Predictive Maintenance Market to Exhibit Impressive Growth of CAGR During the Period 2022-2030
Predictive maintenance is a technique designed to monitor the performance of a structure or an equipment. Basically, it’s an equipment performance and condition monitoring system that helps to determine when maintenance should be done. This technique can be used to predict the risk of failure and avoid it through corrective maintenance. Some key advantages of this system are they help in maximizing device lifetime, improving quality and supply chain processes, and deploying limited resources.
The global predictive maintenance market was valued at USD 4.16 billion in 2021 and is expected to grow at a CAGR of 30.9% during the forecast period. The growth of this market is primarily driven by the need for reduced cost and downtime associated with predictive maintenance.
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Modern predictive maintenance systems track equipment behavior through advanced techniques such as neural networks and artificial techniques. The requirement for lower cost and downtime associated with predictive maintenance is expected to drive the growth of the predictive maintenance market. Rising investments in marketing and advertising activities by enterprises changing the landscape of customer intelligence are other factors expected to boost market growth during the forecast period.
Predictive Maintenance Market: Growth Drivers
The growing adoption of real-time streaming analytics technology is fueling the growth of the predictive maintenance market. This system provides accurate information and language integration for equipment. Rising investment in predictive maintenance solutions to reduce cost and downtime propels market expansion. A surge in awareness about predictive maintenance solutions is anticipated to promote the industry’s growth during the foreseen years. The increasing presence of small and medium-scale organizations across the globe is another important factor positively influencing market growth. In addition, an increase in a number of customers utilizing predictive maintenance systems equipped with AI is expected to drive the market growth over the predicted period.
Predictive Maintenance Market: Report Segmentation
Insight by Component
Based on components, the solution segment held the largest revenue share in the global predictive maintenance market. This solution predicts future risks of the critical equipment by performing an in-depth data analysis. The segment growth can be attributed to the rising demand for predictive maintenance systems, which increase the device lifetime of equipment and reduces downtime.
Geographic Overview: Predictive Maintenance Market
Based on geography, North America dominates the market with the largest revenue share owing to the increase in the number of small and large solution and service vendors in this region. Also, growing awareness about predictive measures, their significance, and the rising adoption of these solutions is augmenting the expansion of the market. Furthermore, APAC is expected to record the highest share in the global predictive maintenance market due to the growing emphasis on advanced techniques to obtain maximum output.
Some of the major players operating the market include Altair, AWS, General Electric, Google, Hitachi, HPE, IBM, Microsoft, Oracle, SAP, SAS Institute, Schneider Electric, Software AG, Splunk, and Tibco Software.
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In May 2021, aiSensing launched a new AI-based predictive maintenance solution which is based on SensiML Analytics Toolkit and QuickLogic EOS S3 Platform.
Predictive Maintenance Market: By Component Outlook
Predictive Maintenance Market: By Deployment Model Outlook
Predictive Maintenance Market: By Organization Size Outlook
- Large Enterprises
- Small and Medium-sized Enterprises
Predictive Maintenance Market: By Industry Vertical Outlook
- Government & Defense
- Energy & Utilities
- Transportation & Logistics
- Healthcare & Life Sciences
Predictive Maintenance Market: By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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