The global predictive maintenance market is experiencing significant growth as organizations across various industries recognize the value of proactive maintenance strategies. Predictive maintenance leverages advanced analytics, machine learning, and IoT technologies to monitor equipment health, detect potential failures, and optimize maintenance schedules. Through minimizing unplanned downtime, reducing repair costs, and improving equipment reliability, predictive maintenance enables organizations to enhance operational efficiency, increase productivity, and improve safety. With the rise of Industry 4.0 and digital transformation, the demand for predictive maintenance solutions is expected to continue growing, driving further innovation and advancements in the market.
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Data Bridge Market Research analyses that the Predictive Maintenance Market is expected to reach a value of USD 36.01 billion by 2029, at a CAGR of 32.30% during the forecast period 2022-2029. Predictive maintenance helps organizations optimize their maintenance activities by identifying potential equipment failures in advance. This proactive approach reduces unplanned downtime, minimizes repair costs, and improves overall operational efficiency.
Key Findings of the Study
Data-driven decision-making is expected to drive the market's growth rate
Predictive maintenance utilizes data from various sources, such as sensors, historical records, and real-time monitoring, to extract valuable insights. These insights enable organizations to make data-driven decisions regarding asset management, resource allocation, and maintenance schedules. Analyzing patterns, trends, and anomalies in the data, organizations can proactively address maintenance needs, optimize the use of resources, and allocate budgets efficiently. This data-driven approach ensures that maintenance activities are targeted, timely, and cost-effective, leading to improved operational efficiency and reduced downtime.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Components (Solution, Services), Deployment Mode (Cloud, On-Premise), Organisation Size (Large Enterprises, Small and Medium-Sized Enterprises), Vertical (Manufacturing, Energy and Utilities, Transportation, Government, Healthcare, Aerospace and Defense, Others) Stakeholder (MRO,OEM/ODM,Technology Integrators)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Microsoft(U.S.), IBM(U.S.), SAP(Germany),SAS Institute Inc. (U.S.), Software AG (Germany) ,TIBCO Software Inc.(U.S.), Hewlett Packard Enterprise Development LP (U.S.), Altair Engineering Inc. (U.S.), Splunk Inc. (U.S.), Oracle (U.S.), Google (U.S.), Amazon Web Services, Inc. (U.S.), General Electric (U.S.), Schneider Electric (France),Hitachi, Ltd. (Japan),PTC (U.S.), RapidMiner, Inc. (U.S.), Operational Excellence (OPEX) Group Ltd, (U.K.), Dingo (Australia),Factory5 (Russia) among others
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The predictive maintenance market is segmented on the basis of components, deployment mode, organization size, and vertical.
- On the basis of components, the global predictive maintenance market is segmented into solutions and services. The solutions segment is dominating the predictive maintenance market with a CAGR of 39.6% in the forecast period of 2022-2029 due to the growing concern of organizations towards cutting down the cost and improvement in the uptime of equipment.
In 2022, the solutions segment is dominating the component segment of the predictive maintenance market
In 2022, the solutions segment is dominating the component segment of predictive maintenance owing to its intangible nature and the value it adds to various industries. Services provide expertise, customization, and support, which are crucial for businesses seeking specialized solutions and maximizing the potential of the products they utilize with a CAGR of 39.6% in the forecast period of 2022-2029.
- On the basis of deployment mode, the global predictive maintenance market is segmented into cloud and on-premise. On-premise segment is dominating the predictive maintenance market with a CAGR of 39.4% in the forecast period of 2022-2029 due to the growing concern for data security among the organization.
- On the basis of organization size, the global predictive maintenance market is segmented into large enterprises and small and medium-sized enterprises. The large enterprises segment is dominating the predictive maintenance market with a CAGR of 40.2% in the forecast period of 2022-2029 due to the growing adoption of industrialization 4.0 robots and many others which has resulted in increasing demand for predictive maintenance.
In 2022, the large enterprises segment is dominating the organizational size of the predictive maintenance market
In 2022, the large enterprises segment is dominating the predictive maintenance market owing to the increasing demand for predictive maintenance and growing adoption of industrialization 4.0 robots with a CAGR of 40.2% in the forecast period of 2022-2029.
- On the basis of vertical, the global predictive maintenance market is segmented into manufacturing, energy and utilities, government, transportation, healthcare, aerospace and defense, and others. The manufacturing segment is dominating the predictive maintenance market with a CAGR of 40.7% in the forecast period of 2022-2029 due to the rising automation in the manufacturing sector which has resulted in increasing demand for predictive maintenance.
Major Players
Data Bridge Market Research recognizes the following companies as the major predictive maintenance market players in predictive maintenance market are Microsoft(U.S.), IBM(U.S.), SAP(Germany),SAS Institute Inc. (U.S.), Software AG (Germany) ,TIBCO Software Inc.(U.S.), Hewlett Packard Enterprise Development LP (U.S.), Altair Engineering Inc. (U.S.), Splunk Inc. (U.S.), Oracle (U.S.)
Market Development
- In 2021, first binary safety-and cybersecurity-certified bypass and alarm operation software was released by Schneider Electric under the name EcoStruxure TM TriconexTM Safety View.
- In 2021, In order to support the basis for data and logical success, SAS Institute created the SAS Viya platform.This platform incorporates new data operation results into its critical, native SASViya platform.
- In 2020, Microsoft joined hands with Verizon for the development of IoT applications. This will provide cloud-based analytics and pre-built IoT use case templates. This will help the company to enhance their product portfolio and their presence.
- In 2020, PTC launched advance ThingWorx 9.O Industrial IoT platform to enhance scalability, simplify solution development and expand OPC UA support for enterprise deployments. This will help the company to enhance their product portfolio and better meet consumers changing demand.
- In 2019, Siemens introduced their new product named as Senseye which is predictive maintenance software. It connects products, plants, systems and machines implemented in Mindsphere operating system.
Regional Analysis
Geographically, the countries covered in the predictive maintenance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is expected to dominate the region in predictive maintenance market during the forecast period 2022-2029
The North American market is expected to hold a significant market share in the predictive maintenance market due to several factors. The region experiences continuous technological advancements, which drive the adoption of predictive maintenance solutions. Additionally, the presence of a growing number of predictive maintenance players in North America contributes to market growth. These players bring innovation, expertise, and competition, further fueling the adoption of predictive maintenance solutions across industries and driving the overall market expansion.
Asia-Pacific is estimated to be the fastest growing region in predictive maintenance market the forecast period 2022-2029
The Asia Pacific region is poised to witness a steady rise in the adoption of predictive maintenance. Emerging economies in the region, along with rapid technological advancements, create a favorable environment for implementing predictive maintenance solutions. With the need to optimize output and maximize asset performance, industries in Asia-Pacific are recognizing the importance of adopting the latest technological innovations. This growing awareness and focus on asset maintenance are driving the increasing adoption of predictive maintenance in the region.
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