The global industrial predictive maintenance market is anticipated to grow at a CAGR of 28.9% during the forecast period (2022-2028). The growing concern for improving equipment uptime and lowering maintenance costs is propelling the predictive maintenance market during the forecast period. The scarcity of skilled workers will be a major impediment to the predictive maintenance market. The predictive maintenance market will benefit greatly from real-time monitoring of conditions to assist in taking prompt actions. Concerns about data security and privacy pose a significant challenge in the predictive maintenance market which may hamper the market growth.
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Due to the growing concern about cost savings and safety, the North American region is expected to hold a considerable share in the market during the forecast period. However, due to the growing adoption of industrial 4.0 in the manufacturing sector the Europe region, the region is expected to provide a lucrative growth to the market during the forecast period. The Asia-Pacific region is expected to be the fastest-growing region during the forecast period due to the growing concern for improving the overall time for maintenance and repair of industrial equipment.
Some major players in the market include Augury Systems, Bosch Software Innovations, C3 IoT, Dell Technologies, Fluke Corp., General Electric, Hitachi, Honeywell, IBM, PTC, Rapidminer, and other players. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new launches, to stay competitive in the market. For instance, in September 2018, eLynx Technologies launched a suite of predictive maintenance software products called Predictive Analytics as a Service (PAaaS) to help the oil and gas industry by forecasting a range of oilfield problems. PAaaS promises to save companies enormous amounts of capital, boost reserves, dramatically reduce costly waste, enhance safety and protect the environment.
- In October 2019, Embraer launched IKON, a cloud system for capturing, storing, and analyzing high-volume data for the predictive maintenance of the E-Jets family. The new system is totally based on the Amazon Web Services (AWS) platform, with the support of the suppliers AWS ProServe and Claranet, using big data and analytics technologies to deliver 96 % productivity gains in the aircraft analysis and data processing, setting new standards in aeronautical services and support.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Deployment
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Augury Systems, Bosch Software Innovations, C3 IoT, Dell Technologies, Fluke Corporation, General Electric, Hitachi, Honeywell, IBM, PTC, Rapidminer, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Industrial Predictive Maintenance Market Report by Segment
By Deployment
- Cloud-based
- On-premises
By Application
- Oil and Gas
- Chemical & Petrochemical
- Aerospace& Defence
- Power Generation
- Others
Global Industrial Predictive Maintenance Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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