The GMI Research foresees that the size of the Predictive Maintenance Market will elevate over the forecast period. This is because of the augmenting acquisition of IoT, surging need to extend the perpetual lifetime of mature industrial machinery and the reduction in maintenance costs.
Introduction of the Predictive Maintenance Market
Predictive maintenance refers to the equipment functioning and condition supervising plan that decreases the incidences of incompetence under normal functioning conditions. The main motive is to project a breakdown and then evade it by a perpetual maintenance. Conventional system depends on prior data about the working of equipment and preceding breakdowns by simply forming periodic maintenance schedules.
Key Players of the Market:
- Microsoft Corporation
- IBM Corporation
- eMaint Enterprises, LLC
- SAP SE
- General Electric
- PTC Inc.
- Schneider Electric
- Hitachi, Ltd.
- Warwick Analytics
Predictive Maintenance MarketDynamics
The reduction in the maintenance cost and the intensified investments in predictive maintenance primarily because of the surging adoption of the internet of things and the evolving need to elevate the life of a matured industrial machinery are the foremost reasons contributing to the growth of the global predictive maintenance market. Further, the increasing acquisition of sophisticated technologies such as predictive maintenance and machine learning, incorporation with IIoT, and the growing need for remote administration and asset management driven by the widespread outburst of the coronavirus crisis.
Besides this, the decrease in the functional cost and better viable production abilities has strengthened the market size. In addition, predictive maintenance strategy commits to decrease the loss of serious damage to machinery and the prime breakdown problems leading to excessive loss of functional income to the company. In addition, the growing demand for automation needs huge incorporation of advanced technological perspective as the most important force supplementing the market growth. On the other hand, the excessive investment and inadequate competitive professionals will restrain the market size.
Deployment Type Segment Analysis
By deployment type, the on-premises segment is projected to lead the global predictive maintenance market over the coming years. This is because of the existence of commutable sensors and convenient application in already existing equipment. However, on the other hand, cloud-based solutions are projected to seize a huge share in the market over the forecast period. This is because of the distant availability, inside data provision & handling, quick data analysis using modern predictive analytics, effective deployment of resources, and economical behaviour.
Industry Vertical Segment Analysis
Based onindustry vertical, the manufacturing segment is anticipated to expand at a remarkable rate over the coming years. The maintenance of manufacturing instrument, such as elevators, pumps,machinery,and industrial robots witness huge problems, thus making Predictive maintenance largely prominent. However, the healthcare industry is expected to boost at a faster pace in the future because of the increasing application of predictive maintenance in healthcare instruments such as MR, tomography, X-ray, and mammography in order to enhance operational efficiencies.
End Use Segment Drivers
According to the end-use segment, manufacturing will expand at a higher rate over the coming years. The augmenting automation in the manufacturing industry and the aggravating espousal of industrialisation 4.0 will fuel the market growth. In addition, as stated by the Predictive Maintenance Market Report, the emerging demand for solemnized instruments like elevators, industrial robots, machinery, and pumps to reduce the overall suspension will further strengthens the market size.
Predictive Maintenance MarketSegmentation:
Segmentation by Application
- Decision Making
Segmentationby End Use
- Aerospace and Defence
Segmentation by Region:
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.