The global operational predictive maintenance market is expected to grow at an anticipated CAGR of 26.16% for the forecast period 2023-2030. It is being widely used in the detection of failure patterns to determine operational processes and assets efficiency that are at great risk of failure. Deployment of operation predictive maintenance software enhances supply chain process, quality and boosts current equipment uptime. This is the major factor for the deployment of this software and for the revenue growth in global operational predictive maintenance market. However, the market has evidenced adverse impact due to spread of Covid 19, which led to lockdowns across the globe. The pandemic apart from disrupting the productions and logistics activities across the industries, also led to decline in IT spending. For instance, the ICT spending in 2020 at global level declined by approximately 5% due to Covid 19.  Such key impeding factors post covid 19 are also covered in the report.

Adoption of New Technologies to Boost the Market, However, Human Skills Remain Irreplaceable

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. Furthermore, adoption of new technologies has led to development of new innovative products and services and will significantly contribute towards the growth of the market. However, deployment of these solution requires additional professional knowledge that requires training and which is currently far behind, this factor is hampering the growth in the market. Predictive maintenance software is totally dependent upon both technology and human skills. In predictive maintenance, technician engineers and analysts all plays a major role to interpret the data and analyse it. Hence scarcity of skilled staff and lack of training provided to the operators is the major challenge faced by industries in adopting operational predictive maintenance.  There are few other restraints aspects such barriers in adopting new technology and challenge faced by the conventional industry to implement operational predictive maintenance and to make it integral part of the manufacturing process, are obstructing the potential of global operational predictive maintenance market.

Solution Revenues Overtake That of Service Revenues

In terms of market segments, the global operational predictive maintenance market is segregated by component, application industry and deployment type. On the basis of components, the market is again segmented by solution and services; solution holds 56% of the total market and services contains 44% of the market in 2021. 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. Solution comprises the software and hardware part and services contains deployment part i.e. the human intervention in the market.

Automotive remains The Current Market However, Healthcare is The Future

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. The 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. Transport and logistics and energy utilities are the two segments yet to gain their pace for growth globally, but in some part of developed geographies, their involvement with big data and analytics is improving them to work more efficiently, which will ultimately increase their output and reduce the cost.  

North America’s Takes the Lions Share, APAC to Evidence Highest Growth

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 the 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. Out of all the application industry healthcare is seems to be largely accepting the predictive maintenance solution in the coming years, and this is only because they just cannot afford to have any kind of break down in their regular process, as in can cost them with difficulties in saving human lives.

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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Operational Predictive Maintenance market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Operational Predictive Maintenance market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Operational Predictive Maintenance market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Operational Predictive Maintenance market?
• Which is the largest regional market for Operational Predictive Maintenance market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Operational Predictive Maintenance market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Operational Predictive Maintenance market worldwide?