Predictive Maintenance Market Witness Astonishing Growth during 2020-2025

According to report ” Predictive Maintenance Market by Component (Solutions and Services), Deployment Mode, Organization Size, Vertical (Government and Defense, Manufacturing, Energy and Utilities, Transportation and Logistics), and Region – Global Forecast to 2025“, The global predictive maintenance market size is expected 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 major factors fueling the market growth include the increasing use of emergingtechnologies to gain valuable insights, and growing need to reduce maintenance cost and downtime. The real-time condition monitoring to assist in taking prompt actions would add value to the predictive maintenance offering and provide opportunities in the predictive maintenance market.

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Predictive maintenance companies are witnessing a slowdown due to the global lockdown and lack of workforce. Lockdown restrictions are being an impediment predictive maintenance solutions and service providers; as they are not able to travel to client facilities to perform asset health analysis, service providers cannot offer their services. Consequently, many manufacturers who rely on these services to maintain the health of process critical assets are helpless and thus face a high risk of costly downtime during these unprecedented times. To address this problem, predictive maintenance service providers need to adapt quickly. Smart sensors are readily available tools that can provide a remote view into client assets which in turn eliminates the immediate need to travel to a facility. This could be an effective solution for solutions and service providers, which would help them maintain some level of visibility into the assets they are servicing while maintaining the social distance needed to prevent the spread of COVID-19.

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 vertical in predictive maintenance market due to the increasing need to automate the defense system.

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 servces. Increasing demand of thirs-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.

North America to hold the largest market size during the forecast period

North America is the largest revenue contributor to the global predictive maintenance market. The region is witnessing significant developments in the predictive maintenance market. Many predictive maintenance solution providers in North America are experimenting in the predictive maintenance market by integrating IoT, AI, and ML functionalities with their existing predictive maintenance solutions. They are also adopting various growth strategies to strengthen their positions in the market. APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The commercialization of the IoT technology and need for further advancements to leverage its benefits to the maximum are expected to drive the adoption of predictive maintenance solutions in the region.

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