Originally published on Technavio:Predictive Maintenance (PdM) Market Analysis - North America, Europe, APAC, South America, Middle East, and Africa - US, Canada, China, UK, Germany - Size and Forecast 2023-2027
Predictive Maintenance (PdM) Market Forecast 2023 - 2027
The predictive maintenance market size is anticipated to reach USD 16.57 billion at a CAGR of 29.44% from 2022 to 2027. In 2017, the US secured the largest market share, forecasting an annual revenue of USD 0.85 billion. The report provides a comprehensive research analysis of the Predictive Maintenance (PdM) Market, categorized by Component, including Solutions and Service.
Predictive Maintenance Market Forecast
Market Driver
The global market is undergoing growth due to Small and Medium Enterprises (SMEs) increasingly embracing advanced analytics, fueled by the proliferation of cloud computing. Cloud-based PDM tools provide SMEs with opportunities to harness 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.
Market Segment
Solutions Segment Holds the Largest Market Share
The solutions segment, valued at USD 2.11 billion in 2017, is anticipated to continue its growth by 2021. PdM solutions ensure assets are in optimal operational condition and available at all times. Integrating PdM into machines enhances equipment life expectancy and reduces maintenance costs for businesses. The increasing adoption of these PdM solutions in various growing sectors such as energy and utilities, manufacturing, and healthcare is boosting the market globally. High-growth industries such as aerospace, defense, and automotive are also increasingly integrating PdM platforms into their systems, supporting the growth of this segment in the market size.
North America Holds a Prominent Position in the Market
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 market growth.
Key Market Companies Overview
The market is fragmented, and some significant players include 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.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies.
Market Analyst Overview
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.
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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, and country levels, providing an analysis of the latest trends and growth opportunities from 2017 to 2027.
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