Predictive Maintenance Market - Global Industry Analysis

Predictive Maintenance Market

Predictive Maintenance Market By Component (Solutions and Services), By Deployment (Cloud and On-Premise), By Organization Size (Large Enterprises and SMEs), By End Use Industry (Manufacturing, Transportation & Logistics, Energy & Utilities, Healthcare, Aerospace & Defense, Government, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026

Published Date: 01-Mar-2021 Category: Technology & Media Report Format : PDF Pages: 110 Report Code: ZMR-5880 Status : Published

The predictive maintenance market is set for a rapid growth over the forecast period. In terms of revenue, the global predictive maintenance market accounted for USD 3.93 Billion in 2019 and is expected to reach USD 13.83 Billion by 2026, growing at a CAGR of 23.4% from 2020 to 2026.

Description

The predictive maintenance market is set for a rapid growth over the forecast period. In terms of revenue, the global predictive maintenance market accounted for USD 3.93 Billion in 2019 and is expected to reach USD 13.83 Billion by 2026, growing at a CAGR of 23.4% from 2020 to 2026.

Global Predictive Maintenance Market: Overview

Predictive maintenance solutions help to predict failure point of a machine component. This helps the user to replace parts before they fail. These solutions help the user to monitor the equipment which enables planned maintenance and reduces operational costs.

Global Predictive Maintenance Market: Growth Factors

Predictive maintenance market is driven by the rising demand by plant owners, operators, and equipment manufacturers. It assists to reduce the cost of maintenance and equipment downtimes. These solutions help to plant owners as by scheduling a maintenance program before any failure. Considering the time and cost concern for various products and services, it is important to know the causes of failure before they have a chance to occur.

Growing adoption of technologies such as cloud storage, IoT and data analytics has led industrial equipment to provide condition-based data and making fault detection a lot easier. Information obtained from these devices can be used into meaningful and actionable insights by using these solutions. Thus, the demand for predictive maintenances market is bound to rise over the forecast period.

Global Predictive Maintenance Market

Global Predictive Maintenance Market: Segmentation

The predictive maintenance market is segmented based on component, deployment, organization size, end use industry, and region. The component segment is divided into solutions and services. Based on deployment, the market is split into cloud and on-premise. Large enterprises and SMEs form the organization size segment of the predictive maintenance market. On the basis of end use industry, the market is further divided manufacturing, transportation & logistics, energy & utilities, healthcare, aerospace & defense, government, and others.

Global Predictive Maintenance Market: Regional Analysis

North America region is anticipated to hold a substantial share of the global predictive maintenance market over the forecast period. This share can be attributed to the growing investment in emerging technologies such as IoT, machine learning, and artificial intelligence. Increasing the presence of a large number of solutions and service providers has contributed to a notable share of the North America region to market growth.

Asia Pacific region is expected to witness a notable rise in the predictive maintenance market over the estimated timespan. This growth is due to increasing adoption of technology in the region, which has led to establishment of manufacturing units. China and India are considered to be the most lucrative markets for companies.

Global Predictive Maintenance Market: Competitive Players

Some of key players in predictive maintenance market are Microsoft Corporation, IBM Corporation, SAP, Hitachi, Schneider Electric, SAS, General Electric, TIBCO Software Inc., Softweb Solutions, and PTC among others.

The global predictive maintenance market is segmented as follows:

By Component

  • Solutions
  • Services

By Deployment

  • Cloud
  • On-Premise

By Organization Size

  • Large Enterprises
  • SMEs

By End Use Industry

  • Manufacturing
  • Transportation & Logistics
  • Energy & Utilities
  • Healthcare
  • Aerospace & Defense
  • Government
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

The global predictive maintenance market was valued at USD 3.22 Billion in 2019.

The global predictive maintenance market is expected to reach USD 13.83 Million by 2026, growing at a CAGR of 23.4% between 2020 to 2026.

Some of the key factors driving the global predictive maintenance market growth are increasing adoption of technology in manufacturing sector coupled rising need for cost effective solutions.

North America region is anticipated to hold a substantial share in the predictive maintenance market. This is attributable to the presence of major players such Microsoft Corporation, IBM Corporation, SAP, General Electric, and TIBCO Software Inc., among others, among others.

Some of the major companies operating in the predictive maintenance market are Microsoft Corporation, IBM Corporation, SAP, Hitachi, Schneider Electric, SAS, General Electric, TIBCO Software Inc., Softweb Solutions, and PTC, among others.

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