The global operational predictive maintenance market is expected to grow at an anticipated CAGR of 26.16% for the forecast period 2020-2030. This significant growth is attributed to the rising application of big data and Internet of Things (IoT) in manufacturing and plant industries, rising focus on operational efficiency to reduce operational cost, increasing competition in the market and growing industrialization worldwide. Adoption of these software and solutions by manufacturing organizations enables them to reduce their maintenance cost, increase operational efficiency and prevent unplanned/unexpected downtime.

Browse Full Report at https://www.acutemarketreports.com/report/operational-predictive-maintenance-market

Around 35% of the total industries in US have already adopted IOT and are collecting data using sensors to enhance their manufacturing process. Global IOT market alone is growing at a CAGR of 42% (for year 2012-2023) which will likely spur the demand of operational predictive maintenance in the coming years. The latest predictive maintenance software brings multiple benefits over traditional condition monitoring-based approaches. Advanced predictive solutions take data inputs from multiple sources and use analytic modeling techniques to make predictions. In recent years these advanced predictive and diagnostic software solutions have been developed and widely adopted in industries such as oil & gas, wind, power generation. Moreover, developing countries in Asia Pacific and Rest of the world i.e. India, Japan, China, and Latin America are likely to be aggressive in absorbing the predictive analytics in their manufacturing industry in order to reduce the cost and to increase the efficiency. Due to these countries, Asia Pacific and rest of the world region is expected to have a highest growth rate amongst other regions.

In terms of market segments, the global operational predictive maintenance market is segregated by component, application industry and deployment type. On the basis of component, the market is again segmented by solution and services; solution holds 56% of the total market and services contains 44% of the market in 2020. Integration service is expected to have a slight upper edge on consulting in term of growth rate i.e. 25.3% and 25% respectively, but both are high growth segment and can be easily deployed (investment) for ROI approach. On the basis of deployment the market is segmented into cloud based and on premise and as the cloud industries are going global and requires easy and fast access as they are shifting towards cloud implementation and hence this market is also anticipated to have that shift with the growth rate CAGR 28.9% during 2023-2030.

On the basis of application industry automotive industry dominates the whole market. Automotive industry is expected to dominate the market during the forecast period. Even though it is expected to shrink its market share over the forecast period, it is expected to still account for the largest revenues until 2030.  Manufacturing industry is also a promising segment as it presently consumes a significant amount around 19% of the total market, and will continue to deploy these solutions in order to decrease cost and increase efficiency. Healthcare industry is undoubtedly anticipated to grow with the highest growth CAGR 27.8% owing to its increasing involvement with IoT and big data analytics and simply because it cannot afford to have any kind of break down in their process.

On the basis of geography North America region holds the largest market share as it was always an early adopter of technologies and innovation; however Asia Pacific region is likely to grow with a highest CAGR 27.2% in the forecast period, owing to the rapid development and industrialization in countries like China and India. Asia pacific is also being a favorable place for investors which are fuelling the growth in the market.

The key market players 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 (UK), Splunk (US), Altair (US), RapidMiner (US), ReliaSol (Netherlands), and Seebo (Israel). The key focus of top tier companies is product launch and upgrades followed by collaborations.

Key Market Movements

• The global operational predictive maintenance market is expected to grow at an anticipated CAGR of 26.16% for the forecast period 2020-2030.
• This significant growth is attributed to rising application of big data and Internet of Things (IoT) in manufacturing and plant industries, rising focus on operational efficiency to reduce operational cost, increasing competition in the market and growing industrialization worldwide.
• Solution segment holds 56% of the total market and services contains 44% of the market in 2020.
• Integration service is expected to have a slight upper edge on consulting in term of growth rate i.e. 25.3% and 25% respectively.
• Manufacturing industry is also a promising segment as it presently consumes a significant amount of around 19% of the total market
• Healthcare industry is undoubtedly anticipated to grow with the highest growth CAGR 27.8%
• North America region holds the largest market share
• Asia Pacific region is likely to grow with the highest CAGR 27.2% during the forecast period. 

Operational Predictive Maintenance Market is segmented into:

*Detailed segments are available on the report page