REMAINING USEFUL LIFE ESTIMATION SOFTWARE MARKET ANALYSIS

Market Challenges And Opportunities

Restraints

High Cost, Complex Installation and Implementation of Predictive Maintenance Solution Set-Up is Expected to Restrain the Market Growth.

Remaining useful life estimation software is a part of predictive maintenance solution. Moreover, predictive maintenance solution system consists of large number of connected IoT devices such as sensors, receivers and high end computer systems. These devices are used to gather the data of any system or components using AI algorithm. Moreover, artificial intelligent and machine learning technologies are also used in predictive maintenance solution to analyses the data. This makes the system and solution very costly and complex. Considering these factors, overall predictive maintenance set-up is high in cost, which requires high capital investment and therefore, are major factors restraining growth of remaining useful life estimation software market during the forecasted period.