Global Predictive Maintenance Market

Predictive Maintenance Market Size, Share, Growth Analysis, By Components(Solution and Services), By Deployment Mode(On-Premises and Cloud), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45E2137 | Region: Global | Published Date: June, 2024
Pages: 197 |Tables: 59 |Figures: 77

Predictive Maintenance Market Insights

Global Predictive Maintenance Market size was valued at USD 5.77 billion in 2022 and is poised to grow from USD 7.57 billion in 2023 to USD 66.46 billion by 2031, at a CAGR of 31.2% during the forecast period (2024-2031).

The Global Predictive Maintenance Market is a rapidly evolving sector at the intersection of technology and industrial maintenance. It uses advanced data analytics, machine learning, and IoT (Internet of Things) technologies to predict when equipment or machinery will likely fail. By analyzing real-time data and historical patterns, predictive maintenance enables companies to preemptively address maintenance issues, reducing downtime, and cutting operational costs. Several factors drive the market's growth, As industries increasingly rely on complex machinery, minimizing downtime is essential to maintain productivity and reduce costs, The availability of large volumes of data and advancements in data analytics have made predictive maintenance more accessible and effective, Integrating IoT devices into industrial equipment facilitates real-time data collection and analysis.

Key players in this market include IBM, Microsoft, SAP, and General Electric. They offer comprehensive solutions that enable businesses to monitor the condition of their assets and predict when maintenance is needed. The global predictive maintenance market is expected to continue its growth trajectory, with industries such as manufacturing, energy, and transportation recognizing the potential benefits of cost savings, improved reliability, and enhanced overall operational efficiency.

Market Snapshot - 2024-2031

Global Market Size

USD 5.77 billion

Largest Segment

Solutions

Fastest Growth

Solution

Growth Rate

31.2% CAGR

Global Predictive Maintenance Market ($ Bn)
Country Share for North America Region (%)

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Predictive Maintenance Market Segmental Analysis

Global Predictive Maintenance Market is segmented on the basis of component, development mode, organization size and region. By component, the market is segmented into solution and services. By development mode, the market is segmented into on-premises and cloud. By organization size, the market is segmented into large enterprises and small & medium sized enterprises. By techniques analysis, the market is segmented into power system assessments, infrared thermography, temperature monitor, fluid analysis, circuit monitor analysis, and vibration monitoring. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Predictive Maintenance Market Analysis by Deployment Mode

A growing number of people are becoming concerned about their data's privacy when using cloud infrastructure, which is why on-premise deployment held the greatest market share in the past and is predicted to remain during the forecast period. In order to efficiently run their internal and external software solutions, most organizations prefer to have their own servers and data centers, which raises the demand for on-premises solutions.

Because cost reduction is one of the main benefits of cloud-based predictive maintenance management, the cloud segment is anticipated to experience rapid revenue growth over the course of the forecast period. Since the system lacks a physical data storage structure, this is significant. These systems require less money for hardware and routine maintenance, and data is accessible with ease. It makes it possible for management personnel and authorized consultants to quickly access the same tools and data wherever they are needed. Demand for cloud-based deployment is anticipated to increase because it makes algorithm sharing and improvement easier. Additionally, it increases the workers' accountability and improves their understanding of the actual and desired performance of the currently operational equipment.

Predictive Maintenance Market Analysis by Techniques Analysis

Throughout the anticipated period, the infrared thermography segment is anticipated to post consistent revenue growth. Manufacturers can profit from thermographic testing in a number of ways, especially when it's incorporated into a thorough maintenance plan. Thermographic testing helps to prevent expensive unplanned downtime and has an impact on the operational bottom line by identifying issues before the machines affect production and other operations by anticipating and scheduling repairs at periodic intervals when productivity will be least impacted.

During the forecast period, the vibration monitoring segment is expected to experience a moderate growth rate in revenue. Vibration monitoring is currently one of the most widely used preventive maintenance methods. It is particularly effective in identifying the early stages of equipment wear and potential failures or deterioration in processes. With appropriate equipment, vibration analysis can also provide insight into the root cause of an imminent problem, which is particularly important in equipment with multiple moving parts. The most critical predictions that can be made through vibration monitoring include vibration, temperature, voltage, current monitoring, and oil analysis. Vibration monitoring is particularly useful for wind turbines with primary rotor speeds ranging from 5 to 30 Revolutions Per Minute (RPM).

Global Predictive Maintenance Market Size By Deployment Mode (%), 2022 (%)

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Predictive Maintenance Market Regional Insights

North America held the largest revenue share in the global predictive maintenance market in 2022, thanks to the region's abundance of well-established end-use industries and high company awareness of the benefits of adopting newer, more cutting-edge technologies that help businesses save money and become more efficient. In order to keep up with the maintenance requirements of its massive fleet of fighters, bombers, tankers, transports, and helicopters. Estimates for the Air Force alone reach 5,400 aircraft.

Throughout the forecast period, market revenue growth in Europe is anticipated to be consistent. Some of the key reasons fueling the revenue growth of the predictive maintenance market in Europe include increasing emphasis on reducing maintenance frequencies and downtime as well as rising awareness of the benefits of predictive maintenance. For instance, a number of European military defense organizations use predictive maintenance to guarantee high spare component availability, which is essential to fleet maintenance. This aided in the analysis of logistical challenges, financial risk, and economic conditions, streamlining the supply chain for more rapid and affordable aircraft repairs.

Global Predictive Maintenance Market Size By Geography, 2024-2031
  • Largest
  • Fastest

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Predictive Maintenance Market Dynamics

Predictive Maintenance Market Drivers

Increasing demand for Automated and Digitized Maintenance Processes to bring Lucrative Opportunities

  • The shift towards automation and digitization in maintenance processes is driving the adoption of predictive maintenance, as it enables companies to automate the monitoring of equipment and reduce the need for manual inspections.
  • The need to improve equipment uptime and efficiency is driving the adoption of predictive maintenance, as it enables companies to identify potential issues before they cause equipment failure, leading to costly downtime and reduced productivity.

Predictive Maintenance Market Restraints

Resistance to Change might Pose as a Threat

  • Some organizations may be resistant to change and may prefer to continue with their traditional maintenance processes, despite the potential benefits of predictive maintenance. This resistance can limit the adoption of predictive maintenance solutions and slow the growth of the market.

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Predictive Maintenance Market Competitive Landscape

The global predictive maintenance market's competitive environment is moderately fragmented, with a number of important businesses active on both a global and regional scale. Major corporations are working on R&D projects, conducting tests, and forming alliances to create and market more original and inventive products and devices.

Predictive Maintenance Market Top Player’s Company Profiles

  • SAP SE (Germany)
  • General Electric (USA)
  • Schneider Electric (France)
  • Hitachi, Ltd. (Japan)
  • PTC, Inc. (USA)
  • Software AG (Germany)
  • SAS Institute, Inc. (USA)
  • C3.ai, Inc. (USA)
  • Uptake Technologies Inc. (USA)
  • Siemens AG (Germany)
  • Emerson Electric Co. (USA)
  • Oracle Corporation (USA)
  • Bosch Software Innovations GmbH (Germany)
  • Senseye Ltd. (UK)
  • Fluke Corporation (USA)
  • SKF AB (Sweden)
  • Infor, Inc. (USA)

Predictive Maintenance Market Recent Developments

  • The innovative remote predictive maintenance system that Smart Eye introduced in November 2023 was effortlessly integrated with its eye-tracking technology.

  • IBM and Baker Hughes announced in October 2023 that they would be working together to develop and provide predictive maintenance solutions specifically for the oil and gas sector.

  • ABB and SKF established a joint venture in September 2023 with the goal of providing industrial equipment-specific predictive maintenance services.

Predictive Maintenance Key Market Trends

  • One key market trend is the increasing adoption of 5G technology across various industries. 5G, the fifth-generation wireless technology, offers significantly faster data transfer speeds, lower latency, and improved network reliability. This transformative technology enables advancements in IoT, augmented reality, and autonomous vehicles. Industries such as healthcare, manufacturing, and entertainment are leveraging 5G to enhance operations, provide remote services, and enable real-time data analysis. The global 5G market is poised for substantial growth as businesses and consumers seek the benefits of this high-speed, low-latency connectivity for an array of applications, ultimately shaping the digital landscape of the future.

