Defining Your Products and Services
In the aim to help businesses identify the root cause of a problem, companies in the RCA sector start to develop predictive maintenance solutions and problem management software aside from providing services such as RCA training and consulting.
Root Cause Analysis (RCA) is defined as a systematic process for identifying the origins of problems and determining an approach for responding to and solving them. It focuses on preventing problems rather than simply “putting out fires.” The problem management software identifies, troubleshoots, documents, and resolves the root reasons for recurrent incidents. Predictive maintenance (PdM) is maintenance that monitors the performance and condition of equipment during normal operation to reduce the likelihood of failures. It was also known as condition-based maintenance.
Defining Your Target Market
The target industries for the RCA software and services are companies operating in the
- Refining & Chemicals
- Oil & Gas Energy
- Others (provided in the report)
Before we deep dive into the TAM analysis, let us first look into the market trends of the related market of the RCA in a global scope–the problem management software market and predictive maintenance market.
Problem Management Software Market Size and Growth
According to the report released by Zion Market Research, the global problem management software market was valued at approximately $2.10 billion in 2017 and is expected to generate revenue of around $3.50 billion by the end of 2026, growing at a CAGR of more than 5.5% between 2018 and 2026.
(All calculations are provided in the report.)
Predictive Maintenance Solutions Market Size, Trend And Growth
Accordingly, the new approach of predictive maintenance is the use of sensors and software or based around the collection of data from a wide range of sensors, building a statistical model that can identify potential failures before they happen. Globally, this industry was valued at $3 billion in 2019 and expected to grow annually by 28% in
the next 5 years. Studies reveal that all aspects in all sectors of predictive maintenance will record a growth rate between 20% to 40% due to emerging and new technologies being developed and used in all sectors.
(All calculations, details and graphs are provided in the report.)
Total Addressable Market (TAM) Analysis of the RCA Industry
The target industries are the following: Manufacturing, Refining & Chemicals, Oil & Gas Energy, Nuclear & Utilities, Mining & Metals, Transportation, Shipping and Maritime, Healthcare, Pharmaceuticals, Banking, and Food & Beverage.
(All data and statistics are provided in the report.)
TAM Value or the potential revenue at 100% market penetration (United States)
= x million * $xxxx
= $x.xx billion
TAM Value or the potential revenue at 100% market penetration (Global)
= xx million * $xxxx
= $xx.xx billion
The above estimated value of the total addressable market is based on 100% market share at full market or target audience penetration. It i s important to note that there are competitors that will be offering the same products and services that will race for a higher market share. Assuming that the company will aim for j ust 2% market share based on the specified global target audience, then the potential revenue will be at $xxx million.
Potential value at 2% market share
= TAM value (global) * 2%
= $xx billion * 2%
= $xxx million
TOP COMPETITORS OFFERING RCA SOLUTIONS
To come up with the list of true competitors to RCA, we focused on companies that concentrate their business on determining root cause analysis, either through software or services. We looked at the lists of these companies and individually checked their true competitors and compared their revenues. We have compiled their information in a spreadsheet which can be accessed in an attachment [TOP COMPETITORS]. The identified true competitors are the following: (all provided in the report).
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Root Cause Analysis (RCA) Market Analysis, Total Addressable Market Globally And The United States
In the aim to help businesses identify the root cause of a problem, companies in the RCA sector start to develop predictive maintenance solutions and problem management software aside from providing services such as RCA training and consulting. Buy this report to understand your market and potential revenues in the global market and also in the United States.
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