Predictive Maintenance Market by Component (Solution and Service), by Deployment (Cloud and On-premises), by Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, and Others), by Stakeholder (MRO, OEM/ODM, and Technology Integrators), by Industry Vertical (Manufacturing, Energy & utilities, Aerospace & Defense, Transportation & Logistics, Government, Healthcare, and Others) - Global Opportunity Analysis and Industry Forecast, 2022 – 2030

Market Definition

The global Predictive Maintenance Market size was valued at USD 5.65 billion in 2021, and is projected to reach USD 64.25 billion by 2030, growing at a CAGR of 27.4% from 2022-2030.

Predictive maintenance is a technique that uses data analysis tools to detect anomalies in operations and potential defects in equipment and processes in order to repair them before they fail. It anticipates problems using historical and real-time data from various parts of an operation. Integral parts of a predictive maintenance are Internet of Things (IoT), artificial intelligence and integrated systems that allows different assets and systems to connect, share and analyze data. These tools capture information using predictive maintenance sensors such as vibration analysis, oil analysis and thermal imaging and businesses systems that includes EAM software and ERP software. Predictive maintenance is widely adopted across industries as it minimizes the maintenance time of equipment and cost of spare parts and supplies.

Market Dynamics and Trends

Growing advancements in machine learning (ML) technology and artificial intelligence (AI) that enables predictive maintenance to analyze volumes of data and utilize it from various sources such as machines, sensors, or switches is driving the growth of predictive maintenance market. Also, integration of IoT-based solutions such as smart factory app for predictive maintenance in logistic industries allows to collect, store, and analyze huge number of data to forecast potential hazards and pinpoint equipment that are probable to fail.

For instance, in November 2020, Material Handling Systems, Inc. introduced IoT-based predictive maintenance solution for logistics facilities called MHS Insight. It is a condition-based maintenance solution that monitors assets through IoT sensors and system data to provide timely maintenance recommendations and health assessments of the equipment.

However, factors such as high implementation cost, frequent maintenance, and upgradation requirements of predictive maintenance solutions are restraining the growth of the market. On the contrary, introduction of Remaining Useful Life (RUL) prediction technique in predictive maintenance solutions that uses artificial neural networks to estimate the number of years that a component will be able to function before replacement is expected to create ample opportunities in the coming years.

Market Segmentations and Scope of the Study

The predictive maintenance market report is segmented by component, deployment, technique, stakeholder, industry vertical, and geography. Based on the component, the market is divided into solution and service. The service segment is further categorized into managed service and professional service. The professional service segment is further divided into support and maintenance, deployment and integration, and training and education. On the basis of deployment, the market is classified into cloud and on-premise. Based on technique the market is divided into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. On the basis of stakeholder, the market is categorized into MRO, OEM/ODM, and technology integrators. Based on industry vertical, the market is classified into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, government, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America holds the lion's share of predictive maintenance market and it is expected to continue its dominance during the forecast period. This is attributed to the factors such as high adoption of predictive maintenance solutions by healthcare sector in this region to remotely monitor CT-tubes and predict CT failures. For instance, in July 2022, Microsoft released the latest public preview of its Azure IoT, which is used in healthcare sector to improve the uptime of medical devices to avoid interruptions in a patient’s treatment and provide better patient care.

Moreover, presence of major market players such as Microsoft, IBM corporation and SAS Institute in this region further boost the predictive maintenance market growth. For instance, in May 2021, SAS institute announced the expansion of the cloud-native support for Amazon Web Services and Google Cloud on its predictive maintenance platform called SAS Viya. SAS Viya is a cloud-enabled analytics engine that provides quick, accurate and reliable analytical insights, which was launched on Microsoft Azure.

On the other hand, Asia Pacific is expected to show a steady rise in the global market owing to the rapid industrialization in countries such as China, Japan and India that uses predictive maintenance solutions for tracking equipment’s health, status, and performance in real time to reduce maintenance cost and unexpected breakdowns.

Moreover, high adoption of predictive maintenance solutions in manufacturing industries in this region to minimize unplanned downtime and maintain equipment condition using several sensors to analyze pressure, rotation speeds, temperature, and vibration of industrial equipment’s is further driving the growth of the market.

Competitive Landscape

Various market players operating in the predictive maintenance industry includes SAP SE, C3 AI, Tibco Software Inc, Uptake Technologies Inc, Asystom, General Electric, IBM Corporation, Microsoft Corporation, PTC Inc and SAS Institute Inc. These market players are adopting various joint venture strategies and launching numerous products across the regions to maintain their dominance in the global market.

For instance, in July 26, 2022, Uptake Technologies Inc collaborated with Amazon Web Services (AWS) to bring predictive maintenance software for transportation and public sectors in the USA. Uptake Fleet and Uptake Federal are two predictive maintenance software available in the AWS marketplace that provide customers with a suite of digital catalog that can be used to purchase and manage third-party data and services to build customer solutions to run business on AWS.

Moreover, in January 2021, TIBCO Software acquired Information Builders (ibi) to add Information Builders’ data management and analytics capabilities to the TIBCO Connected Intelligence Platform. TIBCO’s product line provided the existing ibi customers with a variety of modern solutions while ibi’s offerings further enhanced TIBCO’s portfolio.

Key Benefits

• The predictive maintenance market report provides the quantitative analysis of the current market and estimations from 2022 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises of a detailed analysis of the predictive maintenance industry including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities and their impact on the global market is provided in the report.

• The competitive analysis of the market players along with their market share in the market is mentioned.

• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

• The value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

Predictive Maintenance Market Key Segments

By Component

• Solution

• Service

  • Managed Service

  • Professional Service

• Support and Maintenance

• Deployment and Integration

• Training and Education

By Deployment

• Cloud

• On-premises

By Technique

• Vibration Monitoring

• Electrical Testing

• Oil Analysis

• Ultrasonic Leak Detectors

• Shock Pulse

• Infrared

• Others

By Stakeholder

• MRO

• OEM/ODM

• Technology Integrators

• Pure play

• End-to-end

By Industry Vertical

• Manufacturing

• Energy & utilities

• Aerospace & Defense

• Transportation & Logistics

• Government

• Healthcare

• Others

By Geography

• North America

  • U.S

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • Italy

  • Spain

  • United Kingdom

  • Russia

  • Sweden

  • Rest of Europe

• Asia-Pacific

  • Australia

  • China

  • India

  • Japan

  • South Korea

  • Indonesia

  • Singapore

  • Rest of Asia-Pacific

• RoW

  • UAE

  • Brazil

  • South Africa

  • Israel

  • KSA (Kingdom of Saudi Arabia)

  • Turkey

  • Remaining Countries

Report Scope and Segmentation