WASHINGTON, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Global Predictive Maintenance Market is valued at USD 4 Billion in 2021 and is projected to reach a value of USD 19.3 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 30% over the forecast period 2022-2028.
Market Overview
The sector has grown due to the increased usage of novel and developing technologies to obtain insightful information for decision-making. The requirement for downtime and cost reduction among different vertical end-users is growing, which has fueled market expansion.
We forecast that sales of the solution category in the Predictive Maintenance market will account for more than 60% of total sales by 2028 due to the growing demand for application-specific solutions and the growing requirement for customized solutions across several industrial verticals.
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Market Dynamics
Growing Need for Maintenance Solutions to Lower Cost and Downtime in Various Industries to Support Market Growth
Across several industrial sectors, including manufacturing, energy and utilities, healthcare, transportation, and aerospace and defense, the demand for Predictive Maintenance solutions is rising quickly. The efficient operation of their gear and other assets is typically challenging for equipment manufacturers, operators, and plant owners in the energy and utility sectors. The plant owners can schedule a maintenance program before any faults are likely with the aid of Predictive Maintenance technologies. Similarly, it is extremely important to pinpoint failure reasons and potential flaws in the manufacturing sector before they manifest.
Real-time Monitoring of Conditions to Aid in Timely Response to Support Market Expansion
Demand for advanced asset operation is waning along almost all perpendiculars. IoT generates significant data from connected bias, and result providers armed with AI and ML can gather and transform this data into useful perceptivity. Without direct human intervention, AI and IoT can be combined to optimize several service delivery features, including prophetic conservation and quality assessment. IoT findings that are based on AI have previously been advocated in many studies, and this will only increase as the field develops. Real-time condition monitoring is made possible by the constant advancements in big data and M2M communication. The real-time inputs from detectors, selectors, and other control parameters would let firms cover in real-time and take timely action in addition to prognosticating embryonic asset failures.
Top Players in the Global Predictive Maintenance Market
- Microsoft (US)
- Google (US)
- SAP (Germany)
- Splunk (US)
- IBM (US)
- Oracle (US)
- OPEX Group (UK)
- GE (US)
- Schneider Electric (France)
- AWS (US)
- SAS Institute (US)
- Software AG (Germany)
- TIBCO Software (US)
- Hitachi (Japan)
- HPE (US)
- Altair (US)
- PTC (US)
- RapidMiner (US)
- Dingo (Australia)
For Additional Information on Predictive Maintenance Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Predictive Maintenance Market
- One trend that Vantage Market Research (VMR) expects to see in the Predictive Maintenance industry is the use of cutting-edge technologies. To meet the technical requirements of end users and improve their market position, major Predictive Maintenance market players concentrate on offering technologically cutting-edge Predictive Maintenance solutions.
- Another trend that VMR predicts will continue in the Predictive Maintenance industry is its increased adoption by both large businesses and SMEs due to several advantages, including less downtime, increased equipment life, enhanced plant safety, streamlined maintenance schedules, lower maintenance costs, and increased yield rate.
Top Report Findings
- Based on Components, most of the Predictive Maintenance market's revenue is controlled by the solution category. The rising need for bespoke solutions might be linked to the high demand for integrated solutions. In addition, the demand for application-specific solutions from numerous industrial verticals has greatly increased due to the rising popularity and awareness of these solutions.
- Based on Deployment Modes, most of the Predictive Maintenance market's revenue is controlled by the on-premise category because of the growing data privacy issues connected to cloud technology. To efficiently run their internal and external software solutions, most firms prefer to have their servers and data centers, which raises the demand for on-premises solutions.
- Based on Organization Sizes, most of the Predictive Maintenance market's revenue is controlled by the small and medium-sized enterprises (SMEs) category because more money is being invested in new businesses, and there are more small and medium-sized businesses everywhere.
- Based on Verticals, most of the Predictive Maintenance market's revenue is controlled by the manufacturing category because more money is being invested in new businesses, and there are more small and medium-sized businesses everywhere.
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Recent Developments in the Global Predictive Maintenance Market
- In May 2021, The introduction of Lumada Inspection Insights was announced by Hitachi Ltd. Lumada Inspection Insights, developed by Hitachi Energy and Hitachi Vantara, enables businesses to automate asset inspection and advance sustainability objectives. The proposed approach employs AI and machine learning to evaluate resources, hazards, and a wide range of image types to address multiple reasons for failure.
- In July 2021, The industry's first dual safety and cybersecurity-certified bypass and alarm management software application, EcoStruxureTM TriconexTM Safety View, was introduced by Schneider Electric. The system allows operators to see both the bypass status and the level of risk reduction. It also provides the critical alarms necessary to operate the plant safely when risks are high.
Manufacturing Category in Predictive Maintenance Market to Generate a Considerable Revenue in the Forecast Period
Vantage Market Research has analyzed the market for Predictive Maintenance to understand its current state and potential future growth factors. For better understanding, based on the vertical, the Predictive Maintenance market is divided into Government & Defense, Manufacturing, Energy & Utilities, Transportation & Logistics, and Healthcare & Life Sciences.
During the forecast period, the market for Predictive Maintenance is anticipated to experience the highest CAGR for the manufacturing category because there is a growing need to maintain manufacturing equipment, including machinery, elevators, industrial robots, and pumps, to cut down on overall downtime. In addition, it is anticipated that the development of Industry 4.0 will increase demand for Predictive Maintenance over the next few years.
On the other hand, the energy and utilities category is anticipated to grow significantly due to the growing requirement to improve machine efficiency and dependability while monitoring and maintaining assets. The segment's expansion is also being supported by the rising need to foresee the impending failure of aging components in the infrastructure of utilities and the energy sector.
North America Region in Predictive Maintenance Market to Generate a Substantial Revenue
North America dominates the market throughout the projection period. The region's increasing technical improvements are one of the primary factors supporting the growth of the prognostic maintenance market in North America. An increasing number of prognostic maintenance players will further fuel market expansion.
Browse Market Data Tables and Figures spread through 150 Pages and in-depth TOC on Predictive Maintenance Market Forecast Report (2022-2028).
Global Predictive Maintenance Market Segmentation
By Components
- Solutions
- Service
By Deployment Modes
- On-premises
- Cloud
By Organization Sizes
- Large Enterprises
- Small & Medium-sized Enterprises (SMEs)
By Verticals
- Government & Defense
- Manufacturing
- Energy & Utilities
- Transportation & Logistics
- Healthcare & Life Sciences
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 4 Billion |
| Revenue Forecast by 2028 | USD 19.3 Billion |
| CAGR | 30% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Microsoft, Google, SAP, Splunk, IBM, Oracle, OPEX Group, GE, Schneider Electric, AWS, SAS Institute, Software AG, TIBCO Software, Hitachi, HPE, Altair, PTC, RapidMiner, Dingo |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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