Predictive Maintenance Market is expected to reach USD 21.2 Bn by 2027, with CAGR of 26.1% | AllTheResearch

The predictive maintenance market is forecasted to grow at a high rate owing to the need to expand the life span of deteriorating industrial machineries.

PLEASANTON CA, Sept. 07, 2021 (GLOBE NEWSWIRE) -- The latest study Report “Global Predictive maintenance Market 2021 by Key Players, Regions, Type, and Application, forecast to 2027” published by AllTheResearch, features an analysis of the current and future scenario of the global Predictive maintenance Market.

The Global Predictive Maintenance Market was valued at USD 4.1 Bn in 2020 and is expected to reach USD 21.2 Bn by 2027, with a growing CAGR of 26.1% during the forecast period.

The predictive maintenance market is forecasted to grow at a high rate owing to the need to expand the life span of deteriorating industrial machineries. The growth is attributed to the need to increase uptime of assets and minimize maintenance costs. The Occupational Health and Safety Administration (OSHA), a government agency, has a set of stringent rules, regulations, and guidelines to be followed regarding the predictive maintenance in the industrial manufacturing plants. Therefore, predictive maintenance is a crucial thing to apply in a workplace. Moreover, increasing prevalence of sensors in machinery, vehicles, production plants, among others hard equipment spaces are boosting up the global predictive maintenance market in the forecast period.

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Global Predictive maintenance Market Report Overview:

The report overview includes studying the market scope, leading players like Bosch, IBM, Honeywell, Microsoft, Hitachi, General Electric, etc., market segments and sub-segments, market analysis by type, application, geography. The report covers Leading Countries and analyzes the potential of the global Predictive maintenance market, providing statistical information about market dynamics, growth factors, major challenges, and market entry strategy Analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.

COVID-19 Impact Analysis on Predictive maintenance Market:

The impact of COVID-19 has greatly affected the predictive maintenance Market. The global ICT spending was estimated to decline by 4%-5% owing to covid-19 impact. The hardware sector is predicted to have the most impact.  The slowdown has caused both positive and negative impact on the predictive maintenance Market.  Some of the production plants have completely shut down causing a negative impact on predictive maintenance Market. Whereas some companies try to maintain the machinery in running quality as there is a lack of personnel and disrupted supply chain during the shutdown due to covid-19 outbreak.

The Major Companies Covered in Predictive maintenance Market Report are: Bosch Software Innovations GmbH, IBM Corporation, Honeywell International, Inc., Microsoft, Hitachi Ltd., Software AG, General Electric, Engineering Consultants Group, Inc., Software AG, Expert Microsystems, Inc., Rockwell Automation, Inc., Google, C3 IoT, Uptake, Softweb Solutions, TIBCO Software Inc., Asystom, Uptake Technologies Inc., Ecolibrium Energy, Fiix Software, Opeational Excellence (Opex) Group Ltd, Reliability Solutions Sp. zo.o., Dingo, Sigma Industrial Precision, SparkCognition, Oracle, HPE, Rapidminer, Inc., AWS, SKF Group, Micro Focus, Splunk, Senseye Ltd, Altair, RapidMiner, Warwick Analytics, ReliaSol, Seebo, Softweb Solutions, Inc., T-Systems International GmbH, Dell Technologies, Fluke Corporation

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The Global Predictive Maintenance Market Segmentation:

  • By Component
    • Software
      • Integrated
      • Standalone
    • Services
      • Managed Services
      • Professional Services
  • By Deployment Type
    • Cloud
      • Public Cloud
      • Private Cloud
      • Hybrid Cloud
    • On-premises          
  • By Technique
    • Vibration Monitoring
    • Oil Analysis
    • Electrical Testing
    • Others (Shock Pulse, Ultrasonic Leak Detectors, Infrared)
  • By End User Industry
    • Energy and Utilities
    • Government and Defense
    • Transportation and Logistics
    • Manufacturing
    • Healthcare and Life Sciences
    • Others (Telecom, Agriculture, Retail, and Media)

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Regional Analysis of Predictive Maintenance Market:

In terms of geography, the North American region was accounted to hold the largest market share in the year 2020. The dominance is owing to the extensive presence of market players and heavy investments for predictive maintenance market. The key market companies like IBM, AWS, and Microsoft are present in the region with significant advancements in predictive maintenance. For instance, in April 2021, Amazon Web Services, Inc. announced the launch of a predictive maintenance service, ‘Amazon Lookout for Equipment’ which uses machine learning to assists scheduling maintenance work for the machineries using sensors.

Key Findings:

  • Based on the component, the software component segment held the largest market share in 2020.
  • Based on deployment type, the cloud deployment type was accounted to hold the largest market size in the year 2020.
  • Based on technique, the vibration monitoring accounted for a largest market share in 2020
  • Manufacturing segment was accounted for largest market size in the year 2020, based on end user industry.
  • Based on regions, the North America region is anticipated to hold a largest market share in the year 2027 in the predictive maintenance market analysis

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Recent News, Developments and investments in Predictive Maintenance Market:

  • In June 2020, PTC, an America-based computer software company, announced an upcoming launch of ‘ThingWork 9.0 Industrial IoT Platform’. The platform is loaded with several advancements in the previous version and is primarily developed to fasten the industrial IoT deployment growth across the organizational value chain. This new version of ThingWork is expected to provide helpful features to the organizations to improve work efficiency.
  • In September 2019, GE Digital, announced the new version of its software portfolio, to benefit companies to operate their manufacturing plants with more efficiency. The product includes predix essentials, asset answers, and webspace 6.0 – a new HTML5 interface.

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