The increasing automation in the sectors such as retail, healthcare, and manufacturing coupled with the need for the maintenance of the equipment to increase operational efficiency is propelling the growth of the global predictive maintenance market. Moreover, the use of artificial intelligence, IoT and machine learning coupled with the trend of big data analytics in the healthcare industry, automotive industry, and manufacturing industry to gain a piece of insightful information requires the proper services and up-gradation of the software to avoid the breakdowns.
According to the MarkNtel Advisors’ research report, “Global Predictive Maintenance Market Analysis, 2020”, the global predictive maintenance market is set to grow at a CAGR of around 27.20% from 2021-25. The market is surging with the rise in the manufacturing sector and the need for the reducing operation cost coupled with the decrease in the need for repair and replacement of the equipment.
In 2019, North America grabbed the major market on account of the rapid modernization of the manufacturing industry catered by a large number of services and solution providers in the region. Moreover, the well-established food processing industry, the automotive industry are the key factors contributing to the growth of the region. However, the APAC region is expected to grow at a robust pace in the forthcoming year of 2020-25 due to the transforming manufacturing sector industry in the region.
By Components, the Solution segment captured the major market share in 2019 on account of the need for reducing the unexpected downtime and prevention from the failure. Moreover, improving product quality, reducing defects in the products and identifying process bottleneck and improving operational efficiency are the key factors for the growth of the solution segment.
Moreover, the manufacturing segment dominated in 2019 owing to the usage of heavy machinery and equipment. Moreover, the need for predictive maintenance generates due to the safety purpose of the workers in the industry and reduce the chances of any miss happening.
In 2019, the traditional technique dominated the market on account of the low awareness among the end-users about the IoT, artificial intelligence and machine learning. However, with the rising internet penetration and growing awareness among the end-users is expected to drive the advance technique market in the forthcoming years.
Surging Awareness about the Benefits of Predictive Maintenance is the Growth Contributor
The rising urbanization coupled with the growing awareness about the benefits of predictive maintenance among the end-users is contributing to the growth of the predictive maintenance market. Moreover, the companies are launching the various programs for the predictive maintenance for the electrical and automotive equipment’s such as air conditioners, cars, geyser, etc. for the residential sector, as revealed by MarkNtel Advisors’ research report, “Global Predicative Maintenance Market Analysis, 2020”
Partnership for Business Expansion to Intensifying Competition
According to MarkNtel Advisors, the companies in the predictive maintenance market industry are adopting strategies such as partnership, mergers and acquisition, and new product or service launch to gain a competitive edge in the industry.
The key players in the industry with the considerable share are IBM Corporation, Microsoft Corporation, SAP SE, Software AG, Schneider Electric SE, etc. A few of the instances by the companies are, Delta TechOps, a division of Delta Airlines partnered with “Airbus” to expand its predive maintenance business in 2019. Moreover, Grace, A U.S based company announced to launch the predictive maintenance system to curb unplanned downtime.
“Global Predictive Maintenance Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for predictive maintenance providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go To Market Strategies and identifying the blue ocean for their offerings.
1. By Component Type (Solution, Services)
2. By Mode of Deployment (On premise, Cloud)
3. By Organization Size (Large Enterprise, Small-Medium Enterprise)
4. By Vertical (Government & Defense, Manufacturing, Energy & Utilities, Transportation & Logistics, Healthcare & Lifesciences, Media & Telecom, Others)
5. By Technique (Traditional, Advanced)
6. By Testing Type (Vibration Monitoring, Electrical Insulation, Infrared Thermography, Temperature Monitoring, Ultrasonic Leak Detector, Oil Analysis)
7. By Region (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
8. By Country (U.S, Canada, Mexico, Brazil, Germany, France, Italy, The U.K, Russia & CIS, Spain, China, India, Japan, South Korea, South East Asia, Saudi Arabia, UAE, Turkey, Qatar, South Africa, Egypt)
9. By Competitors (IBM Corporation, Microsoft Corporation, SAP SE, Software AG, Schneider Electric SE, etc.)
Key questions answered in the study?
1. What are the current and future trends of the global predictive maintenance market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the global predictive maintenance industry?
6. What are the customer orientation, purchase behavior, and expectations from the global big predictive maintenance provider across various regions?