Predictive Maintenance Market by Component, Deployment, End-User

Description

List of Tables

[190 Pages Report] The Predictive Maintenance Market size was estimated at USD 10.64 billion in 2023 and expected to reach USD 13.09 billion in 2024, at a CAGR 24.02% to reach USD 48.07 billion by 2030.

Predictive maintenance involves using intelligent connected technologies to predict and prevent equipment downtime due to failures. The operating condition of critical plant systems is obtained using the most cost-effective methods, such as vibration monitoring, thermography, and tribology, and all maintenance activities are then scheduled based on this actual data as needed. Predictive maintenance optimizes the availability of process equipment and significantly lowers maintenance costs when incorporated into an extensive maintenance management program. Increasing spending on automating and mechanizing industrial processes with Industry 4.0, coupled with rising safety standards enforced by governments in different countries, encourages predictive maintenance. Real-time monitoring and asset-tracking technologies are also being continuously deployed. On the contrary, high costs and complexity of integration and execution, and concern over data security and privacy, impedes their adoption. However, AI, IoT, and inspection technology integration to improve predictive maintenance and digital twin-based predictive maintenance systems' emergence and development are expected to proliferate their utilization in the coming years.

KEY MARKET STATISTICS
Base Year [2023]	USD 10.64 billion
Estimated Year [2024]	USD 13.09 billion
Forecast Year [2030]	USD 48.07 billion
CAGR (%)	24.02%

Component: Rising demand for predictive maintenance solutions due to their ability to significantly reduce unexpected machinery breakdowns

Managed services in predictive maintenance involve the outsourcing of maintenance operations. Companies rely on external experts to continuously monitor equipment using advanced analytics, foresee potential failures, and perform necessary maintenance actions. Professional services are divided into consulting, support & maintenance, and system integration, offering a tailored approach to predictive maintenance. Consulting services play a crucial role by advising organizations on the best practices and strategies for implementing predictive maintenance. Consultants assess the company's current infrastructure, predict potential failures, and recommend solutions to mitigate risks, helping businesses make informed decisions on their predictive maintenance strategies. Support & maintenance involves ongoing assistance and upkeep of predictive maintenance systems. Providers offer support to resolve issues and regularly update the systems to ensure they operate effectively, minimizing the risk of unexpected equipment failures. System Integration services are crucial for combining predictive maintenance technology with existing systems.

Integrators ensure that all business operations' components communicate effectively, enabling seamless data flow for accurate predictions and maintenance scheduling. Integrated predictive maintenance solutions are comprehensive systems often embedded within the existing infrastructure or machinery. These solutions are designed to work seamlessly with other operational technologies, providing a holistic approach to maintenance management. They collect and analyze data across various points, offering insights on when a piece of equipment might fail and how the systems interconnect and impact each other. On the other hand, standalone predictive maintenance solutions are designed to function independently. They are typically focused on specific equipment or component monitoring and are not inherently designed to integrate with other systems. Standalone systems benefit companies targeting particular areas of concern or piloting predictive maintenance capabilities before committing to a larger integrated system.

End-User: Rising adoption in the automotive & transportation sector to ensure vehicles and transport systems operate efficiently and safely.

In aerospace & defense, predictive maintenance ensures the safety and readiness of aircraft and defense equipment through early detection of potential failures, optimizing fleet performance and mission readiness. In automotive & transportation, predictive maintenance improves vehicle reliability and safety while reducing maintenance costs by predicting and preventing vehicle component failures. Predictive maintenance enhances the reliability of banking systems and infrastructure, minimizing downtime and ensuring seamless financial operations. In building, construction & real estate, predictive maintenance prevents unforeseen breakdowns of critical building systems, such as HVAC and elevators, ensuring occupants' safety and comfort. Predictive maintenance ensures uninterrupted operation of production lines and inventory systems, leading to consistent product availability and customer satisfaction. Predictive maintenance keeps educational institutions' facilities and technological equipment in optimal condition, supporting a continuous learning environment. Predictive maintenance predicts energy production and distribution system failures, ensuring uninterrupted service delivery and enhanced safety.

In the government & public sector, predictive maintenance enhances the reliability of public infrastructure and services, from transportation to utilities, improving citizen satisfaction and safety. Predictive maintenance ensures medical equipment and facilities are always operational, enhancing patient care and safety. In information technology & telecommunication, predictive maintenance reduces system downtimes, ensuring continuous connectivity and service availability in our increasingly digital world. In manufacturing, predictive maintenance minimizes production interruptions by anticipating machinery breakdowns and optimizing operational efficiency and product quality. In media & entertainment, predictive maintenance guarantees broadcasting and production equipment availability and reliability, ensuring seamless content delivery to audiences. Predictive maintenance ensures the reliability and safety of transportation modes and hospitality facilities, enhancing customer experiences and satisfaction.

