Predictive Maintenance Market to Surpass US$ 45 Billion by 2032

The global predictive maintenance market is expected to secure a market value worth US$ 45.5 Billion while displaying a CAGR of 21.9% during the forecast period from 2022 to 2032. The development of the market can be attributed to rapid digitization and growing urbanization. Ongoing advancements in machine-to-machine communication, artificial intelligence, and big data have provided new methods to secure information deduced from AI means. Advanced techniques provide enterprises tools to dissect real-time data and decide on various application cases for IoT.

Key players in the market are taking various initiatives to strengthen their position in the market. In May 2022, Sensata Technologies, a US-based company launched a new asset monitoring solution that offers predictive maintenance for rotary assets and gives actionable insights to plant managers. Such launches are expected to support market growth in the forecast period. Development in big data and M2M communication allow condition monitoring in real-time. The real-time inputs from selectors, detectors, and other regulatory parameters would not only identify embryonic asset loss but also assist organizations in real-time and take prompt actions.

On the contrary, a lack of expertise and frequent maintenance is expected to hamper the market growth. Also, upgradation requirement is another cause limiting the market growth in the forecast period. However, the proliferation of customer channels and changing landscape of customer intelligence are expected to act as a significant counter to the impeding causes and boost the market growth during the forecast period.

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Key Takeaways from the Market Study

• By deployment mode, the cloud segment is expected to dominate the predictive maintenance market while exhibiting a CAGR of 21.1% during the forecast period.
• Based on organization size, the large enterprises segment is predicted to lead the predictive maintenance market and exhibit a CAGR of 21.4% by 2032
• The predictive maintenance market in the U.S is projected to garner US$ 15.8 Billion by 2032
• The predictive maintenance market in the U.K is anticipated to garner a market value of US$ 2 Billion during the forecast period
• The Japanese predictive maintenance market is anticipated to garner US$ 2.6 Billion by 2032
• The predictive maintenance in South Korea is projected to display a CAGR of 19.5% from 2022-to 2032

Competition Analysis

Key players in the global predictive maintenance market include Microsoft Corporation, IBM, Schneider Electric SE, General Electric Company, and Hitachi, Ltd. Recent developments in the industry are:

• In May 2022, Hitachi Ltd. announced the launch of Lumada Inspection Insights. Pioneered by Hitachi Energy and Hitachi Vantara, Lumada Inspection Insights allows customers to mechanize asset inspection, and support sustainability goals. The new solution addresses various causes of failures by implementing AI and Machine Learning to assess assets, risks, and the spectrum of image types.
• In July 2021, Schneider Electric rolled out EcoStruxure ™ TriconexTM Safet View. It is assiduity’s first binary safety-and-cybersecurity-certified bypass and alarm operation software that enables drivers to see both the bypass status that affects the position of threat reduction in place, and the critical admonitions demanded to operate the factory safely when pitfalls are high.
• In May 2022, Schneider Electric announced the launch of its new SureSeT MV switchgear offering for the market in North America. The new solution offers various benefits. The newly integrated characteristics offer insights into day-to-day operations for remote access and control of equipment health, predictive maintenance, and operational efficiency.

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Key Segments Profiled in the Predictive Maintenance Market

By Component :
Software
Services

By Organization Size :
Large Enterprises
Small & Medium-sized Enterprises

By Deployment Mode :
Cloud-based
On-premise

By Vertical :
Government & Defense
Manufacturing
Energy & Utilities
Transportation & Logistics
Healthcare & Life Sciences

By Region :
North America
Europe
East Asia
Latin America
Middle East & Africa
South Asia & Oceania

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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global predictive maintenance market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022–2032.

The study reveals essential insights on the basis of Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), By Vertical (Government and Defense, Manufacturing, Energy and Utilities, Transportation and Logistics, Healthcare and Life Sciences, Others), By Deployment Mode (Cloud, On-Premises), By Component (Software, Services), and Region (North America, Latin America, Asia Pacific, Europe and the Middle East & Africa).