Product Code: r4559
“Predictive Maintenance Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on predictive maintenance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for predictive maintenance? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The predictive maintenance market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- 1) By Component: Solutions; Service
- 2) By Deployment Mode: On-premises; Cloud
- 3) By Stakeholder: MRO; OEM/ODM; Technology Integrators
- 4) By Application: Heavy Machinery; Small Machinery; Other Applications
- 5) By End User: Aerospace & Defense; Automotive & Transportation; Energy & Utilities; Healthcare; IT & Telecommunication; Manufacturing; Oil & Gas; Other End Users
- Companies Mentioned: Microsoft; IBM; SAP; SAS Institute; Software AG
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the predictive maintenance market are: Microsoft, IBM, SAP, SAS Institute, Software AG, TIBCO Software, GE, Schneider Electric, PTC, C3 AI Inc., Uptake Technologies Inc., Asystom, Engineering Consultants Group Inc., HPE, Altair, Splunk, Oracle, Hitachi, AWS, Reliability Solutions Sp zoo, Expert Microsystems Inc., Fiix Inc., Operational Excellence (Opex) Group Ltd., Sigma Industrial Precision, SparkCognition, and Honeywell International Inc.,
The global predictive maintenance market grew from $5.82 billion in 2022 to $7.54 billion in 2023 at a compound annual growth rate (CAGR) of 29.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The predictive maintenance market is expected to grow to $20.92 billion in 2027 at a CAGR of 29.1%.
The predictive maintenance market includes revenues earned by entities by providing services such as monitoring equipment, failure mode, and condition. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Predictive maintenance refers to data-driven condition monitoring tools and techniques designed to analyze equipment conditions and predict maintenance requirements. It uses testing methods such as data acquisition, data transformation, asset health evaluation, prognostics, decision support system, and a human interface layer that helps various industries to reduce maintenance and protect their machinery by connecting all the data sources combined with data analytics. The key element used in the process is the internet of things (IoT), allowing systems to work together to translate and analyse the recorded data.
North America was the largest region in the predictive maintenance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the predictive maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of predictive maintenance include solutions and services. Predictive maintenance solutions are custom-designed software or platforms used for asset management, based on unique business requirements and operate on the internet of things (IoT) technology. They have deployed both on-premise and cloud infrastructure on stakeholders ranging from MRO, OEM/ODM, and technology integrators. They are used in heavy machinery, small machinery and others in industries ranging from aerospace & defense, automotive & transportation, energy & utilities, healthcare, IT & telecommunication, manufacturing, oil & gas, and other industries.
The growing demand to reduce maintenance costs, equipment failure and downtime is significantly contributing to the growth of the predictive maintenance market. Equipment downtime refers to the duration in which particular equipment is not in operation due to unplanned equipment failure. Frequent equipment failure and unplanned downtime of large equipment are hampering the business operations due to a temporary halt of production activities, idle staff time, financial penalties, and others. For instance, according to the study published in Senseye Ltd., a UK-based provider of AI-driven predictive maintenance software, in June 2021, each production plant is losing $172 million per annum due to unplanned downtime. Thus, these manufacturing units are investing in advanced technologies to mitigate the probable unprecedented downtime of machinery in the plant. Therefore, growing demand to reduce maintenance costs, equipment failure, and downtime is expected to boost demand for predictive maintenance during the forecast period.
The adoption of advanced technology is a key trend gaining popularity in the predictive maintenance market. Major companies operating in the predictive maintenance market are focused on providing technologically advanced predictive maintenance solutions to meet the technical demands of end customers and strengthen their market position. These companies are implementing next-generation technologies into their services such as IoT, AI (artificial intelligence), ML (machine learning), thermography, cloud computing, and others to match the market demand for better maintenance. For instance, in December 2021, Avanseus, Singapore-based predictive maintenance, and intelligent monitoring solutions company introduced an AI-based predictive maintenance solution across the operations of Bharti Airtel, an Indian premier communications company. The predictive maintenance solution uses machine learning algorithms and artificial intelligence (AI) to support the move towards zero-fault, zero-touch networks by proactively predicting and preventing incidents in the network.