Predictive Maintenance Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analyses, the market is also being driven by the growing demand for cloud-based predictive maintenance solutions, which provide greater flexibility and scalability, and enable organizations to access real-time data from anywhere. In addition, the integration of predictive maintenance solutions with enterprise asset management (EAM) systems is also driving the market, as it enables organizations to gain a more comprehensive view of maintenance activities and optimize their maintenance schedules. The global predictive maintenance market is expected to continue to grow in the coming years, driven by the increasing demand for Industry 4.0 technologies, cloud-based solutions, and the integration of predictive maintenance with EAM systems. The market is also being shaped by the increasing use of AR and VR technologies in predictive maintenance, the expansion of the market into new industries, and the growing focus on sustainability and environmental benefits.

Report Metric Details
Market size value in 2022 USD 5.77 billion
Market size value in 2031 USD 66.46 billion
Growth Rate 31.2%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Components
    • Solution and Services
  • Deployment Mode
    • On-Premises and Cloud
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • SAP SE (Germany)
  • General Electric (USA)
  • Schneider Electric (France)
  • Hitachi, Ltd. (Japan)
  • PTC, Inc. (USA)
  • Software AG (Germany)
  • SAS Institute, Inc. (USA)
  • C3.ai, Inc. (USA)
  • Uptake Technologies Inc. (USA)
  • Siemens AG (Germany)
  • Emerson Electric Co. (USA)
  • Oracle Corporation (USA)
  • Bosch Software Innovations GmbH (Germany)
  • Senseye Ltd. (UK)
  • Fluke Corporation (USA)
  • SKF AB (Sweden)
  • Infor, Inc. (USA)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Predictive Maintenance Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Predictive Maintenance Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Predictive Maintenance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Predictive Maintenance Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Predictive Maintenance Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Predictive Maintenance Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Predictive Maintenance Market size was valued at USD 5.77 billion in 2022 and is poised to grow from USD 7.57 billion in 2023 to USD 66.46 billion by 2031, at a CAGR of 31.2% during the forecast period (2024-2031).

The global predictive maintenance market's competitive environment is moderately fragmented, with a number of important businesses active on both a global and regional scale. Major corporations are working on R&D projects, conducting tests, and forming alliances to create and market more original and inventive products and devices. 'IBM Corporation (USA)', 'SAP SE (Germany)', 'General Electric (USA)', 'Schneider Electric (France)', 'Hitachi, Ltd. (Japan)', 'PTC, Inc. (USA)', 'Software AG (Germany)', 'SAS Institute, Inc. (USA)', 'C3.ai, Inc. (USA)', 'Uptake Technologies Inc. (USA)', 'Microsoft Corporation (USA)', 'ABB Ltd. (Switzerland)', 'Rockwell Automation, Inc. (USA)', 'Siemens AG (Germany)', 'Emerson Electric Co. (USA)', 'Oracle Corporation (USA)', 'Bosch Software Innovations GmbH (Germany)', 'Senseye Ltd. (UK)', 'Fluke Corporation (USA)', 'SKF AB (Sweden)', 'Honeywell International Inc. (USA)', 'Infor, Inc. (USA)'

The shift towards automation and digitization in maintenance processes is driving the adoption of predictive maintenance, as it enables companies to automate the monitoring of equipment and reduce the need for manual inspections.

One key market trend is the increasing adoption of 5G technology across various industries. 5G, the fifth-generation wireless technology, offers significantly faster data transfer speeds, lower latency, and improved network reliability. This transformative technology enables advancements in IoT, augmented reality, and autonomous vehicles. Industries such as healthcare, manufacturing, and entertainment are leveraging 5G to enhance operations, provide remote services, and enable real-time data analysis. The global 5G market is poised for substantial growth as businesses and consumers seek the benefits of this high-speed, low-latency connectivity for an array of applications, ultimately shaping the digital landscape of the future.

North America held the largest revenue share in the global predictive maintenance market in 2022, thanks to the region's abundance of well-established end-use industries and high company awareness of the benefits of adopting newer, more cutting-edge technologies that help businesses save money and become more efficient. In order to keep up with the maintenance requirements of its massive fleet of fighters, bombers, tankers, transports, and helicopters. Estimates for the Air Force alone reach 5,400 aircraft.

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