The global predictive maintenance market size is estimated to be valued at US$ 3.2 Bn in 2019 and is expected to register a CAGR of 17.6% during the forecast period. With the aid of big data, predictive maintenance is expected to aid in improving uptime, extending life of various assets, and increase safety. In addition, significant increase in the adoption of Industrial Internet of Things (IIoT) over recent years is expected to drive growth of the predictive maintenance market in the next five years. Predictive maintenance generally consists of three main components that is smart sensors, analytical monitoring tools, and scheduler. These components work in tangent and enable the enterprises to minimize or prevent electrical or mechanical breakdown of any equipment.
Predictive Maintenance Market Latest News, Key Developments, and Trends:
Various IoT-based companies focus on introducing support for predictive maintenance through introduction of new solutions and products
- In May 2019, SensiML Corporation, a US-based software company, announced that its Analytics Toolkit supports Artificial Intelligence (AI) for industrial IoT predictive maintenance applications
- In June 2019, Omron Corporation, a Japan-based electronics company, announced the release of ‘DC 3-Wire E2E NEXT Series’, proximity sensors, in order to boost predictive maintenance and improve operations on packaging lines
In addition, solution providers focus on broadening its predictive maintenance solution portfolio through the introduction of new solutions catering to various new verticals
- In June 2019, Embraer S.A. announced the launch of ‘IKON’, a predictive maintenance system, with the aid of big data and analytics based on Amazon Web Services Cloud
In the US, various end-user verticals, especially energy and utilities segments, are focusing on deploying solutions in order to optimise facilities
- In May 2019, Enel Green Power North America Inc., a US-based energy and utility company, announced plans to deployed NarrativeWave’s predictive maintenance software in order to optimize field operations at its geothermal facilities
Global Predictive Maintenance Market Analysis and Insights, by Region:
In 2019, North America predictive maintenance market currently dominates the global predictive maintenance solutions market with above 35% revenue share. This is primarily driven by increasing need for minimizing the overall cost, increasing production throughput and optimising the workflow operations. In addition, increasing adoption of big data across various verticals is anticipated to drive the growth of the market in the near future. However, market in Asia Pacific and Eastern Europe are expected to register significant growth during the forecast period primarily due to increasing number of investments in manufacturing sector and adoption of digitalisation.
Global Predictive Maintenance Market Size and Forecast: Competition Landscape
Currently, various small-and mid-sized players focus on introducing new solutions pertaining to IIoT. In addition, various key players focus on attaining new contracts and focusing on offering solutions catering to energy and utilities segment in order to gain upper hand in the regional or local market.
Some key predictive maintenance market players are:
- Microsoft Corporation
- IBM Corporation
- Schneider Electric
- Software AG
- C3 IoT
- Embraer S.A.
- OPEX Group
By Product Type:
- Implementation and Integration Services
- Consulting Services
- Support Services
By Deployment Type:
By Organisation Type:
- Small and Medium Enterprises
- Large Enterprises
- Energy and Utilities
- Government and Defense
What Will You Discover in the Report?
- An in-depth analysis of the predictive maintenance market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the predictive maintenance market revenue is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the predictive maintenance market in near future
- Which current and upcoming technologies will shape up the predictive maintenance market?
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the predictive maintenance market during the forecast period
- Who are the predictive maintenance market leaders and what are the key initiatives taken by them for long term growth?
- Industry exclusive use cases
Who will benefit from the Report?
- Solution Provider
- Component Manufacturers
- Service Provider
- Consultants and Analysts
Analyst access with Bekryl Market Analysts
Purchasing of predictive maintenance market research report will give clients access to 120 minutes telephonic access with a research analyst. The duration for access to analysts will be based on the report subscription editions.