Vancouver, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The global predictive maintenance market size was USD 5.20 Billion in 2022 and is expected to register a steady revenue CAGR of 29.7% during the forecast period, according to latest analysis by Emergen Research. Rapid advancements in Internet of Things (IoT) and sensor technologies is the primary factor driving market revenue growth. Big data technologies allow for storage, processing, and analysis of massive amounts of data acquired from various sources such as sensors, maintenance records, and historical data. Predictive analytics tools use this data to find trends, correlations, and anomalies, revealing information about the health and performance of equipment.
For instance, on 11 October 2023, Shell collaborated with C3 AI to create advanced models and application functions that predict maintenance needs for control valves and critical equipment while addressing global corporate data, automation, and usability concerns. C3 AI included this predictive maintenance technology into the C3 AI Reliability application, making it available to other customers and propelling C3 AI Reliability to the forefront of predictive maintenance.
In addition, rising demand for predictive maintenance in the manufacturing and automotive sector is another factor driving revenue growth of the market. For instance, on 16 October 2023, Idle Smart, the leading complete fleet efficiency and sustainability platform, launched SmartInsights, a new addition to its software and cloud-connected solution that provides data-driven insights and predictive maintenance capabilities to North America's major trucking fleets. Idle Smart's vehicle uptime and idle management platform offers proactive idle reduction, battery management, cold start prevention, and various other cost-cutting solutions to North America's most innovative fleets.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 5.20 Billion |
| CAGR (2023–2032) | 29.7% |
| Revenue Forecast To 2032 | USD 70.05 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Component, deployment type, technique, organization size, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | IBM, General Electric, Siemens, SAP, Microsoft, Schneider Electric, PTC, Honeywell International Inc., Rockwell Automation, ABB, Bosch Global Software Technologies Private Limited, C3.ai, Inc., Hitachi, Ltd, Oracle, Software AG, Uptake Technologies Inc., Asset Dynamics Group, Dassault Systèmes, SAS Institute Inc., and Infor |
| Customization Scope | 10 hours of free customization and expert consultation |
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MAJOR COMPANIES and Market Share Analysis
The global predictive maintenance market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective predictive maintenance solutions in the market. Some major players included in the global predictive maintenance market report are:
- lBM
- General Electric
- Siemens
- SAP
- Microsoft
- Schneider Electric
- PTC
- Honeywell International Inc.
- Rockwell Automation
- ABB
- Bosch Global Software Technologies Private Limited
- C3.ai, Inc.
- Hitachi, Ltd.
- Oracle
- Software AG
- Uptake Technologies Inc.
- Asset Dynamics Group
- Dassault Systèmes
- SAS Institute Inc.
- Infor
Strategic Development
- On 16 November 2022, Advantech and Actility announced the launch of a new integrated AI-based solution to assist machine operation teams in realizing machine prognostics and health monitoring. It allows to monitor the state of several machines in one place owing to the real-time and next seven days' machine healthy index, which includes ISO 10816 and deterioration level.
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Some Key Highlights from the Report
- The services segment accounted for largest revenue share in the global predictive maintenance market in 2022. This is due to rising demand for predictive maintenance services as it analyzes condition of machine, component, or product to predict when it will break down or fail and to prevent the problem from occurring. Companies utilize predictive maintenance to separate from competition and generate new recurring revenue streams by selling subscription-based goods.
- The cloud-based segment is expected to register steadily fast revenue growth rate in the global predictive maintenance market during the forecast period. This is due to increasing need for cloud-based predictive maintenance management owing to favorable economic impact with cost reduction. Another significant advantage of the system is accessibility, which enables management personnel and authorized consultants to easily access the same tools and data wherever these are required.
- The North America market accounted for largest revenue share in the global predictive maintenance market in 2022. This is attributed to rising demand for predictive maintenance in countries, such as Canada and the U.S., since it helps organizations to reduce operational costs by minimizing downtime and preventing unplanned equipment failures.
Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global predictive maintenance market on the basis of component, deployment type, technique, organization size, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Solutions
- Integrated
- Standalone
- Services
- Managed Services
- Professional Services
- System Integration
- Support and Maintenance
- Consulting
- Solutions
- Deployment Type Outlook (Revenue, USD Billion; 2019–2032)
- Cloud-Based
- Public Cloud
- Private Cloud
- Hybrid Cloud
- On-Premises
- Cloud-Based
- Technique Outlook (Revenue, USD Billion; 2019–2032)
- Vibration Monitoring
- Oil Analysis
- Infrared Thermography
- Ultrasound Testing
- Organization Size Outlook (Revenue, USD Billion; 2019–2032)
- Large Enterprises
- Small and Medium sized Enterprises (SMEs)
- End-Use Outlook (Revenue, USD Billion; 2019–2032)
- Manufacturing
- Energy and Utilities
- Transportation
- Healthcare
- Oil & Gas (O&G)
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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