According to a new market research report the report “Predictive Maintenance Market with COVID-19 Impact Analysis by Component (Solutions, Services), Deployment Mode (On-premises, Cloud), Organization Size (Large Enterprises, SME), Vertical and Region — Global Forecast to 2026” published by MarketsandMarkets™, the market size to grow from USD 4.2 billion in 2021 to USD 15.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period.
Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of predictive maintenance technologies and services.
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372 — Tables
51 — Figures
294 — Pages
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Predictive maintenance is an approach used by enterprises to predict future failure points as well as monitor the condition of an asset in real-time. Besides passive monitoring, the predictive maintenance technique leverages ML algorithms that take critical historical data, such as temperature, pressure, and vibration, as an input, thus providing prediction related to the condition of an asset in real-time. This, in turn, enables enterprises to significantly reduce unplanned machine downtime and decide whether any particular asset needs maintenance. Predictive maintenance ensures the machine is taken for maintenance before it fails, due to which there are minimal losses in production. Traditional maintenance software currently cannot manage these expectations, as these maintenance solutions are reactive and periodic, which might affect the productivity of an enterprise due to unexpected downtime of the asset. Predictive maintenance solutions leverage technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), and big data, to gather meaningful insights from all the data received from the machines, thus helping in taking necessary actions before the breakdown of the asset.
Scope of the Report
By deployment mode, the Predictive Maintenance Market has been segmented into on-premises and cloud. The CAGR of the cloud deployment mode is estimated to be the largest during the forecast period. Cloud-based services are provided directly through the cloud-deployed network connection. Cloud-based platforms are beneficial for organizations that have strict budgets for security investments. The cloud deployment mode is growing, as cloud-based predictive maintenance solutions are easy to maintain and upgrade.
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The Predictive Maintenance Market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period. These enterprises are early adopters of predictive maintenance solutions. They are faced with the troublesome task of effectively managing security because of the diverse nature of IT infrastructure, which is complex in nature.
The Predictive Maintenance Market by vertical has been categorized into government and defense, manufacturing, energy and utilities, transportation and logistics, and healthcare and life sciences. The energy and utilities vertical is expected to witness the highest growth rate, while the government and defense vertical is expected to have the largest market size during the forecast period. The larger market size of the government and defense vertical can be attributed to the many initiatives taken by the government to improve the lifestyle of citizens and increasing adoption rate of AI-based applications with the use of ML algorithms to predict the parts and maintenance of defense equipment.
The Predictive Maintenance Market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of maintenance technologies to have a competitive advantage over the established players. Predictive maintenance vendors in this region focus on innovations related to their product line. China, Japan, India, and Bangladesh have displayed ample growth opportunities in the Predictive Maintenance Market.
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Content Source: https://www.globenewswire.com/news-release/2022/06/13/2461446/0/en/Predictive-Maintenance-Market-Worth-15-9-Billion-By-2026-Report-by-MarketsandMarkets.html
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