Predictive Maintenance Market Growth, Trends, Share, Industry Analysis and Forecast - 2031

According to the report, the global predictive maintenance industry was estimated at $4.33 billion in 2019, and is anticipated to hit $31.96 billion by 2027, registering a CAGR of 28.8% from 2020 to 2027.

Increase in investment on predictive maintenance and surge in need to extend lifetime of aging assets drive the growth of the global predictive maintenance market. On the other hand, lack of skilled staff and several data privacy & security concerns impede the growth to some extent.

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However, integration of predictive maintenance with IIoT, use of machine learning, rise in the drift of real-time condition monitoring to assist in taking prompt actions, and increase in need for remote monitoring are expected to create lucrative opportunities in the industry.

By type, the open-source segment dominated the market share in 2023, owing to its affordability, flexibility, and strong community support. Several libraries prefer open-source systems for their customizable features, allowing tailored solutions without significant costs. In addition, the collaborative nature of open-source projects ensures ongoing updates and innovations, making them highly reliable and efficient for library automation, which is fueling the segment growth.

By application, the school libraries segment dominated the market share in 2023. This is attributed to the growing emphasis on digitizing educational resources and streamlining library management. School libraries increasingly adopt automation to enhance student access to materials, improve cataloging efficiency, and support digital learning initiatives, which is a key driver in the library automation service system market.

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North America dominated the market share in 2023, owing to significant investments in technological advancements, widespread adoption of digital solutions in educational institutions, and strong presence of key market players. In addition, substantial investments in digital transformation by educational institutions and public libraries boost the market growth. The presence of major market players, along with continuous innovation and development in automation technologies, further supports this trend. Moreover, government initiatives to promote digital literacy and the integration of cutting-edge technologies in libraries, thereby, drives the market growth in this region.

Major Industry Players: -

Library Automation Technologies Inc.
OCLC Inc
Libsys Ltd.
Auto-Graphics, Inc.
CR2 Technologies Limited
Civica
Follett School Solutions, LLC
Innovative Interfaces, Inc
ProQuest LLC
Infor
PTSF
Siris Corporation
PrimaSoft PC, Inc
Equinox Software and Services Pvt. Ltd.
Ex Libris Ltd.
CapitaPlc

The report provides a detailed analysis of these key players in the global library automation service system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, acquisitions and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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