The global Predictive Maintenance Market size to grow from USD 4.0 billion in 2020 to USD 12.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 25.2% during the forecast period. The predictive maintenance market is said to have high growth potential, due to the increasing use of emerging technologies to gain valuable insights and the growing need to reduce maintenance cost and downtime.
The government and defense segment to hold a larger market size during the forecast period
The predictive maintenance market is segmented on the basis of verticals. The verticals include government and defense, manufacturing, energy and utilities, transportation and logistics, healthcare and life sciences, others (agriculture, telecom, media, and retail). The government and defense segment is expected to grow at a rapid pace in the coming years in the predictive maintenance market. It is one of the leading verticals in predictive maintenance market due to the increasing need to automate the defense system.
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Among services, the managed services segment to grow at a higher CAGR during the forecast period
The predictive maintenance market is segmented on the basis of services into two categories, namely, professional services and managed services. Increasing demand of third-party companies to handle IT infrastructure would drive the growth of managed services. Professional services is further segmented into three categories, namely, system integration, support and maintenance, and consulting services. The support and maintenance services segment is expected to grow at a rapid pace during the forecast period, as support and maintenance services provide industrial customers with support, maintenance, and infrastructure management for effectively developing maintenance and safety strategies. The vendors in this market offer services to industrial customers or end-users so that they can effectively manage and deploy predictive maintenance solutions.
According to MarketsandMarkets, predictive maintenance is an approach used by enterprises to predict future failure points as well as monitor the condition of an asset in real-time. Besides passive monitoring, the predictive maintenance technique leverages the benefits of machine learning algorithms that take critical historical data, such as temperature, pressure, and vibration, as an input for providing prediction regarding the condition of an asset in real-time. The forecast enables enterprises to significantly reduce unplanned machine downtime and decide whether any particular asset needs maintenance. Predictive maintenance also ensures machines are taken for maintenance to reduce production losses.
Some of the major predictive maintenance vendors include IBM (US), Microsoft (US), SAP (Germany), Hitachi (Japan), PTC (US), GE (US), Schneider Electric (France), Software AG (Germany), SAS (US), TIBCO (US), C3 IoT (US), Uptake (US), Softweb Solutions (US), Asystom (France), Ecolibrium Energy (India), Fiix Software (Canada), OPEX Group (UK), Dingo (Australia), Sigma Industrial Precision (Spain), Google (US), Oracle (US), HPE (US), AWS (US), Micro Focus (US), Splunk (US), Altair (US), RapidMiner (US), ReliaSol (Netherlands), and Seebo (US). These predictive maintenance vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global predictive maintenance market.
IBM (US) was founded in 1911 and is headquartered in New York, US. The company operates through five business segments, namely, cognitive solutions, global business services, technology services and cloud platforms, systems, global financing, and others. It offers cloud, mobile, cognitive, security, research, Watson analytics, consulting, commerce, experience design, IoT, and technology support services and solutions. It also offers industry solutions, system services, IT infrastructure, resiliency services, and financing. IBM is one of the top vendors in the predictive maintenance market owing to the strong portfolio of solutions and services that the company offers in the market. The IBM Cloud has emerged as a platform of choice for all business applications, as it is compatible with AI and is safe to use. It is a unifying platform, which integrates the capabilities of IBM in a single architecture and spans over public and private clouds. Using this powerful cloud platform, the company can cater to the requirements of different businesses across the globe, along with a continuous stream of innovative capabilities, computation and storage, data and Watson services, IoT and blockchain services, and IBM Q. Moreover, it drives its growth through a renewed focus on organic product development, yielding a robust product pipeline in the predictive maintenance market. Moreover, in April 2020, IBM Released Novel AI-Powered Technologies to help Health and Research Community in accelerating the discovery of medical insights and treatments for COVID-19.
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Microsoft (US) was founded in 1975 and is headquartered in Washington, US. The company is a global leader in building best-in-class platforms and providing production services for an intelligent cloud infused with AI. It generates revenue by licensing and supporting a range of software products. Its offerings include a wide range of cloud-based and other services; design, manufacturing, and selling devices; and online advertising. It is one of the leading companies that offer AI and IoT solutions and services. The company operates through three segments, namely, productivity and business processes, intelligent cloud, and more personal computing. Microsoft is publicly listed on the NASDAQ stock market under the ticker symbol, MSFT. Microsoft caters to a wide range of industry verticals, including finance and insurance, manufacturing and retail, media and entertainment, public sector, healthcare, and IT and telecommunications. The company has expanded its geographical presence in more than 190 countries across North America, APAC, Latin America, MEA, and Europe. Moreover, in March 2020, Microsoft partnered with Adaptive Biotechnologies to decode the COVID-19 immune response and provide open data access for researchers. The partnership aims at providing advanced solutions for diagnosing, treating, and preventing the virus, augmenting existing research efforts that primarily focus on the biology of the virus. This data will be made freely available to any researcher, public health official, or organization around the world via an open data access portal.
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