Predictive Maintenance Market Share, Size, Demand, Key Players by Forecast 2032

Predictive maintenance lowers the chance of a breakdown under typical operating conditions by tracking the performance and condition of the equipment. The objective is to foresee a failure and then attempt to prevent it through corrective maintenance. Traditional systems either simply set periodic maintenance plans whether or not they are necessary to foresee the need for repair, or they depend on historical data regarding equipment performance and prior failures. On the other hand, modern predictive maintenance systems continuously track equipment behaviour to gather data in real-time and utilise advanced artificial intelligence and neural network techniques to determine and alarm when a potential equipment breakdown is likely to occur.

The primary drivers of the predictive maintenance market development include the rising demand to maximise asset uptime and reduce maintenance costs, the rise in investments in predictive maintenance due to IoT adoption, and the rising requirement to prolong the lifespan of ageing industrial gear. Furthermore, there is a growing need for insights from the installation of new technologies, which is driving up demand for predictive maintenance. However, operational difficulties and data privacy concerns impede industry growth. In addition, the market for predictive maintenance is anticipated to be further driven by the implementation of cutting-edge technologies like machine learning, predictive maintenance integration with IIoT, and the demand for remote monitoring and asset management in the wake of the COVID-19 epidemic.

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The on-premise segment led the total predictive maintenance market size by deployment type in 2019, and it is anticipated that it would continue to do so throughout the forecast period. Its modular sensors and simpler installations in existing equipment are credited with this. However, due to direct IT control, remote accessibility, internal data delivery & handling, faster data processing using advanced predictive analytics, efficient resource utilisation, and cost-effectiveness, cloud-based predictive maintenance solutions are expected to exhibit the highest growth rate during the forecast period.

The manufacturing sector led the global market share for predictive maintenance in 2019 according to industrial vertical. Predictive maintenance has increased in popularity in the manufacturing sector as a result of the difficulties that come with maintaining machinery, pumps, lifts, and industrial robots. Nevertheless, the X-ray, MR, tomography, and mammography predictive maintenance is one of the most crucial factors for hospitals looking to improve decision-making capabilities and operational efficiencies, so it is expected to increase at the fastest rate in the future.

Segmentation:

By Component

· Solution

· Service

By Deployment Type:

· Cloud

· On-Premise

By Industry Vertical

· Energy & utilities

· Manufacturing

· Aerospace & Defense

· Transportation & logistics

· Government

· Healthcare

· Others

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Geography:

North America dominates the predictive maintenance market, and this trend is expected to continue in the coming years. One of the reasons for this is the high adoption rate of advanced technologies, such as IoT and AI, in the region. Many companies in North America have already invested in these technologies and are now looking for ways to leverage them to improve their maintenance operations. In addition, the region has a well-established industrial sector, particularly in the manufacturing and transportation industries, which are major users of predictive maintenance solutions. Moreover, the region is home to several major technology vendors who are providing predictive maintenance solutions, and this has contributed to the growth of the market in the region. Another factor driving the growth of the market in North America is the increasing focus on reducing downtime and improving equipment reliability, which has led many organizations to adopt predictive maintenance solutions. Overall, the combination of advanced technology adoption, well-established industrial sectors, and strong vendor presence has made North America a dominant player in the predictive maintenance market.

Company Profiles:

· ABB Ltd.

· Aspen Technology Inc.

· Bosch Software Innovations GmbH

· C3.ai

· Fluke Corporation

· General Electric Company

· Hitachi, Ltd.

· Honeywell International Inc.

· IBM Corporation

· Microsoft Corporation

· Oracle Corporation

· PTC Inc.

· Rockwell Automation, Inc.

· SAP SE

· Siemens AG

Global Predictive Maintenance Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Predictive Maintenance market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

Key Points:
Define, describe and forecast Predictive Maintenance product market by type, application, end user and region.
Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.

Years considered for this report:
Historical Years: 2016-2021
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2022-2030

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