In June 2022, Siemens, a Germany-based technology company focused on industry, infrastructure, transport, and healthcare, acquired Senseye for an undisclosed amount. Through this acquisition, Senseye became subsidiary of Siemens and is expected to strengthen its position in digital services portfolio. Senseye is a UK-based predictive maintenance solution provider.
The countries covered in the predictive maintenance market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The predictive maintenance market research report is one of a series of new reports from The Business Research Company that provides predictive maintenance market statistics, including predictive maintenance industry global market size, regional shares, competitors with a predictive maintenance market share, detailed predictive maintenance market segments, market trends and opportunities, and any further data you may need to thrive in the predictive maintenance industry. This predictive maintenance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Table of Contents
1. Executive Summary
2. Predictive Maintenance Market Characteristics
3. Predictive Maintenance Market Trends And Strategies
4. Predictive Maintenance Market - Macro Economic Scenario
- 4.1 COVID-19 Impact On Predictive Maintenance Market
- 4.2 Ukraine-Russia War Impact On Predictive Maintenance Market
- 4.3 Impact Of High Inflation On Predictive Maintenance Market
5. Predictive Maintenance Market Size And Growth
- 5.1. Global Predictive Maintenance Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global Predictive Maintenance Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. Predictive Maintenance Market Segmentation
- 6.1. Global Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Solutions
- Service
- 6.2. Global Predictive Maintenance Market, Segmentation By Deployment Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- On-Ppremises
- Cloud
- 6.3. Global Predictive Maintenance Market, Segmentation By Stakeholder, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- MRO
- OEM/ODM
- Technology Integrators
- 6.4. Global Predictive Maintenance Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Heavy Machinery
- Small Machinery
- Other Applications
- 6.5. Global Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Aerospace & Defense
- Automotive & Transportation
- Energy & Utilities
- Healthcare
- IT & Telecommunication
- Manufacturing
- Oil & Gas
- Other End Users
7. Predictive Maintenance Market Regional And Country Analysis
- 7.1. Global Predictive Maintenance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global Predictive Maintenance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Predictive Maintenance Market
- 8.1. Asia-Pacific Predictive Maintenance Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Predictive Maintenance Market
- 9.1. China Predictive Maintenance Market Overview
- 9.2. China Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Predictive Maintenance Market
- 10.1. India Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Predictive Maintenance Market
- 11.1. Japan Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Predictive Maintenance Market
- 12.1. Australia Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Predictive Maintenance Market
- 13.1. Indonesia Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Predictive Maintenance Market
- 14.1. South Korea Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Predictive Maintenance Market
- 15.1. Western Europe Predictive Maintenance Market Overview
- 15.2. Western Europe Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Predictive Maintenance Market
- 16.1. UK Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Predictive Maintenance Market
- 17.1. Germany Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Predictive Maintenance Market
- 18.1. France Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.2. France Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Predictive Maintenance Market
- 19.1. Eastern Europe Predictive Maintenance Market Overview
- 19.2. Eastern Europe Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Eastern Europe Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Predictive Maintenance Market
- 20.1. Russia Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Russia Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Predictive Maintenance Market
- 21.1. North America Predictive Maintenance Market Overview
- 21.2. North America Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. North America Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Predictive Maintenance Market
- 22.1. USA Predictive Maintenance Market Overview
- 22.2. USA Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. USA Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Predictive Maintenance Market
- 23.1. South America Predictive Maintenance Market Overview
- 23.2. South America Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. South America Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Predictive Maintenance Market
- 24.1. Brazil Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.2. Brazil Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Predictive Maintenance Market
- 25.1. Middle East Predictive Maintenance Market Overview
- 25.2. Middle East Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Middle East Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Predictive Maintenance Market
- 26.1. Africa Predictive Maintenance Market Overview
- 26.2. Africa Predictive Maintenance Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. Africa Predictive Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Predictive Maintenance Market Competitive Landscape And Company Profiles
- 27.1. Predictive Maintenance Market Competitive Landscape
- 27.2. Predictive Maintenance Market Company Profiles
- 27.2.1. Microsoft
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. IBM
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. SAP
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. SAS Institute
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. Software AG
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Predictive Maintenance Market
29. Predictive Maintenance Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Historic And Forecast Inflation Rates
- 30.4. Research Inquiries
- 30.5. The Business Research Company
- 30.6. Copyright And Disclaimer