Predictive Maintenance Market Size Predicted to Increase at a Positive CAGR Of 30.9% from 2022 to 2030

The global predictive maintenance market size is expected to reach USD 37.81 billion by 2030 according to a new study by Polaris Market Research.

Prominent factors favoring the industry growth include the need for reduced cost and downtime associated with the maintenance, a rise in demand for cloud-based predictive maintenance solutions, and a huge investment in these solutions in the manufacturing sector. In addition, the upsurge in demand for remote monitoring and management of assets and business processes owing to the advent of the COVID-19 pandemic has boosted the growth of the global industry.

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Furthermore, the integration of artificial intelligence (AI) and machine learning (ML) has created lucrative growth opportunities for the industry. Businesses across the industry verticals including manufacturing, energy & utilities, transportation & logistics, and healthcare, have realized the importance of such solutions, which has further fueled the growth of the industry.

In 2021, the manufacturing segment will dominate the global market. The predictive maintenance framework helps to perform real-time detection, visualization, and alert creation, along with recommendations for solutions at different stages of the manufacturing process. The failure in critical equipment is costly to manufacturers in terms of downtime,  loss of productivity as well as repairs, which in turn, is driving the growth of this segment.

On the other hand, Asia Pacific is anticipated to witness the highest growth in the global market. The region is seeing rising adoption of predictive maintenance solutions in different industry verticals. For instance, in October 2021, SMRT Trains, the Singapore-based transport operator, announced the collaboration with Bentley Systems, an American-based software development company that installed a predictive decision support system (PDSS) for North-South and East-West lines across Singapore. In addition, the SMRT Trains has also commenced its deployment of the PDSS solution on the Circle Line (CCL) across Singapore.

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Market participants such as Altair, Splunk, General Electric, Google, Hitachi, IBM, Microsoft, Oracle, SAP, Schneider Electric, SAS Institute, AWS, Software AG, HPE, and Tibco Software are some of the key players operating in the global market. Players in the global market are adopting a number of strategies to expand their geographical presence, develop new applicant tracking systems, and generate novel revenue streams.

For instance, in January 2022, Aizon, an AI software provider launched Aizon Asset Health, the new asset monitoring application for biotech companies and pharmaceutical manufacturers to optimize the performance of equipment and other assets.

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Polaris Market Research has segmented the predictive maintenance market report on the basis of component, deployment model, organization size, industry vertical, and region:

Predictive Maintenance, Component Outlook (Revenue – USD Billion, 2018 – 2030)

  • Solutions
  • Services

Predictive Maintenance, Deployment Model Outlook (Revenue – USD Billion, 2018 – 2030)

  • Cloud
  • On-premise

Predictive Maintenance, Organization Size Outlook (Revenue – USD Billion, 2018 – 2030)

  • Large Enterprises
  • Small and Medium-sized Enterprises

Predictive Maintenance, Industry Vertical Outlook (Revenue – USD Billion, 2018 – 2030)

  • Government & Defense
  • Manufacturing
  • Energy & Utilities
  • Transportation & Logistics
  • Healthcare & Life Sciences

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See also  Predictive Maintenance Market is projected to grow at a CAGR of 30.9%, totalling around USD 37.81 Billion By 2030

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