Predictive Maintenance Market is expected to grow at a CAGR of 25.2% during the forecast period (2019-2024). The market is primarily driven by the increasing need for cost-effective and efficient maintenance solutions, rising adoption of IoT and AI technologies, and the growing demand for predictive maintenance in various industries such as manufacturing, energy and utilities, transportation, and healthcare.
Key Players:
The major players in the predictive maintenance market include IBM Corporation, Microsoft Corporation, SAP SE, General Electric Company, Schneider Electric SE, Rockwell Automation, Inc., PTC Inc., Software AG, SAS Institute Inc., and Robert Bosch GmbH.
Market Segmentation:
The predictive maintenance market is segmented based on component, deployment mode, organization size, technique, end-user industry, and geography.
By Component:
• Solutions
• Services
By Deployment Mode:
• On-premise
• Cloud
By Organization Size:
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
By Technique:
• Vibration Monitoring
• Oil Analysis
• Infrared Thermography
• Ultrasound Testing
• Others
By End-user Industry:
• Manufacturing
• Energy and Utilities
• Transportation
• Healthcare
• Others
Regional Analysis:
The predictive maintenance market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is expected to dominate the market due to the presence of major players and the early adoption of advanced technologies in the region. However, the Asia Pacific region is expected to witness the highest growth during the forecast period, owing to the increasing industrialization and adoption of IoT and AI technologies in countries like China and India.