The predictive maintenance market size to grow from USD 4.2 billion in 2021 to USD 15.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of predictive maintenance technologies and services.
Public Cloud segment to account for a larger market size during the forecast period
Public cloud deployment mode in the predictive maintenance market offers a cloud-based environment and is available to the general public over the internet. It requires minimal investment, no hardware setup, and no infrastructure management. It is a type of virtual network environment wherein various service providers provide cloud-based analytical solutions. Organizations are moving their complex core applications to public cloud due to its compatibility, security, and performance.
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Government and Defense vertical to have the largest market size during the forecast period
Government and public institutions are shifting toward a digital mode of operations, with the developed IT infrastructure in place, to improve reliability and efficiency. Government and public authorities are taking various initiatives, such as smart cities and traffic management, to enhance the lifestyle of its citizens and administer the cities. Public sector organizations all over the world have the responsibility of employing high-value assets and operations associated with utilities, public venues, roads, bridges, transit and mobility systems, airports, ports, and public health systems.
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 ML algorithms that take critical historical data, such as temperature, pressure, and vibration, as an input, thus providing prediction related to the condition of an asset in real-time. This, in turn, enables enterprises to significantly reduce unplanned machine downtime and decide whether any particular asset needs maintenance. Predictive maintenance ensures the machine is taken for maintenance before it fails, due to which there are minimal losses in production. Traditional maintenance software currently cannot manage these expectations, as these maintenance solutions are reactive and periodic, which might affect the productivity of an enterprise due to unexpected downtime of the asset. Predictive maintenance solutions leverage technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), and big data, to gather meaningful insights from all the data received from the machines, thus helping in taking necessary actions before the breakdown of the asset.
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Some of the key players operating in the predictive maintenance market include Microsoft(US), IBM(US), SAP(Germany), SAS Institute (US), Software AG (Germany), TIBCO Software (US), HPE (US), Altair (US), Splunk (US), Oracle (US), Google (US), AWS (US), GE (US), Schneider Electric (France), Hitachi (Japan), and PTC (US). These predictive maintenance vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the predictive maintenance market.
International Business Machines (IBM) was incorporated in 1911 and is headquartered in New York, US. IBM is one of the leading American computer manufacturers and providers of cloud, cognitive security, research, analytics, consulting, IoT, and IT infrastructure. IBM operates through five segments: Cloud & Cognitive Software, Systems, Global Technology Services, Global Business Services, and Global Financing. The company manufactures and sells computer hardware and software, and offers infrastructure services, consulting services, and hosting services for mainframe computers and nanotechnology. It has a client base of more than 17,000 in more than 130 countries. Further, it has almost 8,000 subject matter experts and more than 3,000 researchers working in 12 labs located across six continents. For more than seven decades, IBM has been building industry-based solutions to real world problems with the help of Watson, its AI platform for business, redefining the future of information technology through its high-quality R&D.
SAP is a leading provider of enterprise application solutions and services. It is also leading experience management, analytics, and BI company. Its solutions are compliant with GDPR. They enable enterprises to build intelligent AI- and ML-based software to unite human expertise with machine-generated insights. The company segments its diverse portfolio into applications, technology, and services; intelligent spend group; and Qualtrics. It works on an intelligent enterprise framework, which includes experience, intelligence, and operations business models. The company is known to offer the SAP HANA platform through its experience model of the intelligent enterprise framework, which allows both the transactional processing for data capture and retrieval and analytical processing for business intelligence and reporting. The company’s software, technologies, and services address the three core elements of the intelligent enterprise: intelligent suite, business technology platform, and experience management platform for 25 industries and 12 lines of business.
Microsoft develops software, services, devices, and solutions to compete in the era of intelligent cloud and intelligent edge. With continuous investments in cloud, Microsoft enables its customers to digitalize their business processes. The company’s offerings include cloud-based solutions that provide customers with software, platforms, content, and deliver solution support and consulting services for its clients. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft’s platforms and tools help drive the productivity of small businesses, competitiveness of large businesses, and efficiency of the public sector. The company’s platform accelerates innovation across the spectrum of intelligent edge devices, from IoT sensors to gateway devices and edge hardware to build, manage, and secure edge workloads. Microsoft will invest USD 1 billion over the next four years in new technologies and innovative climate solutions. The company has also pledged a USD 50 million investment in AI for Earth to accelerate innovation.
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