The global operational predictive maintenance market is expected to grow with the CAGR of 26.2% during the forecast period. The major factors pushing the market growth are rising big data & IOT market, technological advancements, adoption of cloud by enterprises and increasing broadband penetration. Though, the market has high scope due to increasing demand for real-time streaming analytics and increasing demand from small & medium enterprises. With the business point of view, there is an increasing need to observe the business in real-time and provide push services and on demand products & services to the customers and adapt to the customer schedules, their places and habits constantly. For example, in retail it creates sense to provide product recommendations rely on current activity of shoppers instead of historic activity. However, lack of trained operators and lack of budget are the major restraining factors for the market. Moreover, compatibility with legacy systems is the crucial challenge in the market. Geographically, North America is the leader in the market. Rapid industrialization and high adoption of cloud technologies is one of the major reason for the market growth in the region. Asia Pacific is the fastest growing region for the market. Growing investment by APAC region to enhance effectiveness of product assets as well as growing manufacturing sector in the region is expected to push the demand for the market in APAC. Availability of major players such as IBM, SAP SE etc. is creating scope for high innovations which can significantly push the market growth.
The global operational predictive maintenance market is categorized by component, application industry and deployment type. On the basis of component, the market is again divided into solution and services, solution holds 56% of the total market. Solution comprises the software and hardware part and services contains deployment part i.e. the human intervention in the market. Software’s are analytics solution which is needed to predict and hardware’s are those which generates the data in each part of the process. Services are consulting, integration and training which are inherently required to deploy these solutions.
Out of the services, consulting and system integration holds the dominating position in service segment. These all are key elements for predictive operational maintenance solutions. On the basis of application industry automotive industry dominates the whole market as it always accepted most of the advancement at an early stage, and with the growing exponential demand it requires more manufacturing units to be deployed in the future. Moreover, healthcare industry is extensively using these solutions to avoid unwanted breakdowns hence; this segment is expected to have the highest growth for 2016-2023. The deployment type is sub- segmented into cloud and on premise. Cloud deployment holds the largest market share in the deployment segment of the market.