Predictive Maintenance Market to Reach USD 40.7 Billion by 2032 | CAGR: 22.7% | DataHorizzon Research
Fort Collins, Colorado, Sept. 11, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research Published a report titled, “Predictive Maintenance Market Size, Growth, Share, Statistics Report, By Component (Software, Services), By Deployment (On-premise, Cloud-based), By Organization Size (Large Enterprises, Small & Medium-sized Enterprises), By Industry Vertical, By Region Forecasts, 2023-2032.”
According to DataHorizzon Research, the predictive maintenance market size was valued at USD 5.3 Billion in 2022 and is expected to have USD 40.7 Billion by 2032 with a CAGR of 22.7%. Predictive maintenance helps in reducing the additional costs incurred in the maintenance and helps in keeping up the machinery working, and reduces the downtime which contributes towards market growth.
The development of the AI-based predictive maintenance has created significant opportunities in the market. Implementing AI sensors embedded in machines alerts the users about the working conditions, such as the temperature, humidity, and load sensors. This system enables awareness for users about the extreme fluctuations in the atmospheric conditions, which proves to be useful for working the machineries for longer durations.
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|Report Title||Predictive Maintenance Market|
|Market Size in 2022||USD 5.3 Billion|
|Market Size by 2032||USD 40.7 Billion|
|CAGR from 2023 to 2032||22.7%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Report Scope & Coverage||Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors|
|By Component||Software, Services|
|By Deployment||On-premise, Cloud-based|
|By Organization Size||Large Enterprises, Small & Medium-sized Enterprises|
|By Industry Vertical||Energy and Utilities, Manufacturing, Transportation, Healthcare and Life Sciences, Government and Defense|
|Region||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.|
|Countries Covered||U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others|
|Major Market Players||Microsoft, SAP SE Inc., International Business Machines Corporation (IBM), GE Digital, SAS Institute Inc., Oracle Corporation, Siemens AG, TIBCO Software, HPE, Altair, Splunk, Google, AWS, Schneider Electric, Hitachi, PTC, RapidMiner, OPEX Group, Dingo|
The predictive maintenance market has been segmented into component, deployment, organization size, Industry, and region. Based on the component, the services segment holds a significant share in the market. The need for regular maintenance and servicing of the mechanical and electrical equipment in different industries has led to the segment’s growth. These devices are in continuous working and need time-to-time service for their efficient working and long-lasting life.
Based on deployment, the cloud segment dominates the market. The reason for the widespread adoption of the cloud segment is that it provides direct access to various data source has enhanced security in terms of security layers and accessibility. Moreover remote maintenance helps in the wider deployment of the cloud. The on-premise segment grows at a significant pace, the growth of the segment is attributed to the higher customization available in the on premise model.
Based on industry, manufacturing segment dominates the overall market, the region’s growth is contributed by the higher and faster adoption of different predictive maintenance techniques and its integration with advanced technologies and software to reduce the downtime. Moreover, integrating IoT and ML sensors in the manufacturing process needs regular maintenance.
The energy and utilities segment utilizes the predictive maintenance for improving the efficiency and reliability for the power generation, distribution, and transmission. The need for predictive maintenance prevails due to the availability of maintenance solutions and use of advanced analytics and statistics for predicting possible failures and downtime.
Geographically, North America is a dominant region in the predictive maintenance market due to the high adoption rate of predictive maintenance technologies and the presence of key players in the region. Moreover, the early adoption of the advanced technologies and the solutions in the region has helped the market in the region to flourish.
The market in Europe is growing at a significant pace. The growth in the region is contributed by the presence of major automobile manufacturers along with an established infrastructure, requiring the maintenance at regular intervals to keep the industry working.
Asia Pacific market share is growing at a steady pace. The region is home to some of the biggest manufacturing hubs in the field of IT, automobiles, and power generation which need the machineries and equipment to be functional all the time.
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Key Developments in the Industry:
- Honeywell introduced Versatilis for monitoring the conditions of its rotating equipment in different industries. The transmitters record critical data such as the health of the equipment which include the vibration, surface temperature, and acoustics, which enables in improving the availability, reliability, and safety of the equipment.
- The release of ChatGPT by OpenAI has transformed the overall industry worldwide. The platform can create new text, images, sounds, code and solve the problems where a human mind gets stuck. The industries that have already adopted the platform include financial services, retail, drug discovery, the public sector, and others.
Predictive Maintenance Market Report Highlights:
- The predictive maintenance market is projected to attain a CAGR of 22.7 % by 2032.
- The services segment contributed towards the majority market share based on the component. The need for the regular maintenance, servicing of different electrical and mechanical components is the reason contributing towards the growth of the segment.
- The cloud segment holds the majority market share based on the deployment. The adoption of the segment is contributed because of the enhanced security and access to different data sources in the segment.
- Based on vertical manufacturing segment dominates the market. The growth of the segment is because of the regular maintenance and upgrades required in the process.
- North America is a dominant market for predictive maintenance. The region is home to the big market players and the quicker adoption of the advanced technologies in the sector.
- Europe is a significant market player in the region. The growth in the region is contributed towards the increasing demand for the predictive maintenance solutions in various industries like manufacturing, energy and utilities.
- The prominent players in the power generation market are Microsoft, SAP SE, International Business Machine, GE Digital, SAS Institute, Oracle, Siemens, TIBCO, AWS, Schneider Electric, Hitachi, Opex Group, Altair and others.
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Predictive Maintenance Market Report Segmentation:
Predictive Maintenance Market, By Component (2023-2032)
Predictive Maintenance Market, By Deployment (2023-2032)
Predictive Maintenance Market, By Organization Size (2023-2032)
- Large Enterprises
- Small & Medium-sized Enterprises
Predictive Maintenance Market, By Industry (2023-2032)
- Energy and Utilities
- Healthcare and Life Sciences
- Government and Defense
Predictive Maintenance Market, By Region (2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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