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The global predictive maintenance Market size to grow at a Compound Annual Growth Rate (CAGR) of 28.8% during the forecast period
MarketsandMarkets forecasts the global predictive maintenance market size to grow from USD 3.0 billion in 2019 to USD 10.7 billion by 2024, at a CAGR of 28.8% during 2019–2024. 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 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 organizations 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 life sciences 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.
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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, and Japan, increasing government regulations and initiatives are expected to drive the growth of the market in APAC.
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: 62%, Director-Level: 20%, and Others: 18%
- By Region: North America: 40%, APAC: 30%, Europe: 20%, MEA: 5%, and Latin America: 5%
The report includes the study of the key players offering predictive maintenance solutions and services. It profiles major vendors in the global predictive maintenance market. The major vendors include IBM (US), Microsoft (US), SAP (Germany), GE (US), Schneider Electric (France), Hitachi (Japan), PTC (US), 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). It also includes an in-depth competitive analysis of the key players in the predictive maintenance market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
- The report segments the global predictive maintenance market by component, solution, service, deployment mode, organization size, and region.
- The predictive maintenance market by vertical is divided into government and defense, manufacturing, energy and utilities, transportation and logistics, health and life sciences and others (agriculture, telecom, media, and retail) categories.
- The component segment comprises solutions and services.
- The solutions segment is further segmented into integrated solutions and standalone solutions.
- The services segment is divided into system integration, support and maintenance, and consulting services.
- The predictive maintenance market by deployment mode is segmented into cloud and on-premises. Based on organization size, the predictive maintenance market is divided into large enterprises and Small and Medium-sized Enterprises (SMEs).
- The report also covers the predictive maintenance market with respect to five major regions: North America, Europe, APAC, Latin America, and the Middle East & Africa (MEA).
The report will help the market leaders and new entrants in the global predictive maintenance market in the following ways:
- The report segments the market into various subsegments; hence, it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are split further across verticals and regions.
- It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
- It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market.
- The study also presents the positioning of the key players based on their product offerings and business strategies.