Predictive Maintenance Market: Growing Demand For IoT, Big Data & Rising Concerns For Asset Maintenance Is Propelling Market Growth By 2027 | Grand View Research Inc.

January 19 13:20 2021
Predictive Maintenance Market: Growing Demand For IoT, Big Data & Rising Concerns For Asset Maintenance Is Propelling Market Growth By 2027 | Grand View Research Inc.

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According to a recent report published by Grand View Research Inc., the IoT has optimized maintenance activities and a strong commitment to the digital transformation of supervisory tasks to further improve the workflow quality and safety across several end-use industries is accelerating the predictive maintenance market expansion.

The global predictive maintenance market size is expected to reach USD 28.24 billion by 2025, registering a CAGR of 37.9%, as per a new report by Grand View Research Inc. Growing demand for IoT and big data is driven due to the concerns regarding asset maintenance and reducing operational costs in organizations. This is a key factor likely to propel market growth in the coming years. Deployment of predictive maintenance solutions aids businesses reduce downtime costs by precisely predicting asset failures.

The deployment of predictive maintenance has gained traction in IT and telecommunication, energy and utilities, and automotive and transportation, along with the manufacturing sector. Growing adoption of this solution in various sectors is anticipated to support the market growth over the forecast period.

The key players operating in the predictive maintenance marketspace are now integrating sensor-based technologies with the existing predictive maintenance solutions to rollout an efficient solution to end-users. The remote predictive maintenance solution is an emerging trend and is estimated to effectively support the monitory activities in remote locations.

U.S. predictive maintenance market size, by solution, 2014 - 2025 (USD Million)

Predictive Maintenance Market Report Highlights

  1. The railway industry is incorporating prominent changes in the area of switch maintenance to guarantee punctual and safe rail traffic. For instance, Infrabel is focused on digitalizing plans of switches and crossings (S&C), tracks, and related records with the help of a digital SAP platform called the Switch Measuring System (SMS)

  2. In January 2021, Vertex Aerospace entered in a collaboration with BAE Systems to support the combat operations and crucial training undertaken from US Navy’s amphibious assault ships, aircraft carriers like the US Marine Corps’ AV-8B Harrier II fleet, and forward operating bases by leveraging smart stock optimization tools and predictive maintenance techniques

  3. Companies have ramped up their investments to roll out cutting-edge technologies to schedule effective maintenance activities. For instance, in January 2021 Svendborg Brakes announced its SOBO iQ solution that integrates the Industrial Internet of Things (IIoT) solution, Cloud and Edge Computing, and Big Data analytics. It will empower the mining industry with advanced braking control using predictive maintenance 

  4. The deployment/installation services segment is projected to dominate the market during the forecast period. Also, the demand for deployment/installation services has found widespread application across various industry verticals such as automotive and transportation, aerospace and defense, and energy and utilities 

  5. The manufacturing segment led the market in 2018 owing to the growing demand for maintenance of manufacturing equipment such as machinery, industrial robots, elevators, and pumps 

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Predictive Maintenance Market Segmentation

 Grand View Research has segmented the global predictive maintenance market on the basis of solution, service, deployment, enterprise size, end use, and region:

Predictive Maintenance Solution Outlook (Revenue, USD Million, 2014 – 2025)

  • Integrated

  • Standalone

Predictive Maintenance Service Outlook (Revenue, USD Million, 2014 – 2025)

  • Deployment/Installation

  • Support & Maintenance

  • Training & Consulting

Predictive Maintenance Deployment Outlook (Revenue, USD Million, 2014 – 2025)

  • Cloud

  • On-premise

Predictive Maintenance Enterprise Size Outlook (Revenue, USD Million, 2014 – 2025)

  • Small and Medium Enterprises

  • Large Enterprises

Predictive Maintenance End Use Outlook (Revenue, USD Million, 2014 – 2025)

  • Aerospace & Defense

  • Automotive & Transportation

  • Energy & Utilities

  • Healthcare

  • IT & Telecommunication

  • Manufacturing

  • Oil & Gas

  • Others

Predictive Maintenance Region Outlook (Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa

List of Key Players of Predictive Maintenance Market

  1. IBM Corporation

  2. Microsoft Corporation

  3. SAP ERP

  4. General Electric Company

  5. Siemens AG

  6. Schneider Electric SE

  7. Software AG

  8. Accenture plc

  9. Honeywell International Inc.

  10. Cisco Systems, Inc.

Have Any Query? Ask Our Experts for More Details on Reporthttps://www.grandviewresearch.com/inquiry/6863/ibb

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Predictive Analytics Market – https://www.grandviewresearch.com/industry-analysis/predictive-analytics-market

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About Grand View Research

Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.

 

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