Predictive Maintenance Market by Component (Solutions and Services), Deployment Mode, Organization Size, Vertical (Government and Defense, Manufacturing, Energy and Utilities, Transportation and Logistics), and Region - Global Forecast to 2025
“The increasing demand for effective management of data generated from IoT devices to gain valuable insights and reducing maintenance cost and downtime is set to drive the predictive maintenance market”
The global predictive maintenance market size is projected to grow from USD 4.0 billion in 2020 to USD 12.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 25.2% during the forecast period. The major growth drivers of the predictive maintenance market include the increasing use of emerging technologies to gain valuable insights. Lack of skilled workforce may restrain the growth of the predictive maintenance market. The objective of the report is to define, describe, and forecast the predictive maintenance market size based on component, organization size, deployment mode, vertical, and region.
COVID-19 would have an impact on all the elements of the technology sector. Predictive maintenance companies are witnessing a slowdown due to the global lockdown and lack of workforce. The market is expected to pick up in the next 2-3 quarters as there would be increased need to remotely monitor and manage assets. Lockdown restrictions are troubling predictive maintenance solutions and service providers as they are not able to travel to client facilities to perform asset health analysis, service providers cannot offer their services. Consequently, many manufacturers who rely on these services to maintain the health of process critical assets are helpless and thus face high risk of costly downtime during these unprecedented times. To address this problem, predictive maintenance service providers need to adapt quickly. Smart sensors are a readily available tool that can provide a remote view into client assets which in turn eliminates the immediate need to travel to a facility. This could be an effective solution for solutions and service providers that would help them maintain some level of visibility into the assets they are servicing while maintaining the social distance needed to prevent the spread of COVID-19.
The services segment to grow at a higher CAGR during the forecast period
The predictive maintenance market is segmented on the basis of components, such as solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. An efficient predictive maintenance service help organization develop a connected environment by integrating predictive maintenance solution with their existing IT infrastructure.
The energy and utilities segment to grow at the highest CAGR during the forecast period
The predictive maintenance market by vertical has been segmented into government and defense, manufacturing, energy and utilities, transportation and logistics, health and lifesciences and others (agriculture, telecom, media, and retail). The energy and utilities segment to grow at the highest CAGR during the forecast period, due to the growing demand for automated of power-usage analytics applications.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, andJapan, increasing government regulations and initiatives are expected to drive the growth of the market in APAC.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the predictive maintenance market.
By Company: Tier I: 15%, Tier II: 42%, and Tier III: 43%
By Designation: C-Level Executives: 62%, Directors: 20%, and Others: 18%
By Region: North America: 40%, APAC: 20%, Europe: 30%, MEA: 5%, and Latin America: 5%
The report includes the study of key players offering predictive maintenance software and services. It profiles major vendors in the global predictive maintenance market. The major vendors in the global predictive maintenance market include IBM (US), Microsoft (US), SAP (Germany), Hitachi (Japan), PTC (US), GE (US), Schneider Electric (France), Software AG (Germany), SAS (US), TIBCO (US), C3 IoT (US), Uptake (US), Softweb Solutions (US), Asystom (France), Ecolibrium Energy (India), Fiix (Canada), OPEX Group (UK), Dingo (Australia), Sigma Industrial Precision (Spain), Google (US), Oracle(US), HPE (US), AWS (US), Micro Focus (UK), Splunk (US), Altair (US), RapidMiner (US), and Seebo (Israel).
The market study covers the predictive maintenance market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment modes, organization size, verticals, and regions. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall predictive maintenance market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights to better position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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