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Predictive Maintenance Market worth $48.07 billion by 2030, growing at a CAGR of 24.02% - Exclusive Report by 360iResearch
Predictive Maintenance Market | 360iResearch
The Global Predictive Maintenance Market to grow from USD 10.64 billion in 2023 to USD 48.07 billion by 2030, at a CAGR of 24.02%.
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Predictive maintenance involves using intelligent connected technologies to predict and prevent equipment downtime due to failures. The operating condition of critical plant systems is obtained using the most cost-effective methods, such as vibration monitoring, thermography, and tribology, and all maintenance activities are then scheduled based on this actual data as needed. Predictive maintenance optimizes the availability of process equipment and significantly lowers maintenance costs when incorporated into an extensive maintenance management program. Increasing spending on automating and mechanizing industrial processes with Industry 4.0, coupled with rising safety standards enforced by governments in different countries, encourages predictive maintenance. Real-time monitoring and asset-tracking technologies are also being continuously deployed. On the contrary, high costs and complexity of integration and execution, and concern over data security and privacy, impedes their adoption. However, AI, IoT, and inspection technology integration to improve predictive maintenance and digital twin-based predictive maintenance systems' emergence and development are expected to proliferate their utilization in the coming years.
The development and deployment of predictive maintenance in the U.S., EU, GCC, China, South Korea, India, and China have surged considerably in recent years due to the presence of prominent market players and investments made by manufacturing companies in the technology for better asset management. In developing countries worldwide, predictive maintenance gradually garners attention as it provides real-time asset traceability, aids in monitoring and maintenance, and ensures compliance with safety requirements. As industry safety and compliance regulations strengthen and initiatives such as UAE AI Strategy 2031, Saudi Vision 2030, Qatar National Vision 2030, National E-strategy in South Africa, and others are launched by economies to ensure digital transformation, the scope for predictive maintenance increases. Considerable investments made by government agencies in India, UK, Singapore, Canada, Mexico, and other countries towards the incorporation of IoT in operations and automated systems to boost productivity and smart city and smart grid initiatives are expected to proliferate the use of predictive maintenance in the coming years, making it an integral part of different sectors.
Market Segmentation & Coverage:
This research report categorizes the Predictive Maintenance Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Component, market is studied across Services and Solutions. The Services is further studied across Managed Services and Professional Services. The Professional Services is further studied across Consulting, Support & Maintenance, and System Integration. The Solutions is further studied across Integrated and Standalone. The Solutions is projected to witness significant market share during forecast period.
Based on Deployment, market is studied across On-Cloud and On-Premise. The On-Cloud is projected to witness significant market share during forecast period.
Based on End-User, market is studied across Aerospace & Defense, Automotive & Transportation, Banking, Financial Services & Insurance, Building, Construction & Real Estate, Consumer Goods & Retail, Education, Energy & Utilities, Government & Public Sector, Healthcare & Life Sciences, Information Technology & Telecommunication, Manufacturing, Media & Entertainment, and Travel & Hospitality. The Automotive & Transportation is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Asia-Pacific is projected to witness significant market share during forecast period.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Predictive Maintenance Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Predictive Maintenance Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Predictive Maintenance Market, highlighting leading vendors and their innovative profiles. These include Altair Engineering Inc., Amazon Web Services, Inc., Asystom, C3.ai, Inc., Databricks, Inc., DINGO Software Pty. Ltd., Fiix Inc. by Rockwell Automation, Inc., General Electric Company, Hitachi, Ltd., Honeywell International Inc., Infineon Technologies AG, Intel Corporation, International Business Machines Corporation, Limble Solutions, LLC, Micro Focus International PLC by Open Text Corporation, Microsoft Corporation, NVIDIA Corporation, Operational Excellence (OPEX) Group Ltd., Oracle Corporation, Robert Bosch GmbH, SAP SE, Schneider Electric SE, Siemens AG, Software AG, SparkCognition, Inc., Splunk Inc., TIBCO Software Inc. by Cloud Software Group, Inc., TWI Ltd., and Uptake Technologies Inc..
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Predictive Maintenance Market, by Component
7. Predictive Maintenance Market, by Deployment
8. Predictive Maintenance Market, by End-User
9. Americas Predictive Maintenance Market
10. Asia-Pacific Predictive Maintenance Market
11. Europe, Middle East & Africa Predictive Maintenance Market
12. Competitive Landscape
13. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Predictive Maintenance Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Predictive Maintenance Market?
3. What is the competitive strategic window for opportunities in the Predictive Maintenance Market?
4. What are the technology trends and regulatory frameworks in the Predictive Maintenance Market?
5. What is the market share of the leading vendors in the Predictive Maintenance Market?
6. What modes and strategic moves are considered suitable for entering the Predictive Maintenance Market?
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