The global predictive maintenance market size was US$ 5.1 billion in 2021. The global predictive maintenance market is forecast to grow to US$ 53.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 28.1% during the forecast period from 2022 to 2030.
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Predictive Maintenance (PdM) is implemented to detect and monitor anomalies or breakdowns in equipment. Predictive maintenance improves supply chain and quality procedures, maximizes device uptime, and makes efficient use of scarce resources. Artificial intelligence and machine learning in predictive maintenance assist organizations gather information on the machine’s parts, which enables them to assess the equipment’s level of usability, take preventive action, and schedule maintenance procedures in advance.
Factors Influencing the Market
Businesses are using AI and ML technology to analyse data more quickly and accurately than they could with conventional business intelligence tools. Businesses may generate operational predictions 20 times faster and more accurately with the use of predictive maintenance. Moreover, the market for predictive maintenance is expanding as a result of the growing use of real-time streaming analytics technology. Real-time data streaming from apps, sensors, devices, and other sources are analysed in this process. It enables language integration and timely information for customized applications.
Thus, such benefits are forecast to fuel the growth of the Steadily declining maintenance costs and downtime will also fuel the growth of the predictive maintenance market during the study period.
On the flip side, a shortage of skilled workforce may limit the growth of the market during the study period.
COVID-19 Impact Analysis
During the COVID-19 pandemic, the manufacturing & industrial sectors witnessed a steep decline in revenue generation. IT expenditure also declined across various nations, which ultimately affected the global predictive maintenance market. However, the situation forced the healthcare sector to rely on technologies, which surged the adoption of Pd.M. solutions during the forecast period. In addition, the market for predictive maintenance is anticipated to be further driven by the implementation of cutting-edge technologies like machine learning, predictive maintenance integration with IIoT, and the demand for remote monitoring and asset management in the wake of the COVID-19 epidemic.
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North America is forecast to dominate the predictive maintenance market during the study period, owing to the presence of well-established end-user industries and rising knowledge about the latest technologies in the region. The early adoption of advanced technologies among organizations will also contribute to the growth of the predictive maintenance market. Apart from that, the benefits of predictive maintenance, such as improved efficiency and lower operational costs, will drive the market forward.
The Asia-Pacific predictive maintenance market will also record steady growth due to growing digitalization, urbanization, and the presence of prominent end-use industries like healthcare, manufacturing, etc.
Competitors in the Market
• IBM Corporation
• Microsoft Corporation
• Schneider Electric SE
• Hitachi, Ltd
• TIBCO Software, Inc.
• Uptake Technologies, Inc
• Sigma Industrial Precision
• PTC, Inc.
• SAP SE
• Other Prominent Players
By Deployment Type
By Organization Size
• Large Enterprises
• Small & Medium-sized Enterprises (SMEs)
• Energy and Utility
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● North America
o The U.S.
o The UK
o Rest of Western Europe
o Rest of Eastern Europe
● Asia Pacific
o Australia & New Zealand
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Rest of South America
What is the goal of the report?
1.The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
2.During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
3.The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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