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The predictive maintenance market is expected to grow by almost 22 percent over the next decade, according to a report.
Currently sitting at about $6.3 billion in the U.S., the market is projected to boost to $45.5 billion by 2032 through a focus on increased marketing and advertising efforts about the benefits of such technologies as artificial intelligence (AI), machine-to-machine communications, and big data. Each technology has created new ways to safeguard data from AI techniques. The report indicates that many businesses and institutional facilities have the tools to analyze real-time data and select the best Internet of Things use cases.
According to the report from Fact.MR, growing urbanization and rapid digitalization will drive industry growth over the next decade. Predictive maintenance relies on sensors to record data and it’s expected that as sensors improve in accuracy that they will identify internal wear that humans can’t as accurately identify.
Dave Lubach is managing editor, Facility Market.
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