Press release
Sales of Operational Predictive Maintenance Market to be Significantly Influenced by Rising Consumer Adoption
The global predictive maintenance market for manufacturing industry is expected to witness a double-digit growth rate during the forecast period. The predictive maintenance market for manufacturing industry was valued at US$ 741.1 Mn in 2017, and is projected to grow significantly to reach US$ 4,746.6 Mn by 2026, which can be attributed to the high demand for efficient output & management in the manufacturing industry and for minimizing the costs associated with the maintenance of the assets/products/machines.
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In this report, PMR has segmented the global predictive maintenance market for manufacturing industry on the basis of component type, deployment model, technology, and region. By component type, predictive maintenance market for manufacturing industry is subsegmented into software and services. Services subsegment of the global predictive maintenance market for manufacturing industry is further segmented into consulting, training, implementation & integration, and support. According to the PMR analysis of the global predictive maintenance market for manufacturing industry, as the adoption of software increases, a corresponding increase in the demand for services is expected to be witnessed, especially during the latter half of the forecast period. During the initial phase of the global predictive maintenance market for manufacturing industry, the consulting and implementation & integration segments are expected to witness higher demand. However, as time progresses, higher demand for the support and maintenance segment is expected in the global predictive maintenance market for manufacturing industry.
Based on deployment model, the predictive maintenance market for manufacturing industry is subsegmented into on-premise and cloud. In 2017, the on-premise segment is expected to dominate the predictive maintenance market for manufacturing industry. However, the cloud segment is expected to exhibit a higher double digit-growth rate during the forecast period in the global predictive maintenance market for manufacturing industry owing to the increasing demand for adopting cloud technology across all the regions. The deployment of predictive maintenance market for manufacturing industry simplifies the integration of advanced technologies with the software and, furthermore, assists in the global advent of Industry 4.0. Increasing awareness about the advantages associated with the deployment of predictive maintenance over cloud is another factor expected to fuel the growth of the segment in the global predictive maintenance market for manufacturing industry, in terms of value, during the forecast period.
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Demand for Reduced Downtime & Low Maintenance Costs from Manufacturers Boosting Revenue Growth in the Predictive Maintenance Market for Manufacturing Industry
Moreover, the predictive maintenance market for manufacturing industry report also includes a qualitative analysis of the integration of machine learning, deep learning, and Big Data & analytics with predictive maintenance and an assessment of the opportunities in the future with an increase in the adoption of these solutions. At the global level, the maximum adoption of the aforementioned integrated solution is witnessed among the North American and European manufacturing companies.
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