Product Code: PM2443
The global predictive maintenance market size is expected to reach USD 122.80 billion by 2032 according to a new study by Polaris Market Research. The report "Predictive Maintenance Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services); By Deployment Model (Cloud, On-Premise); By Organization Size; By Industry Vertical; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Prominent factors favoring the industry growth include the need for reduced cost and downtime associated with the maintenance, a rise in demand for cloud-based predictive maintenance solutions, and a huge investment in these solutions in the manufacturing sector. In addition, the upsurge in demand for remote monitoring and management of assets and business processes owing to the advent of the COVID-19 pandemic has boosted the growth of the global industry.
Furthermore, the integration of artificial intelligence (AI) and machine learning (ML) has created lucrative growth opportunities for the industry. Businesses across the industry verticals including manufacturing, energy & utilities, transportation & logistics, and healthcare, have realized the importance of such solutions, which has further fueled the growth of the industry.
In 2021, the manufacturing segment will dominate the global market. The predictive maintenance framework helps to perform real-time detection, visualization, and alert creation, along with recommendations for solutions at different stages of the manufacturing process. The failure in critical equipment is costly to manufacturers in terms of downtime, loss of productivity as well as repairs, which in turn, is driving the growth of this segment.
On the other hand, Asia Pacific is anticipated to witness the highest growth in the global market. The region is seeing rising adoption of predictive maintenance solutions in different industry verticals. For instance, in October 2021, SMRT Trains, the Singapore-based transport operator, announced the collaboration with Bentley Systems, an American-based software development company that installed a predictive decision support system (PDSS) for North-South and East-West lines across Singapore. In addition, the SMRT Trains has also commenced its deployment of the PDSS solution on the Circle Line (CCL) across Singapore.
Market participants such as Altair, Splunk, General Electric, Google, Hitachi, IBM, Microsoft, Oracle, SAP, Schneider Electric, SAS Institute, AWS, Software AG, HPE, and Tibco Software are some of the key players operating in the global market. Players in the global market are adopting a number of strategies to expand their geographical presence, develop new applicant tracking systems, and generate novel revenue streams.
For instance, in January 2022, Aizon, an AI software provider launched Aizon Asset Health, the new asset monitoring application for biotech companies and pharmaceutical manufacturers to optimize the performance of equipment and other assets.
Polaris Market Research has segmented the predictive maintenance market report on the basis of component, deployment model, organization size, industry vertical, and region:
Predictive Maintenance, Component Outlook (Revenue - USD Billion, 2019-2032)
Predictive Maintenance, Deployment Model Outlook (Revenue - USD Billion, 2019-2032)
Predictive Maintenance, Organization Size Outlook (Revenue - USD Billion, 2019-2032)
- Large Enterprises
- Small and Medium-sized Enterprises
Predictive Maintenance, Industry Vertical Outlook (Revenue - USD Billion, 2019-2032)
- Government & Defense
- Manufacturing
- Energy & Utilities
- Transportation & Logistics
- Healthcare & Life Sciences
Predictive maintenance, Regional Outlook (Revenue - USD Billion, 2019-2032)
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- UK
- Italy
- Spain
- Netherlands
- Russia
- Asia Pacific
- China
- India
- Japan
- Malaysia
- South Korea
- Indonesia
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Predictive Maintenance Market Insights
- 4.1. Predictive Maintenance - Industry Snapshot
- 4.2. Predictive Maintenance Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Increasing use of emerging technologies to gain valuable insights
- 4.2.1.2. Real-time condition monitoring to assist in taking prompt actions
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Lack of skilled workforce
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Predictive Maintenance Industry Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Predictive Maintenance Market, by Component
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 5.3. Solutions
- 5.3.1. Global Predictive Maintenance Market, by Solutions, by Region, 2019-2032 (USD Billion)
- 5.4. Services
- 5.4.1. Global Predictive Maintenance Market, by Services, by Region, 2019-2032 (USD Billion)
6. Global Predictive Maintenance Market, by Deployment Model
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 6.3. Cloud
- 6.3.1. Global Predictive Maintenance Market, by Cloud, by Region, 2019-2032 (USD Billion)
- 6.4. On-premise
- 6.4.1. Global Predictive Maintenance Market, by On-premise, by Region, 2019-2032 (USD Billion)
7. Global Predictive Maintenance Market, by Organization Size
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 7.3. Large Enterprises
- 7.3.1. Global Predictive Maintenance Market, by Large Enterprises, by Region, 2019-2032 (USD Billion)
- 7.4. Small and Medium-sized Enterprises
- 7.4.1. Global Predictive Maintenance Market, by Small and Medium-sized Enterprises, by Region, 2019-2032 (USD Billion)
8. Global Predictive Maintenance Market, by Industry Vertical
- 8.1. Key Findings
- 8.2. Introduction
- 8.2.1. Global Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 8.3. Government & Defense
- 8.3.1. Global Predictive Maintenance Market, by Government & Defense, by Region, 2019-2032 (USD Billion)
- 8.4. Manufacturing
- 8.4.1. Global Predictive Maintenance Market, by Manufacturing, by Region, 2019-2032 (USD Billion)
- 8.5. Energy & Utilities
- 8.5.1. Global Predictive Maintenance Market, by Energy & Utilities, by Region, 2019-2032 (USD Billion)
- 8.6. Transportation & Logistics
- 8.6.1. Global Predictive Maintenance Market, by Transportation & Logistics, by Region, 2019-2032 (USD Billion)
- 8.7. Healthcare & Life Sciences
- 8.7.1. Global Predictive Maintenance Market, by Healthcare & Life Sciences, by Region, 2019-2032 (USD Billion)
9. Global Predictive Maintenance Market, by Geography
- 9.1. Key findings
- 9.2. Introduction
- 9.2.1. Predictive Maintenance Market Assessment, By Geography, 2019-2032 (USD Billion)
- 9.3. Predictive Maintenance Market - North America
- 9.3.1. North America: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.3.2. North America: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.3.3. North America: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.3.4. North America: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.3.5. Predictive Maintenance Market - U.S.
