activities adversely impacted the predictive analysis and maintenance in supply chain market growth during this period.
However, lack of skilled professionals may restrain the growth of the global predictive analytics and maintenance in supply chain market growth.
According to TechSci Research Global predictive analytics and maintenance in the market is segmented into component, deployment, application, end-use industry, regional distribution, and company. Based on the application, the market can be divided into inventory management, predictive maintenance, predictive route planning, demand forecasting, and others. The predictive maintenance segment is expected to witness growth in the forecast period, 2022-2026. Organizations are using advanced technologies such as artificial intelligence and machine learning technology to achieve speed, precision over the traditional business tools and aids in maintaining the supply chain smoothly. With the help of predictive maintenance, enterprises can make smart decisions and can eliminate the occurrence of wastage of time and resources to a greater extent. Artificial intelligence IoT solutions enable organizations to predict the occurrence of equipment failure ahead of time and thereby assist the organizations to prepare themselves accordingly.
IBM Corporation, Microsoft Corporation, SAP SE, General Electric Company, Schneider Electric SE, Google LLC, Oracle Corporation, Hewlett Packard Enterprises Co., SAS Institute Inc., TIBCO Software Inc., Siemens AG, Robert Bosch GmbH, Cisco Systems, Inc., Dell, Inc., Intel Corporation are the leading players operating in global predictive analytics and maintenance in the supply chain market. Service Providers are increasingly focusing on the research and development processes to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several predictive analytics and maintenance in supply chain providers are coming up with their technologically advanced offerings.
“The growing advancements in information technologies and improved computational efficiencies are accelerating the implementation of big data analytics and blockchain technology for efficiently tracking the supply chain. The rise in the requirements for the analysis of customer behavior analysis and the adoption of demand forecasting facilities by the market players to keep themselves prepared for any change uncertainty in the market is expected to propel the predictive analytics and maintenance in supply chain market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.