According to the current analysis
of Reports and Data, the global Predictive
Maintenance Market was valued at USD 1.90 Billion in 2018 and is expected
to reach USD 15.60 Billion by the year 2026, at a CAGR of 28.9%. The
study provides an overall insight into the factors responsible for the growth
in the Predictive Maintenance market. Owing to rising urbanization and
digitalization across the world, end-user sectors like manufacturing,
healthcare, and transport have experienced growth and now rely on
technology-driven systems for operating. Predictive Maintenance is one of such
techniques which are widely employed by organizations in these sectors. These
autonomous systems help in collection and analysis of raw data about the
performance factors of the various operations carried out in those industries.
They help in predicting the failure time of different components of a machine
which helps in preventing complete failure and reduce maintenance time. Rising
need of analytic tools to derive actionable insights from gathered data, reduce
computational time enabling faster course of action, and increased efficiency
along with decrease in operation & maintenance costs and asset downtime are
the factors driving the growth of predictive maintenance market
The growth of Predictive
Maintenance market is expected to be restrained because of low awareness
regarding use of Predictive Maintenance and high operational and maintenance
costs of these Predictive Maintenance systems. It is anticipated that extensive
research and development funded by various companies and governments would help
in overcoming this challenge and convert it into an opportunity for the predictive
maintenance market to thrive upon. The paramount importance of confidentiality
and secrecy in the operation of many Government and Private companies is
expected to grow the size of the predictive maintenance market. The companies
in the market are adopting various growth strategies to expand their offerings
in the market. This includes new product developments, mergers and acquisition,
partnerships, agreements, and business expansions. Predictive maintenance
solutions offer numerous benefits to the enterprises such as reduced
maintenance costs, reduced machine failures, reduced downtime for repairs,
reduced stock of spare parts, increased production, verification of repairs,
increased service life of parts, and improved operator safety.
To identify the key trends in
the industry, click on the link below:
Further key findings from
the report suggest
- Predictive Maintenance market is growing at a CAGR of
3% in Asia Pacific followed by North America and Europe. The amount of
data generated from multiple touch points in the developing countries such
as India, China, and Singapore to derive actionable insights is driving
the market for solutions in the APAC region
- Growing adoption of the integrated solution with
multiple capabilities for data classification, data analysis, reporting,
storage and security to drive the market for predictive maintenance
solutions
- Large Enterprises invest heavily in having on
premises deployment of Predictive Maintenance systems as it helps them in
having total control over the confidential data collected through the use
of these systems. This is expected to help the market to grow further.
- Small and Medium Scale Organizations are switching
towards using Predictive Maintenance systems through the help of cloud
computing services. This is expected to supplement the market growth.
- Cloud deployment offered multiple benefits such as
flexibility, availability, low cost implementation, enhanced security,
scalability, and flexible subscription models. These benefits are driving
the cloud deployment in the predictive maintenance market
- Governments and Defence sector are expected to hold
relatively higher CAGR as Predictive Maintenance has become a critical
part of operations in the defence sector.
- In February 2019, PTC introduced the upgraded version
of their ThingWorx Industrial Internet of Things (IIoT) solution platform.
PTC upgraded its platform with the introduction of new capabilities that
includes Operator Advisor which is designed to increase the productivity
of factory workers using critical operational data
- In August 2019, Cisco acquired predictive analytics
based customer experience management company; Cloudcherry, this is cisco’s
step toward complimenting its cognitive contact center solutions using
predictive maintenance and analytics capabilities
- Key participants include IBM, Microsoft, SAP, GE,
Schneider Electric, Hitachi, PTC, Software AG, SAS, and TIBCO.
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Segments covered in the
report
For the purpose of this report,
Reports and Data have segmented the Predictive Maintenance market on the basis
of component type, deployment type, size type, application and region:
Component type (Revenue in USD
Million; 2016–2026)
- Solutions
- Services
Deployment type (Revenue in
USD Million; 2016–2026)
- On-Premises
- Cloud
Size type (Revenue in USD
Million; 2016–2026)
- Large Enterprises
- Small and Medium Enterprises
Application (Revenue in USD
Million; 2016–2026)
- Manufacturing
- Energy and Utilities.
- Healthcare
- Government & Defense
- Transportation & logistics
- Others
Regional Outlook
(Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
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