- 9.3.5.1. U.S.: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.3.5.2. U.S.: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.3.5.3. U.S.: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.3.5.4. U.S.: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.3.6. Predictive Maintenance Market - Canada
- 9.3.6.1. Canada: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.3.6.2. Canada: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.3.6.3. Canada: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.3.6.4. Canada: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4. Predictive Maintenance Market - Europe
- 9.4.1. Europe: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.4.2. Europe: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.4.3. Europe: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.4. Europe: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.5. Predictive Maintenance Market - UK
- 9.4.5.1. UK: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.4.5.2. UK: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.4.5.3. UK: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.5.4. UK: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.6. Predictive Maintenance Market - France
- 9.4.6.1. France: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.4.6.2. France: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.4.6.3. France: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.6.4. France: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.7. Predictive Maintenance Market - Germany
- 9.4.7.1. Germany: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.4.7.2. Germany: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.4.7.3. Germany: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.7.4. Germany: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.8. Predictive Maintenance Market - Italy
- 9.4.8.1. Italy: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.4.8.2. Italy: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.4.8.3. Italy: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.8.4. Italy: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.9. Predictive Maintenance Market - Spain
- 9.4.9.1. Spain: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.4.9.2. Spain: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.4.9.3. Spain: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.9.4. Spain: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.10. Predictive Maintenance Market - Netherlands
- 9.4.10.1. Netherlands: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.4.10.2. Netherlands: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.4.10.3. Netherlands: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.10.4. Netherlands: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.11. Predictive Maintenance Market - Russia
- 9.4.11.1. Russia: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.4.11.2. Russia.: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.4.11.3. Russia: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.4.11.4. Russia: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5. Predictive Maintenance Market - Asia Pacific
- 9.5.1. Asia Pacific: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.5.2. Asia Pacific: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.5.3. Asia Pacific: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.4. Asia Pacific: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5.5. Predictive Maintenance Market - China
- 9.5.5.1. China: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.5.5.2. China.: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.5.5.3. China: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.5.4. China: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5.6. Predictive Maintenance Market - India
- 9.5.6.1. India: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.5.6.2. India.: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.5.6.3. India: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.6.4. India: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5.7. Predictive Maintenance Market - Japan
- 9.5.7.1. Japan: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.5.7.2. Japan.: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.5.7.3. Japan: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.7.4. Japan: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5.8. Predictive Maintenance Market - Malaysia
- 9.5.8.1. Malaysia: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.5.8.2. Malaysia.: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.5.8.3. Malaysia: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.8.4. Malaysia: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5.9. Predictive Maintenance Market - Indonesia
- 9.5.9.1. Indonesia: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.5.9.2. Indonesia.: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.5.9.3. Indonesia: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.9.4. Indonesia: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5.10. Predictive Maintenance Market - South Korea
- 9.5.10.1. South Korea: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.5.10.2. South Korea.: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.5.10.3. South Korea: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.5.10.4. South Korea: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.6. Predictive Maintenance Market - Middle East & Africa
