Press release
Predictive Maintenance Market to surpass US$ 45 Billion by 2032, Unveils Fact.MR
Ongoing advancements in machine-to-machine communication, artificial intelligence, and big data have provided new methods to secure information deduced from AI means. Advanced techniques provide enterprises tools to dissect real-time data and decide on various application cases for IoT.
Key players in the market are taking various initiatives to strengthen their position in the market. In May 2022, Sensata Technologies, a US-based company launched a new asset monitoring solution that offers predictive maintenance for rotary assets and gives actionable insights to plant managers.
Such launches are expected to support market growth in the forecast period. Development in big data and M2M communication allow condition monitoring in real-time. The real-time inputs from selectors, detectors, and other regulatory parameters would not only identify embryonic asset loss but also assist organizations in real-time and take prompt actions.
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On the contrary, a lack of expertise and frequent maintenance is expected to hamper the market growth. Also, upgradation requirement is another cause limiting the market growth in the forecast period. However, the proliferation of customer channels and changing landscape of customer intelligence are expected to act as a significant counter to the impeding causes and boost the market growth during the forecast period.
Key Takeaways from the Market Study
By deployment mode, the cloud segment is expected to dominate the predictive maintenance market while exhibiting a CAGR of 21.1% during the forecast period.
Based on organization size, the large enterprises segment is predicted to lead the predictive maintenance market and exhibit a CAGR of 21.4% by 2032.
The predictive maintenance market in the U.S is projected to garner US$ 15.8 Billion by 2032
The predictive maintenance market in the U.K is anticipated to garner a market value of US$ 2 Billion during the forecast period
The Japanese predictive maintenance market is anticipated to garner US$ 2.6 Billion by 2032
The predictive maintenance in South Korea is projected to display a CAGR of 19.5% from 2022-to 2032
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Competition Analysis
Key players in the global predictive maintenance market include Microsoft Corporation, IBM, Schneider Electric SE, General Electric Company, and Hitachi, Ltd. Recent developments in the industry are:
In May 2022, Hitachi Ltd. announced the launch of Lumada Inspection Insights. Pioneered by Hitachi Energy and Hitachi Vantara, Lumada Inspection Insights allows customers to mechanize asset inspection, and support sustainability goals. The new solution addresses various causes of failures by implementing AI and Machine Learning to assess assets, risks, and the spectrum of image types.
In July 2021, Schneider Electric rolled out EcoStruxure ™ TriconexTM Safet View. It is assiduity's first binary safety-and-cybersecurity-certified bypass and alarm operation software that enables drivers to see both the bypass status that affects the position of threat reduction in place, and the critical admonitions demanded to operate the factory safely when pitfalls are high.
In May 2022, Schneider Electric announced the launch of its new SureSeT MV switchgear offering for the market in North America. The new solution offers various benefits. The newly integrated characteristics offer insights into day-to-day operations for remote access and control of equipment health, predictive maintenance, and operational efficiency.
Key Segments Profiled in the Predictive Maintenance Market
Global Predictive Maintenance Market by Organization Size :
Predictive Maintenance for Large Enterprises
Predictive Maintenance for Small and Medium-Sized Enterprises
Global Predictive Maintenance Market by Vertical :
Predictive Maintenance in Government and Defense
Predictive Maintenance in Manufacturing
Predictive Maintenance in Energy and Utilities
Predictive Maintenance in Transportation and Logistics
Predictive Maintenance in Healthcare and Life Sciences
Predictive Maintenance in Other Verticals (Agriculture, Telecom, Media, and Retail)
Global Predictive Maintenance Market by Deployment Mode :
Cloud Predictive Maintenance
On-Premise Predictive Maintenance
Global Predictive Maintenance Market by Component :
Predictive Maintenance Software
Predictive Maintenance Services
Global Predictive Maintenance Market by Region :
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
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During the historical period from 2015 to 2021, the global predictive market was estimated at a CAGR of 25.3%. The increasing application of modern technologies to obtain valuable insights into decision-making is anticipated to have played a significant role in strengthening the market during the prior-mentioned time period.
Besides, the role of players in expanding the market growth is notable. In May 2021, SAS Institute rolled out its SAS Viya platform to provide the foundation for data and logical success by deploying modern data operation results into its vital, pall native SASViya platform.
In another instance, in July 2020, Google Cloud rolled out BigQuery Omni powered by Anthos for Multi-Cloud Analytics. BigQuery Omni offers organizations the flexibility they demand to break down silos and create useful business insights, without any payment of fees for moving data from other cloud providers to Google Cloud. Such factors are anticipated to have boosted the market during the time period from 2015-to 2021.
From 2022 to 2032, the global predictive market is expected to exhibit a CAGR of 21.9%. The development of the market can be attributed to the implementation of AI and IoT-based predictive maintenance technologies to forecast device failures. Also, the contribution of the manufacturing industry is expected to augment the market size in the coming period.
Besides, aerospace and defense, energy and utilities, manufacturing, oil & gas transportation, healthcare, and life sciences are other sectors generating significant demand for predictive maintenance. Players in the market are also taking various efforts to strengthen the industry.
For instance, in May 2021, TIBCO Software launched its TIBCO Data Virtualization and TIBCO EBX. It aims to boost the organization's data fabric, enabling customers to avail benefits of the immense potential of data. The aforementioned factors are expected to develop market growth during the forecast period.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global predictive maintenance market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), By Vertical (Government and Defense, Manufacturing, Energy and Utilities, Transportation and Logistics, Healthcare and Life Sciences, Others), By Deployment Mode (Cloud, On-Premises), By Component (Software, Services), and Region (North America, Latin America, Asia Pacific, Europe and the Middle East & Africa).
Fact.MR's Domain Knowledge in Technology
Our ICT consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the ICT sector. Our expertise in recognizing the challenges and trends impacting the global ICT industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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