With 29.8% CAGR, Predictive Maintenance Market Worth USD 18551 Million by 2028

According to Fortune Business Insights, the global predictive maintenance market size is projected to reach USD 18551 billion in 2028, at a CAGR of 29.8% during the forecast period

Pune, India, July 04, 2022 (GLOBE NEWSWIRE) -- The global predictive maintenance market size is expected to reach USD 18551 Million by 2028, exhibiting a CAGR of 29.8% between 2019 and 2028. The use of cloud computation has emerged in favor of market growth. This information is published by Fortune Business Insights™ in its report titled, “Predictive Maintenance Market Forecast, 2022-2028”. As per the report, the global market size was USD 2387.6 Million in 2018.

Predictive maintenance is a method that makes use of real-time condition monitoring tools that helps track the performance of any machine or equipment. This method will help detect and fix the errors that occur in the operation of the specific equipment. This will help detect failures in the machinery in future, thereby leading to reduced costs. The increasing demand for maintenance solutions across diverse industry verticals will emerge in favor of market growth. Growing applications of predictive maintenance in the manufacturing industry will have a positive impact on the growth of the market in the forthcoming years.

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Industry Developments:

IBM Corporation announced that it has completed the acquisition of Oniqua Holdings Pty Ltd. The company is a leading provider of maintenance, repair, and operations optimization software. Through this acquisition, the company will look to establish a strong presence in the market and subsequently expand its consumer base across the world.

Report Scope & Segmentation

Report CoverageDetails
Forecast Period2019 to 2028
Forecast Period 2019 to 2028 CAGR29.8%
2028 Value ProjectionUSD 18551 Million
Base Year2018
Predictive Maintenance Market Size in 2018USD 2387.6 Million
Historical Data for2015 to 2017
No. of Pages160
Segments coveredComponent, Techniques, Deployment, Organization Size, End-User and Geography
Predictive Maintenance Market Growth DriversIncreasing Number of Company Mergers Will Create Several Opportunities for Market Growth
North America to Emerge Dominant; Adoption of Cloud in Predictive Software by Major Companies in this Region to Aid Growth

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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Drivers and Restraints:

Increasing Number of Company Mergers Will Create Several Opportunities for Predictive Maintenance Market Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers has made a huge impact on market growth. In 2019, Cisco systems, Inc. announced the acquisition of Cloudcherry, a company that is engaged in providing customer experience management. The company makes use of predictive analytics within in its maintenance services. Through this acquisition, the company will look to establish a strong presence in the market, and in doing so, generate huge revenues in the coming years.

Report Coverage

The report provides an exhaustive study of the market segments and a comprehensive analysis of the market. A profound evaluation of the current market trends as well as the future opportunities are presented in the report. Additionally, it shares a thorough analysis of the regional insights and how they shape the market growth. The COVID-19 impacts have been added to the report to assist investors and business owners in understanding the threats in a professional manner. The report focuses on the key players and their remarkable strategies to stay in the top position in the market.

Regional Analysis:

North America to Emerge Dominant; Adoption of Cloud in Predictive Software by Major Companies in this Region to Aid Growth

The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to emerge dominant in the coming years driven by the adoption of advanced concepts in predictive maintenance tools by major companies. The huge investment in the research and development of products will have a positive impact on the growth of the regional market. As of 2018, the market in North America was worth USD 774.3 million. Accounting to the presence of several large scale companies in this region, the market will be worth USD 5,454.0 million by the end of 2028. Besides North America, the market in Europe will witness considerable growth in the coming years.

List of the leading companies that are operating in the global predictive maintenance market are:

  • IBM Corporation
  • Microsoft Corporation
  • SAP SE
  • Schneider Electric SE
  • Hitachi, Ltd.
  • SAS Institute, Inc.
  • Oracle Corporation
  • Siemens AG
  • SparkCognition
  • Axiomtek Co., Ltd.
  • Banner Engineering Corp.
  • Sigma IT
  • RFMicron, Inc. d/b/a Axzon
  • Larsen & Toubro Infotech Ltd.
  • Predictive Maintenance Solutions, LLC
  • Fujitsu Ltd.
  • Software AG
  • Engineering Consultants Group, Inc.

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Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • Executive Summary
  • Market Dynamics
    • Drivers, Restraints, and Opportunities
    • Emerging Trends
  • Key Insights
    • Macro and Micro Economic Indicators
    • Consolidated SWOT Analysis of Key Players
  • Global Predictive Maintenance Market Analysis, Insights and Forecast, 2015-2028
    • Key Findings / Summary
    • Market Analysis, Insights, and Forecast – By Component (Value)
      • Solution
        • Standalone
        • Integrated
      • Services
        • Consulting
        • Deployment and Installation
        • Support and Maintenance
    • Market Analysis, Insights, and Forecast – By Techniques (Value)
      • Power System Assessments
      • Infrared thermography
      • Temperature Monitoring
      • Fluid Analysis
      • Circuit Monitor Analysis
      • Vibration Monitoring
      • Others
    • Market Analysis, Insights, and Forecast – By Deployment (Value)
      • On-Premises
      • Cloud
    • Market Analysis, Insights, and Forecast – By Organization Size (Value)
      • Small and Middle Enterprises (SMEs)
      • Large Enterprises
    • Market Analysis, Insights, and Forecast – By End-user (Value)
      • Manufacturing
      • Government
      • Energy and Utilities
      • Transportation
      • Healthcare
      • Aerospace and Defense
      • Others      
    • Market Analysis, Insights, and Forecast – By Region (Value)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America

TOC Continued…!

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