Global Predictive Maintenance Market Analysis and the COVID-19 Impact: A Snapshot of Predictive Maintenance Industry

The predictive maintenance market is forecasted to grow at a high rate owing to the need to expand the life span of deteriorating industrial machineries

The Global Predictive Maintenance Market was valued at USD 4.1Bn in 2020 and is expected to reach USD 21.2 Bn by 2027, with a growing CAGR of 26.1% during the forecast period.

Predictive maintenance is an equipment performance and condition monitoring system that is used to monitor the machinery performance, and anticipate the failure in the machinery during normal operation. The global predictive maintenance market is boosting at a significant pace as the standard for predictive maintenance at a workplace has increased.

Enterprises are leveraging artificial intelligence and machine learning technologies to analyze IoT data with incredible accuracy and speed compared to existing business intelligence tools.  With the emergence of predictive maintenance, enterprises can make motion predictions up to 20 times faster and more accurately than threshold-based monitoring systems. For instance, in August 2021, in Seattle, Tignis, an AIPowered process control solution provider company announced the launch of the ’PAICe product suite’, a new set of AI and machine learning analytics tools for manufacturing and process control that puts the power of machine learning into the hands of non-data scientists. This includes the ability to leverage surrogate machine learning models by Tignis that are up to a million times faster than today's physics-based simulations.

Moreover, costs can be sustained owing to unplanned downtime due to equipment failures in various end-user industries such as industrial manufacturing & oil and gas industries. Pipelines leakages are common in oil and gas industries. These leakages can incur millions of expenses and fines to the company causing huge loss of resources. Some of the companies providing predictive maintenance solutions are coming up with innovative technological advancements to solve organization’s problems. For instance, Rayven, a predictive maintenance IoT solutions provider, provides AI ad IoT-based pipeline monitoring and leak detections to save extra expenses to the oil and gas companies.

Global Predictive Maintenance Market by Region Outlook (Revenue, USD Million, 2021-2027)

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

In terms of geography, the North American region was accounted to hold the largest market share in the year 2020. The dominance is owing to the extensive presence of market players and heavy investments for predictive maintenance market. The key market companies like IBM, AWS, and Microsoft are present in the region with significant advancements in predictive maintenance. For instance, in April 2021, Amazon Web Services, Inc. announced the launch of a predictive maintenance service, ‘Amazon Lookout for Equipment’ which uses machine learning to assists scheduling maintenance work for the machineries using sensors. It collects data from sensors installed in manufacturing equipment and analyzes it to detect early warning signals that can cause a machine to fail or operate at less than 100%.

The Global Predictive Maintenance Market Segmentation:

  • Global Predictive Maintenance Market by Component Outlook (Revenue, USD Million, 2021-2027)
    • Software
      • Integrated
      • Standalone
    • Services
      • Managed Services
      • Professional Services
  • Global Predictive Maintenance Market by Deployment Type Outlook (Revenue, USD Million, 2021-2027)
    • Cloud
      • Public Cloud
      • Private Cloud
      • Hybrid Cloud
    • On-premise          
  • Global Predictive Maintenance Market by Technique Outlook (Revenue, USD Million, 2021-2027)
    • Vibration Monitoring
    • Oil Analysis
    • Electrical Testing
    • Others(Shock Pulse, Ultrasonic Leak Detectors, Infrared)
  • Global Predictive Maintenance Market by End User Industry Outlook (Revenue, USD Million, 2021-2027)
    • Energy and Utilities
    • Government and Defense
    • Transportation and Logistics
    • Manufacturing
    • Healthcare and Life Sciences
    • Others (Telecom, Agriculture, Retail, and Media)

Key Findings:

  • Based on the component, the software component segment held the largest market share in 2020
  • Based on deployment type, the cloud deployment type was accounted to hold the largest market size in the year 2020
  • Based on technique, the vibration monitoring accounted for a largest market share in 2020
  • Manufacturing segment was accounted for largest market size in the year 2020, based on end user industry
  • Based on regions, the North America region is anticipated to hold a largest market share in the year 2027 in the predictive maintenance market analysis

Company Profiles and Competitive Intelligence

The key players operating in the global predictive maintenance market are:

  1. Bosch Software Innovations GmbH
  2. IBM Corporation
  3. Honeywell International, Inc.
  4. Microsoft
  5. Hitachi Ltd.
  6. Software AG
  7. General Electric
  8. Engineering Consultants Group, Inc.
  9. Software AG
  10. Expert Microsystems, Inc.
  11. Rockwell Automation, Inc.
  12. Google
  13. C3 IoT
  14. Uptake
  15. Softweb Solutions
  16. TIBCO Software Inc.
  17. Asystom
  18. Uptake Technologies Inc.
  19. Ecolibrium Energy
  20. Fiix Software
  21. Opeational Excellence (Opex) Group Ltd
  22. Reliability Solutions Sp. zo.o.
  23. Dingo
  24. Sigma Industrial Precision
  25. SparkCognition
  26. Oracle
  27. HPE
  28. Rapidminer, Inc.
  29. AWS
  30. SKF Group
  31. Micro Focus
  32. Splunk
  33. Senseye Ltd
  34. Altair
  35. RapidMiner
  36. Warwick Analytics
  37. ReliaSol
  38. Seebo
  39. Softweb Solutions, Inc.
  40. T-Systems International GmbH
  41. Dell Technologies
  42. Fluke Corporation

Recent News:

  • In June 2020, PTC, an America-based computer software company, announced an upcoming launch of ‘ThingWork 9.0 Industrial IoT Platform’. The platform is loaded with several advancements in the previous version and is primarily developed to fasten the industrial IoT deployment growth across the organizational value chain. This new version of ThingWork is expected to provide helpful features to the organizations to improve work efficiency.
  • In September 2019, GE Digital, announced the new version of its software portfolio, to benefit companies to operate their manufacturing plants with more efficiency. The product includes predix essentials, asset answers, and webspace 6.0 – a new HTML5 interface.

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