The North America predictive maintenance market utilizes advanced analytics and machine learning for optimized maintenance scheduling and equipment failure anticipation. This software system applies across diverse fields, detecting electrical anomalies such as motor spikes, identifying power imbalances from harmonic distortion, and sensing heat from faulty bearings. By minimizing unplanned downtime and enhancing reliability, organizations refine maintenance strategies, fostering streamlined operations and improved performance.
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Data Bridge Market Research analyses that the North America Predictive Maintenance Market is expected to reach USD 60,608.62 million by 2030, which was USD 3,923.85 million in 2022, at a CAGR of 40.80% during the forecast period of 2023 to 2030. Predictive maintenance grants companies a competitive edge through reliable operations and cost-effective maintenance, optimizing efficiency and minimizing downtime. This strategic approach enhances competitiveness in the market.
Key Findings of the Study
Growing number of industries is expected to drive the market's growth rate
The expanding industrial landscape is a key catalyst for the predictive maintenance market's growth. With increasing industrialization, businesses seek efficient and economical maintenance solutions. Industrial development propels a heightened demand for predictive maintenance, particularly in emerging nations. This trend stimulates the market, fostering a robust ecosystem to address diverse industries' maintenance requirements, as enterprises worldwide recognize the value of proactive maintenance strategies in optimizing operational efficiency and minimizing 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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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, 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
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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), Cloud Software Group, 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 (U.S), Operational Excellence (OPEX) Group Ltd, (U.K.), DINGO Software Pty. Ltd. (Australia), CHIRON Swiss SA (Russia)
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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 North America predictive maintenance market is segmented on the basis of components, deployment mode, organisation size, vertical and stakeholder.
- On the basis of component, the North America predictive maintenance market is segmented into solution, and services
- On the basis of deployment mode, the North America predictive maintenance market is segmented into cloud, and on-premise
- On the basis of organisation size, the North America predictive maintenance market is segmented into large enterprises, and small and medium-sized enterprises
- On the basis of vertical, the North America predictive maintenance market is segmented into manufacturing, energy and utilities, transportation, government, healthcare, aerospace, defense, and others
- On the basis of stakeholder, the North America predictive maintenance market is segmented into MRO, OEM/ODM, and technology integrators
Major Players
Data Bridge Market Research recognizes the following companies as the major North America predictive maintenance market players in North America predictive maintenance market are Schneider Electric (France), Hitachi, Ltd. (Japan), PTC (U.S.), RapidMiner (U.S), Operational Excellence (OPEX) Group Ltd, (U.K.), DINGO Software Pty. Ltd. (Australia), CHIRON Swiss SA (Russia)
Market Developments
- In 2022, Siemens, a German technology company, undisclosedly acquired Senseye. Specializing in transport, healthcare, industry, and infrastructure, Siemens aimed to bolster its digital services portfolio through this acquisition. Senseye, now a subsidiary of Siemens, is anticipated to contribute to the company's enhanced capabilities in predictive maintenance and further solidify its presence in the evolving digital services landscape
- In 2021, SAS Institute launched its SAS Viya platform, fortifying the core of data and analytical excellence. The platform integrates advanced data processing capabilities into the native SAS Viya ecosystem, empowering organizations with enhanced data management and analytics features. This initiative underscores SAS's commitment to enabling businesses to harness data-driven insights for improved decision-making and operational efficiency
- In 2021, Schneider Electric launched EcoStruxure Triconex Safety View, a revolutionary software providing dual certification for safety and cybersecurity. This innovative solution allows operators to monitor bypass status, which is crucial for threat reduction and critical warnings during high-risk scenarios. By combining industrial safety and cybersecurity in a single package, it significantly elevates the safety and security standards for factory operations
- In 2020, Microsoft launched Azure Time Series Insights Gen2, a fully managed IoT analytics platform facilitating root-cause analysis in extensive industrial data volumes. Featuring a scalable, pay-as-you-go pricing model and multi-layered storage, this innovation allows customers to align with business demand. Microsoft's strategic move with Azure Time Series Insights Gen2 enhances its product portfolio, contributing to market growth
- In 2020, PTC launched the advanced ThingWorx 9.0 Industrial IoT platform, aiming to support scalability, streamline solution development, and extend OPC UA support for enterprise deployments. This strategic move enhances PTC's product portfolio and positions them to effectively cater to evolving consumer demands in the dynamic landscape of Industrial IoT solutions
Regional Analysis
Geographically, the countries covered in the North America predictive maintenance market report are U.S., Canada and Mexico in North America.
As per Data Bridge Market Research analysis:
U.S. is the dominant country in North America predictive maintenance market during the forecast period 2023-2030
U.S. dominates the North America predictive maintenance market with substantial investments in cutting-edge technologies such as machine learning, IoT, and artificial intelligence. This dominance is evident in the region's advanced solution and service segments. The banking IT and telecom sectors' increasing adoption of predictive maintenance further amplifies the market's growth trajectory, solidifying the U.S. position as a key player in the evolving landscape of proactive maintenance strategies.
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