Press Release

Predictive Maintenance Market to Grow at a Formidable CAGR During Forecast Period

Advancing technologies and their rising utility in various end use industries to drive global predictive maintenance market

According to TechSci Research report, “Global Predictive Maintenance Market By Component (Service Vs. Solutions), By Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Wear particle analysis, Infrared, Motor circuit and signature analysis, and Others), By Deployment Type (On Premise Vs Cloud), By Organization Size (SMEs, Large Enterprises), By End User (Manufacturing, Energy & Utilities, Transportation, Government & Défense, Healthcare, and Others), By Region, Forecast & Opportunities, 2025”, global predictive maintenance market is anticipated to grow at a formidable CAGR during the forecast period. Predictive maintenance involves practices to determine the condition of industry equipment to know when maintenance is required. This helps in efficient cost management and reducing downtime as maintenance tasks are performed only when required. The market is gaining traction as more and more companies are now taking leverage of the novel technologies such as artificial intelligence and machine learning in order to improve accuracy, speed and precision. These solutions assist in informing on equipment failures before-hand. They also record consistent patterns to monitor proper functioning of equipment, thereby increasing precision and efficacy. Furthermore, less equipment breakdown, longer life and durability, plant safety are some of the desired goals of every industry due to which, the demand for predictive maintenance has witnessed a surge, thereby fueling its market growth.

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Global predictive maintenance market is fragmented on the basis of component, technique, deployment type, organization size, end user, company and region. By deployment type, the market is further bifurcated into on premise and cloud out of which, on premise held a larger share in the market in the year 2019 as it a more convenient and efficient method of deploying advanced technologies in industries. However, cloud is expected to deliver maximum growth owing to the cost effectiveness, judicious utilization of resources, internal data handling and processing.

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Some of the leading players in global predictive maintenance market include General Electric Company, Siemens AG, Microsoft Corporation, International Business Machines (IBM) Corporation, Thales S.A., Bosch Software Innovations GmbH, Dell Technologies, Inc., PTC Inc., Honeywell International, Inc., Rockwell Automation, Inc., Schneider Electric SE, Software AG, SAS Institute Inc. (SAS) and many others. Launch of new technologies and acquainting the industries with them is one of the several ways for the companies to expand their business. For instance, March 2019 witnessed the launch of IIOT (Industrial Internet of Things) which utilizes advanced analytics and artificial intelligence techniques for predictive maintenance. The technology solely focusses on reducing breakdowns of industrial apparatus such as turbines transformers, elevators, etc.

“Based on regional analysis, North America is expected to dominate the global predictive maintenance market during the forecast period on account of presence of ample number of public vendors. The region has a developed economy which aids the adoption and expansion of advanced technologies, specifically machine learning. This has pushed the market towards growth. North America is followed by Europe by virtue of increasing investments in the market by leading players. However, Asia-Pacific is expected to reflect a remarkable growth as most of the economies in the region are emerging and are gradually adopting for advanced technologies.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Predictive Maintenance Market By Component (Service Vs. Solutions), By Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Wear particle analysis, Infrared, Motor circuit and signature analysis, and Others), By Deployment Type (On Premise Vs Cloud), By Organization Size (SMEs, Large Enterprises), By End User (Manufacturing, Energy & Utilities, Transportation, Government & Défense, Healthcare, and Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global predictive maintenance market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global predictive maintenance market. 

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