The Predictive Maintenance Market is expected to grow from USD 5,855.18 million in 2020 to USD 20,476.35 million by 2026 at a CAGR of 24.03% from 2020 to 2026.
Predictive maintenance is a maintenance strategy accelerated by predictive analytics technology. The solutions are installed to track and discover failures or anomalies in equipment but are engaged only upon the probability of vital failure. This assists in deploying limited resources, increasing device or equipment uptime, improving quality and supply chain processes, and enhancing the overall satisfaction for all the included stakeholders. Equipment is monitored using conventional and advanced techniques which facilitate maintenance of the machinery to be planned before a failure happens. Rise in investments in predictive maintenance in industries on account IoT adoption and the requirement for prolong lifetime of ageing industrial machinery are the key factors which accelerate the market growth. Moreover, there is an increase in requirement for predictive maintenance due to the growing requirement to obtain insights from implementation of new technologies. Additionally, in the aftermath of the COVID-19 pandemic, developing technologies such as machine learning, predictive maintenance integration with IIoT, and requirement for remote monitoring and asset management are anticipated to further fuel predictive maintenance market growth. However, implementation problems and data security concerns hinder the market growth.
The global Predictive Maintenance Market is segregated on the basis of component as Software, Services. Based on Deployment Mode the global Predictive Maintenance Market is segmented in Cloud and On-premise. Based on Organization Size the global Predictive Maintenance Market is segmented in Large Enterprises and Small and Medium-sized Enterprises (SMEs). Based on Vertical the global Predictive Maintenance Market is segmented in Government and Defense, Manufacturing, Energy and Utilities, Transportation and Logistics, Healthcare and Life Sciences and Others.
The global Predictive Maintenance Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Predictive Maintenance Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
IBM, Microsoft, SAP, Hitachi, PTC and others are among the major players in the global Predictive Maintenance Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
In June 2020, PTC improved ThingWorx Industrial IoT platform to drive Industrial IoT deployments across the enterprise value chain. ThingWorx 9.0 would provide new and expanded features to assist industrial companies create, implement, customize and scale their solutions.
In September 2019, GE Digital improved its software portfolio which made it possible for companies to more easily and effectually operate their plants, analyze industrial data and optimize their operations. The product updates include the Predix Essentials solution, which would make it simple for industrial companies to connect, visualize, and analyze their data and minimize waste, lower costs and increase performance.
The global Predictive Maintenance Market has been segmented as below:
Predictive Maintenance Market, By Component
Software
Integrated
Standalone
Services
Managed Services
Professional Services
System Integration
Support and Maintenance
Consulting
Predictive Maintenance Market, By Deployment Mode
Cloud
Public Cloud
Private Cloud
Hybrid Cloud
On-premise
Predictive Maintenance Market, By Organization Size
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
Predictive Maintenance Market, By Vertical
Government and Defense
Manufacturing
Energy and Utilities
Transportation and Logistics
Healthcare and Life Sciences
Others
Predictive Maintenance Market, By Region
Europe
North America
Asia Pacific
Rest of The World
Predictive Maintenance Market, By Company
IBM
Microsoft
SAP
Hitachi
PTC
GE
Schneider Electric
Software AG
SAS
TIBCO
C3 IoT
Uptake
Softweb Solutions
Asystom
Ecolibrium Energy
Fiix Software
OPEX Group
Dingo
Sigma Industrial Precision
Oracle
HPE
AWS
Micro Focus
Splunk
Altair
RapidMiner
The report covers the below scope:
Global Predictive Maintenance Market sizes from 2020 to 2025, along with CAGR for 2020-2025
Market size comparison for 2019 vs 2025, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2025
Global Predictive Maintenance Market trends, covering comprehensive range of consumer trends & manufacturer trends
Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global Predictive Maintenance Market
Major market opportunities and challenges in forecast timeframe to be focused
Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
Comprehensive company profiles of the key industry players
The years considered for the study are as follows:
Base year - 2019
Estimated year - 2019
Projected year - 2020
Forecast period - 2021 to 2026
Report Scope:
The global Predictive Maintenance Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Predictive Maintenance Market share. Major industry players with significant revenue share include IBM, Microsoft, SAP, Hitachi, PTC, GE, Schneider Electric Software AG and others.
Why to Buy this Report:
Gain detailed insights on the Predictive Maintenance industry trends
Find complete analysis on the market status
Identify the Predictive Maintenance Market opportunities and growth segments
Analyse competitive dynamics by evaluating business segments & product portfolios
Facilitate strategy planning and industry dynamics to enhance decision making
Target Audience:
The report targeted towards the existing players in the industry is as follows:
Market Manufacturers/Service Providers
Market Wholesale/Traders
Investment and Financial Institutions
Free and Paid Customization based on the requirement
Report Content
Introduction
Key Points
Report Description
Markets Covered
Stakeholders
Research Methodology
Research Scope
Research Methodology
Market Research Process
Research Methodology
Secondary Research
Primary Research
Models for Estimation
Market Size Estimation
Bottom-Up Approach
Top-Down Approach
Executive Summary
Market Overview
Introduction
Drivers
Restraints
Opportunities
Challenges
Predictive Maintenance Market, By Component
Key Points
Software
Integrated
Standalone
Services
Managed Services
Professional Services
System Integration
Support and Maintenance
Consulting
Predictive Maintenance Market, By Deployment Mode
Key Points
Cloud
Public Cloud
Private Cloud
Hybrid Cloud
On-premise
Predictive Maintenance Market, By Organization Size
Key Points
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
Predictive Maintenance Market, By Vertical
Key Points
Government and Defense
Manufacturing
Energy and Utilities
Transportation and Logistics
Healthcare and Life Sciences
Others
Competitive Landscape
Introduction
Start-up companies- Predictive Maintenance Market
Recent Developments
Mergers & Acquisitions
New Product Developments
Portfolio/Production Capacity Expansions
Joint Ventures, Collaborations, Partnerships & Agreements
Others
Company Profile
IBM
Microsoft
SAP
Hitachi
PTC
GE
Schneider Electric
Software AG
SAS
TIBCO
C3 IoT
Uptake
Softweb Solutions
Asystom
Ecolibrium Energy
Fiix Software
OPEX Group
Dingo
Sigma Industrial Precision
Oracle
HPE
AWS
Micro Focus
Splunk
Altair
RapidMiner