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The predictive maintenance market size is forecast to reach by USD 16.57 billion at a CAGR of 29.44% from 2022 and 2027. In 2017, the US held the largest market share, projecting an annual revenue of USD 0.85 billion. The report offers extensive research analysis on the Predictive Maintenance (PdM) Market, with a categorization based on Component, including Solutions and Service.
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The global market is experiencing growth due to SMEs increasingly embracing advanced analytics, driven by the proliferation of cloud computing. Cloud-based PDM tools offer SMEs opportunities to leverage technologies like mobility, AI, and IoT. These tools enable real-time access to information and cross-company communication, leading to heightened demand.
SMEs across diverse sectors such as manufacturing, retail, finance, and IT are turning to PDM tools for centralized planning, resource management, cost reduction, improved decision-making, and sales growth. Cloud adoption facilitates streamlined business operations, enhanced collaboration, increased productivity, simplified compliance, and risk management. These factors fuel the adoption of PDM tools among SMEs. Consequently, the surge in advanced analytics adoption among SMEs, driven by the growth of cloud computing, will have a positive impact on the global market in the forecast period.
The solutions segment was valued at USD 2.11 billion in 2017 and continue to grow by 2021. PdM solutions ensure that assets are in optimal operational condition and available at all times. Integrating PdM into machines increases equipment life expectancy and reduces maintenance costs for businesses. The increasing adoption of his PdM solutions in various growing sectors such as energy and utilities, manufacturing, and healthcare are boosting the market globally. High-growth industries such as aerospace, defense, and automotive are also increasingly integrating PdM platforms into their systems, which supports the growth of this segment in the market size.
North America is estimated to contribute 39% to the global market size during the forecast period. North America is set to lead the global market due to increased digitization and advanced AI adoption across industries. The mature industrial sector, high data generation, and a penchant for using advanced technology are key drivers for North America's dominance.
In the US and Canada, the demand for PdM solutions is growing, driven by big data and a focus on customer engagement. The US, in particular, is a major market, thanks to its extensive data, technological maturity, and early adoption of innovations. The presence of key PdM companies, coupled with the use of cloud computing, AI, and ML technologies, has solidified the US as a primary market. Canada is also a significant player, benefiting from extensive business data, early tech adoption, and strong vendor presence. Such factors are major market drivers propelling the market growth.
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The market is fragmented in nature. Some significant players include Augury Inc., Avnet Inc., C3.ai Inc., Dell Technologies Inc., Deutsche Telekom AG
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Fortive Corp., General Electric Co., Hitachi Ltd., Honeywell International Inc., International Business Machines Corp., PTC Inc., RapidMiner Inc., Reliability Solutions sp. z o.o., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, SAS Institute Inc., Schneider Electric SE, Siemens AG, and Warwick Analytics Services Ltd.
In today's industrial landscape, the market is experiencing rapid growth, revolutionizing how companies manage their assets. Leveraging advanced technologies such as machine learning algorithms and sensor technology, predictive maintenance enables proactive equipment monitoring and asset health management.
By utilizing predictive analytics and fault detection, organizations can move from reactive to condition-based maintenance, minimizing unplanned downtime and maximizing operational efficiency. With maintenance scheduling based on real-time insights from the industrial IoT, businesses can optimize resources and prolong equipment lifecycle.
Predictive maintenance solutions offer maintenance forecasting and maintenance cost optimization, reducing expenses while enhancing equipment reliability. Through remote monitoring and real-time diagnostics, issues can be identified and addressed before they escalate, leading to significant equipment downtime reduction.
Predictive maintenance software facilitates maintenance optimization through predictive modeling and anomaly detection, ensuring peak equipment efficiency. By integrating sensor data analysis into maintenance strategies, organizations can achieve asset performance optimization and enhance reliability engineering.
In essence, predictive maintenance systems empower businesses to implement proactive maintenance strategies that prioritize equipment performance and asset health, ultimately driving productivity and profitability in the industrial sector.
The (pdm) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 29.44% |
Market growth 2023-2027 |
USD 16.57 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
28.0 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Augury Inc., Avnet Inc., C3.ai Inc., Dell Technologies Inc., Deutsche Telekom AG, Fortive Corp., General Electric Co., Hitachi Ltd., Honeywell International Inc., International Business Machines Corp., PTC Inc., RapidMiner Inc., Reliability Solutions sp. z o.o., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, SAS Institute Inc., Schneider Electric SE, Siemens AG, and Warwick Analytics Services Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market growth and trends report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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