- 9.6.1. Middle East & Africa: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.6.2. Middle East & Africa: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.6.3. Middle East & Africa: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.6.4. Middle East & Africa: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.6.5. Predictive Maintenance Market - Saudi Arabia
- 9.6.5.1. Saudi Arabia: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.6.5.2. Saudi Arabia: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.6.5.3. Saudi Arabia: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.6.5.4. Saudi Arabia: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.6.6. Predictive Maintenance Market - South Africa
- 9.6.6.1. South Africa: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.6.6.2. South Africa: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.6.6.3. South Africa: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.6.6.4. South Africa: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.6.7. Predictive Maintenance Market - Israel
- 9.6.7.1. Israel: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.6.7.2. Israel: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.6.7.3. Israel: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.6.7.4. Israel: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.6.8. Predictive Maintenance Market - UAE
- 9.6.8.1. UAE: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.6.8.2. UAE: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.6.8.3. UAE: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.6.8.4. UAE: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.7. Predictive Maintenance Market - Latin America
- 9.7.1. Latin America: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.7.2. Latin America: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.7.3. Latin America: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.7.4. Latin America: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.7.5. Predictive Maintenance Market - Mexico
- 9.7.5.1. Mexico: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.7.5.2. Mexico: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.7.5.3. Mexico: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.7.5.4. Mexico: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.7.6. Predictive Maintenance Market - Brazil
- 9.7.6.1. Brazil: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.7.6.2. Brazil: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.7.6.3. Brazil: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.7.6.4. Brazil: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
- 9.7.7. Predictive Maintenance Market - Argentina
- 9.7.7.1. Argentina: Predictive Maintenance Market, by Component, 2019-2032 (USD Billion)
- 9.7.7.2. Argentina: Predictive Maintenance Market, by Industry Vertical, 2019-2032 (USD Billion)
- 9.7.7.3. Argentina: Predictive Maintenance Market, by Deployment Model, 2019-2032 (USD Billion)
- 9.7.7.4. Argentina: Predictive Maintenance Market, by Organization Size, 2019-2032 (USD Billion)
10. Competitive Landscape
- 10.1. Expansion and Acquisition Analysis
- 10.1.1. Expansion
- 10.1.2. Acquisitions
- 10.2. Partnerships/Collaborations/Agreements/Exhibitions
11. Company Profiles
- 11.1. Altair
- 11.1.1. Company Overview
- 11.1.2. Financial Performance
- 11.1.3. Product Benchmarking
- 11.1.4. Recent Development
- 11.2. AWS
- 11.2.1. Company Overview
- 11.2.2. Financial Performance
- 11.2.3. Product Benchmarking
- 11.2.4. Recent Development
- 11.3. General Electric
- 11.3.1. Company Overview
- 11.3.2. Financial Performance
- 11.3.3. Product Benchmarking
- 11.3.4. Recent Development
- 11.4. Google
- 11.4.1. Company Overview
- 11.4.2. Financial Performance
- 11.4.3. Product Benchmarking
- 11.4.4. Recent Development
- 11.5. Hitachi
- 11.5.1. Company Overview
- 11.5.2. Financial Performance
- 11.5.3. Product Benchmarking
- 11.5.4. Recent Development
- 11.6. HPE
- 11.6.1. Company Overview
- 11.6.2. Financial Performance
- 11.6.3. Product Benchmarking
- 11.6.4. Recent Development
- 11.7. IBM
- 11.7.1. Company Overview
- 11.7.2. Financial Performance
- 11.7.3. Product Benchmarking
- 11.7.4. Recent Development
- 11.8. Microsoft
- 11.8.1. Company Overview
- 11.8.2. Financial Performance
- 11.8.3. Product Benchmarking
- 11.8.4. Recent Development
- 11.9. Oracle
- 11.9.1. Company Overview
- 11.9.2. Financial Performance
- 11.9.3. Product Benchmarking
- 11.9.4. Recent Development
- 11.10. SAP
- 11.10.1. Company Overview
- 11.10.2. Financial Performance
- 11.10.3. Product Benchmarking
- 11.10.4. Recent Development
- 11.11. SAS Institute
- 11.11.1. Company Overview
- 11.11.2. Financial Performance
- 11.11.3. Product Benchmarking
- 11.11.4. Recent Development
- 11.12. Schneider Electric
- 11.12.1. Company Overview
- 11.12.2. Financial Performance
- 11.12.3. Product Benchmarking
- 11.12.4. Recent Development
- 11.13. Software AG
- 11.13.1. Company Overview
- 11.13.2. Financial Performance
- 11.13.3. Product Benchmarking
- 11.13.4. Recent Development
- 11.14. Splunk
- 11.14.1. Company Overview
- 11.14.2. Financial Performance
- 11.14.3. Product Benchmarking
- 11.14.4. Recent Development
- 11.15. Tibco Software
- 11.15.1. Company Overview
- 11.15.2. Financial Performance
- 11.15.3. Product Benchmarking
- 11.15.4. Recent Development