The Market for Operational Predictive Maintenance is Anticipated to grow at an Astonishing 23.2% CAGR by 2026
Operational Predictive Maintenance Market
Big data and IoT are starting to be combined by international businesses to increase operational effectiveness. Thus, operational predictive maintenance programmes are becoming increasingly crucial. Yes, it is the solution. The study’s key results indicate that, after expanding at an incredible 23.2% CAGR, the global market for operational predictive maintenance will reach US$ 3,158.3 million by the end of 2026.
Reducing asset downtime is one of the top operational challenges for tech companies. Operational predictive maintenance techniques are utilised by international syndicates to reduce the confusion brought on by integrating numerous systems.
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Apropos the report, the demand for operational predictive maintenance in North America will remain the highest, compared to other regions. Companies in the US and Canada will account for sales of operational predictive maintenance systems worth over US$ 1,200 million by the end of 2024. However, Asia-Pacific’s operational predictive maintenance market will be rising at an exponential CAGR of 27.3%. The demand for such maintenance systems will also be high in Latin America, while Europe and the Middle East & Africa will show moderate growth in terms of revenues.
Germany-based Robert Bosch GmbH and Software AG are known for providing advanced operational predictive maintenance systems and services across the globe. The global market for operational predictive maintenance is also witnessing participation for US tech companies such as SAS Institute Inc., PTC Inc., General Electric Company, IBM Corporation, eMaint Enterprises LLC and Rockwell Automation, Inc. Based in France, Schneider Electric SE is also a prominent provider for predictive asset analytics systems in the world.
The report further estimates that global demand for operational predictive maintenance software will remain higher in comparison with services. By the end of 2024, nearly three-fourth of global operational predictive maintenance revenues will accounted by software sales. When it comes to deployment of operational predictive maintenance systems, cloud-based deployment is projected to gain traction by nearly doubling its global revenue share through 2024. On-premise deployment will lose out to cloud-based deployment, but, will continue to be the dominant mode of deploying operational predictive maintenance.
Manufacturing plants will be deemed as the largest end-users of operational predictive maintenance. In 2016, operational predictive maintenance systems deployed by manufacturing industries brought in more than US$ 160 million in revenues. In due course of forecast period, revenues accounted by manufacturing industries as end-users will have surge at the CAGR of 22.4%.
Fastest revenue growth attained by end-user, however, will be credited to public sector companies around the globe. Sales of operational predictive maintenance to public sector companies will soar at more than 25% CAGR. Likewise, the demand for operational predictive maintenance will also be considerably high in transportation, automotive, healthcare, and energy & utility industries.
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Key Companies
IBM Corporation
Software AG
SAS Institute Inc.
PTC Inc.
Schneider Electric
Rockwell Automation
eMaint
Robert Bosch GmbH
SAP SE
General Electric
Key Segments
By Component Type –
Software
Services
Consulting
Integration and Implementation
Training
Support
By Deployment Model –
On-Premise
Cloud
By Technology (qualitative) –
Machine Learning
Deep Learning
Big Data & Analytics
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About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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