North America Predictive Maintenance Market, By 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 & Defense, Others), Country (U.S., Mexico and Canada) Industry Trends and Forecast to 2027
The predictive maintenance market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 40.3% in the forecast period of 2020 to 2027 and is expected to reach USD 21,713.36 million by 2027. The increased use of new and emerging technologies to gain valuable insight into decision-making has contributed to the predictive maintenance market growth. Various vertical end-users are increasingly in need of cost reduction and downtime, which has stimulated the predictive maintenance market growth.
Predictive maintenance is a technique that uses condition-monitoring software and techniques to track equipment output during normal service in order to identify and correct potential faults before they resulted in failure. Ideally, predictive maintenance enables the maintenance frequency to be as minimal as possible to avoid unplanned reactive maintenance, while incurring costs associated with too much proactive maintenance. Predictive maintenance utilizes condition-monitoring equipment to assess the efficiency of the asset in real time. The internet of things (IoT) is a key element of this method. Internet of things (IoT) relies on predictive maintenance sensors to track, make sense of and classify areas that need care.
The increasing concern towards the improvement of uptime of equipment and maintenance cost reduction is driving the growth for the predictive maintenance market. The lack of skilled worker is going to be a major restraining factor for the predictive maintenance market. Real-time monitoring condition to assist in taking prompt actions is going to provide ample opportunities for the predictive maintenance market. The concern over data security and privacy is major challenge in the predictive maintenance market.
This predictive maintenance market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the predictive maintenance market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
The predictive maintenance market is segmented on the basis of components, deployment mode, organisation size and vertical. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of components, the predictive maintenance market is segmented into solution and services. In 2020, solution segment has been accounted for the largest market share due to the growing concern of organization towards cutting down the cost and improvement in the uptime of equipment.
- On the basis of deployment mode, the predictive maintenance market is segmented into cloud and on-premise. In 2020, on-premise segment has been accounted for the largest market share due to the growing concern for data security among the organization.
- On the basis of organization size, the predictive maintenance market is segmented into large enterprises and small and medium-sized enterprises. In 2020, large enterprises segment has been accounted for the largest market share due to the growing adoption of industrialization 4.0 robots and many others which has resulted in increasing demand for predictive maintenance.
- On the basis of vertical, the predictive maintenance market is segmented into manufacturing, energy and utilities, transportation, government, healthcare, aerospace & defense and others. In 2020, manufacturing segment has been accounted for the largest market share due to the rising automation in the manufacturing sector which has resulted in increasing demand for the predictive maintenance.
North America Predictive Maintenance Market Country Level Analysis
North America predictive maintenance market is analysed and market size information is provided by country, components, deployment mode, organization size and vertical as referenced above.
The countries covered in the North America predictive maintenance market report are the U.S., Canada and Mexico.
The U.S. is dominating in the North America predictive maintenance market due to rising investments with emerging technologies such as IoT, artificial intelligence, machine learning which enhances the services and solution segments. Whereas, Canada is growing at a healthy CAGR due to increase in the presence of predictive maintenance vendors operating in solution and services segment.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Stringent Government Regulations and Policy for Predictive Maintenance Market
Predictive maintenance market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in predictive maintenance and changes in regulatory scenarios with their support for the predictive maintenance market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Predictive Maintenance Market Share Analysis
The predictive maintenance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to predictive maintenance market.
The major players covered in the North America predictive maintenance market report are IBM Corporation, SAP SE, Microsoft, PTC, Siemens, GENERAL ELECTRIC, Schneider Electric, Software AG, C3.ai, Inc, DINGO Software Pty. Ltd, Uptake Technologies Inc, Splunk Inc., Oracle, Amazon Web Services, Inc., Softweb Solutions Inc, Hitachi, Ltd, ABB, Huawei Technologies Co., Ltd, Intel Corporation, SKF among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of predictive maintenance market.
- In November 2019, IBM Corporation announced to launch Maximo Asset Monitor embedded with AI and monitoring solutions. This product was designed to help maintenance and operations and improve the performance of physical assets. This has helped the company to enhance its product portfolio and expanded its presence in asset management capabilities.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for predictive maintenance.
Customization Available: North America Predictive Maintenance Market
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