Predictive Maintenance Market Worth $15.9 Billion By 2026
Factors such as increased spending on marketing activities, changing landscape of customer intelligence, and proliferation of customer channels are expected to drive adoption of predictive maintenance
June 19, 2022
The predictive maintenance market size is expected to grow from USD$4.2 billion in 2021 to USD$15.9 billion by 2026, at a compound annual growth rate (CAGR) of 30.6% during the forecast period, according to new market research from MarketsandMarkets.
The report indicates that various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of predictive maintenance technologies and services.
Predictive maintenance is an approach used by enterprises to predict future failure points as well as monitor the condition of an asset in real time, according to MarketsandMarkets. The predictive maintenance technique leverages machine learning algorithms that take historical data, such as temperature, pressure and vibration, as an input, providing prediction related to the condition of an asset in real time. This enables enterprises to reduce unplanned machine downtime and decide whether any particular asset needs maintenance.
Predictive maintenance ensures the machine is taken for maintenance before it fails, due to which there are minimal losses in production. Predictive maintenance solutions leverage technologies, such as artificial intelligence (AI), Internet of Things (IoT), and big data, to gather insights from all data received from the machines, helping take necessary actions before an asset breakdown.
Scope of the Report
By deployment mode, the predictive maintenance market has been segmented into on-premises and cloud. The CAGR of the cloud deployment mode is estimated to be the largest during the forecast period. Cloud-based services are provided directly through the cloud-deployed network connection.
The predictive maintenance market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period. These enterprises are early adopters of predictive maintenance solutions.
The predictive maintenance market by vertical has been categorized into government and defense, manufacturing, energy and utilities, transportation and logistics, and healthcare and life sciences. The energy and utilities vertical is expected to witness the highest growth rate, while the government and defense vertical is expected to have the largest market size during the forecast period. The larger market size of the government and defense vertical can be attributed to the many initiatives taken in increasing adoption rate of AI-based applications with the use of ML algorithms to predict the parts and maintenance of defense equipment.
The predictive maintenance market has been segmented into five major regions: North America, Europe, APAC, Latin America and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups. Predictive maintenance vendors in this region focus on innovations related to their product line. China, Japan, India and Bangladesh have displayed growth opportunities in the predictive maintenance market.
Sources: Press materials received from the company and additional information gleaned from the company’s website.
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