Regional Insights

In the Americas, particularly in the United States and Canada, predictive maintenance technologies are significantly adopted across various industries, such as manufacturing, energy, and transportation. The market growth is fueled by the presence of major technology providers and a strong focus on innovation and adopting Internet of Things (IoT) solutions for real-time monitoring and analysis. The Asia-Pacific region showcases rapid growth in the predictive maintenance market, primarily due to the expanding manufacturing sector in countries including China, India, and Japan. There's a growing awareness among businesses in the region about the benefits of using predictive maintenance tools for reducing downtime and increasing productivity. In addition, governments in the region are promoting digital transformation and the usage of advanced technologies in industries, further propelling predictive maintenance market growth. The adoption of IoT and advancements in artificial intelligence (AI) and machine learning (ML) are key factors driving the predictive maintenance market in the Asia-Pacific region. In the EMEA region, Europe showcases rapid adoption of predictive maintenance solutions, especially in countries such as Germany, the UK, and France. The region's emphasis on sustainability and efficiency has also increased the adoption of predictive maintenance technologies. In the Middle East and Africa, the market is emerging and showcases promising growth potential, especially in the oil & gas sector, where predictive maintenance can be crucial in optimizing operations and reducing environmental impacts.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Predictive Maintenance Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Predictive Maintenance Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Predictive Maintenance Market, highlighting leading vendors and their innovative profiles. These include Altair Engineering Inc., Amazon Web Services, Inc., Asystom, C3.ai, Inc., Databricks, Inc., DINGO Software Pty. Ltd., Fiix Inc. by Rockwell Automation, Inc., General Electric Company, Hitachi, Ltd., Honeywell International Inc., Infineon Technologies AG, Intel Corporation, International Business Machines Corporation, Limble Solutions, LLC, Micro Focus International PLC by Open Text Corporation, Microsoft Corporation, NVIDIA Corporation, Operational Excellence (OPEX) Group Ltd., Oracle Corporation, Robert Bosch GmbH, SAP SE, Schneider Electric SE, Siemens AG, Software AG, SparkCognition, Inc., Splunk Inc., TIBCO Software Inc. by Cloud Software Group, Inc., TWI Ltd., and Uptake Technologies Inc..

Market Segmentation & Coverage

This research report categorizes the Predictive Maintenance Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Services
  - Managed Services
  - Professional Services
    - Consulting
    - Support & Maintenance
    - System Integration
- Solutions
  - Integrated
  - Standalone
Deployment
- On-Cloud
- On-Premise

End-User
- Aerospace & Defense
- Automotive & Transportation
- Banking, Financial Services & Insurance
- Building, Construction & Real Estate
- Consumer Goods & Retail
- Education
- Energy & Utilities
- Government & Public Sector
- Healthcare & Life Sciences
- Information Technology & Telecommunication
- Manufacturing
- Media & Entertainment
- Travel & Hospitality

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Predictive Maintenance Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Predictive Maintenance Market?

3. What are the technology trends and regulatory frameworks in the Predictive Maintenance Market?

4. What is the market share of the leading vendors in the Predictive Maintenance Market?

5. Which modes and strategic moves are suitable for entering the Predictive Maintenance Market?

Product Code: MRR-030EE48515F9

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising investments in mechanizing and automating production lines with Industry 4.0
  - 5.1.1.2. Ongoing deployment of asset tracking and real-time monitoring technologies
  - 5.1.1.3. Increasing safety regulations imposed by government agencies across economies
- 5.1.2. Restraints
  - 5.1.2.1. Complexities and costs associated with integration and implementation
- 5.1.3. Opportunities
  - 5.1.3.1. Improvements in predictive maintenance through integration of AI, IoT, and inspection technologies
  - 5.1.3.2. Emergence and development of digital twin-based predictive maintenance systems
- 5.1.4. Challenges
  - 5.1.4.1. Concerns looming around data security and privacy
5.2. Market Segmentation Analysis
- 5.2.1. Component: Rising demand for predictive maintenance solutions due to their ability to significantly reduce unexpected machinery breakdowns
- 5.2.2. End-User: Rising adoption in the automotive & transportation sector to ensure vehicles and transport systems operate efficiently and safely.
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Predictive Maintenance Market, by Component

6.1. Introduction
6.2. Services
6.3. Solutions

7. Predictive Maintenance Market, by Deployment

7.1. Introduction
7.2. On-Cloud
7.3. On-Premise

8. Predictive Maintenance Market, by End-User

8.1. Introduction
8.2. Aerospace & Defense
8.3. Automotive & Transportation
8.4. Banking, Financial Services & Insurance
8.5. Building, Construction & Real Estate
8.6. Consumer Goods & Retail
8.7. Education
8.8. Energy & Utilities
8.9. Government & Public Sector
8.10. Healthcare & Life Sciences
8.11. Information Technology & Telecommunication
8.12. Manufacturing
8.13. Media & Entertainment
8.14. Travel & Hospitality

9. Americas Predictive Maintenance Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Predictive Maintenance Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Predictive Maintenance Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Infineon Technologies AG partnered with Aurora Labs to bring a new level of safety to predictive maintenance applications for vehicles
- 12.3.2. ONYX Insight Expands Advanced Predictive Maintenance Solutions to Enhance bp Wind Energy's U.S. Operations
- 12.3.3. Aperia Expands Halo Connect for Superior Real-Time Equipment Monitoring"
- 12.3.4. Stratio and Freeway Transport's Partnership Enhances Efficiency through Predictive Maintenance
- 12.3.5. SKFAcquired Presenso, Revolutionizing Predictive Maintenance for Reduced Downtime and Costs
- 12.3.6. Modelon and iQuant's Digital Twin Solutions Propel Predictive Maintenance
- 12.3.7. Schaeffler Enhances Predictive Maintenance Capabilities through Strategic Acquisition of Eco-Adapt
- 12.3.8. Viking Analytics Secures Euro 3 Million in Series A Funding to Fuel Global Expansion
- 12.3.9. Paprima Industries' Launched IoT-Based Predictive Program to Revolutionize Maintenance Tasks
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio