Press release
Predictive Maintenance Market Share, Size, Financial Summaries Analysis from 2023 to 2031
Predictive maintenances uses the data driven, proactive maintenance methods which are designed for analysing the condition of an equipment and helps to predict when maintenance should be performed. The market is expected to be driven by the rising urbanization coupled with rampant digitalization.
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Furthermore, growing demand to decrease operation and maintenance cost are also estimated to fuel the market growth. Despite the driving factors, lack of skilled workforce are anticipated to hinder the market growth. During the COVID-19 pandemic, the supply of hardware slowed down and manufacturing capacity also reduced. Furthermore, the growth of IT infrastructure also slowed down. Therefore, the COVID-19 pandemic negatively impacted the market growth.
Growth Influencers:
Increasing demand to decrease operation and maintenance cost
Various companies are making use of machine learning as well as artificial intelligence technologies for achieving utmost accuracy, speed, and precision for analysing internet of things data. They are choosing these over conventional business intelligence tools. By using predictive maintenance tools, companies can speed up the operations by 20 times and with higher accuracy. Furthermore, in various industries such as offshore oil & gas and industrial manufacturing, unplanned downtime due to breakdown of equipment can increase the operation as well as maintenance cost. Therefore, use of predictive maintenance can increase the demand to decrease operation and maintenance cost, hence boosting the market growth.
Segments Overview:
The global predictive maintenance market is segmented into component, deployment mode, technology, organization size, and industry.
By Component,
Solutions
o Integrated
o Standalone
Services
o Managed Services
o Professional Services
The solutions segment is expected to hold the largest market share of around 70% owing to wide spectrum of solutions offered to various industries, such as healthcare and government sectors. Within this segment, the standalone sub segment is estimated to surpass a market size of USD 2,200 million by 2024. The services segment is anticipated to witness the fastest growth rate of 29.3%.
By Deployment Mode,
Cloud
o Public Cloud
o Private Cloud
o Hybrid Cloud
On-Premises
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The on-premises segment is expected to hold the largest market share owing to its high adoption globally. Within the cloud segment, the private cloud segment is expected to witness a growth rate of 32.4%.
By Technology,
Vibration Monitoring
Electrical Testing
Oil Analysis
Ultrasonic Detectors
Shock Pulse
Thermal/Infrared Monitoring
Optical (Cameras) Monitoring
ML Database
Others
The vibration monitoring segment is estimated to hold the largest market share owing to growing demand for this technology in the predictive maintenance field. The shock pulse segment is expected to witness the fastest growth rate of 28.9% owing to various advancements in this segment. The ML database segment is anticipated to cross a market size of USD 350 million by 2024.
By Organization Size,
Large Enterprises
Small and Medium-Sized Enterprises
The large enterprises segment is anticipated to hold the largest market share owing to increasing adoption of predictive maintenance in these enterprises as they have high operational load and they mostly have large amounts of fund for installing such technologically advanced tools.
By Industry,
Aerospace and Defence
Manufacturing
Energy and Utilities
Oil and Gas
Transportation
Warehouse and Logistics
Healthcare and Lifesciences
Automotive
Marine/Shipping
Others
The energy and utilities segment is anticipated to witness the fastest growth rate owing to growing investments by government to upgrade and expand the production and distribution networks energy resources, such as electricity and gas & oil. The transportation segment is estimated to surpass a market size of around USD 800 million by 2026.
Regional Overview
By region, the global predictive maintenance market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
The North America region accounted for the largest market share of more than 40% owing to the presence of major players in the region and increasing prevalence of skin cancer in the region.
The Asia Pacific region is expected to witness the fastest growth rate of about 30% owing to growing adoption of technologically advanced products in the region. Europe and South America regions are also anticipated to witness significant growth rated during the projected period.
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Competitive Landscape
Major players in the global predictive maintenance market include Altair, AWS, Fiix Software, GE, Google, Hitachi, IBM, Micro Focus, Microsoft, OPEX Group, Oracle, PTC, SAP, SAS Institute, Schneider Electric, Siemens, SEEBO, Sigma Industrial Precision, Software AG, Splunk, and Other Prominent Players. The cumulative market share of the ten major players is near about 58%.
These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in August 2021, Micro Focus launched Digital Safe managed services for assisting regulated organizations to reduce operational as well as legal risk costs.
The global Predictive maintenance market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investment Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Predictive maintenance market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Predictive maintenance market report answers questions such as:
What is the market size and forecast of the Global Predictive maintenance Market?
What are the inhibiting factors and impact of COVID-19 on the Global Predictive maintenance Market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the Global Predictive maintenance Market?
What is the competitive strategic window for opportunities in the Global Predictive maintenance Market?
What are the technology trends and regulatory frameworks in the Global Predictive maintenance Market?
What is the market share of the leading players in the Global Predictive maintenance Market?
What modes and strategic moves are considered favorable for entering the Global Predictive maintenance Market?
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