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Operational Predictive Maintenance Market Segmented By Software and Service Component in On-Premise and Cloud Deployment Model with Machine Learning, Deep Learning, Big Data and Analytics Technology
The predictive maintenance market for manufacturing industry has witnessed an upsurge in the past four years with the introduction of advanced technologies such as Big Data & analytics, machine learning, deep learning, and artificial intelligence. As a result of the increasing adoption of these advanced technologies, a transition from on-premise deployment models to cloud is witnessed in the global predictive maintenance market for manufacturing industry.
In this report, PMR has segmented the global predictive maintenance market for manufacturing industry on the basis of component type, deployment model, technology (qualitative), and region. By component type, predictive maintenance market for manufacturing industry is subsegmented into software and services. The services subsegment of the global predictive maintenance market for manufacturing industry is further segmented into consulting, training, implementation & integration, and support. In addition, the services segment is expected to witness an incremental opportunity of US$ 940.5 Mn from 2018 to 2026.
According to the PMR analysis of the global predictive maintenance market for manufacturing industry, as the adoption of software increases, a corresponding increase in the demand for services is expected to be witnessed, especially during the latter half of the forecast period.
During the initial phase of the global predictive maintenance market for manufacturing industry, the consulting and implementation & integration segments are expected to witness higher demand. However, as time progresses, higher demand for the support and maintenance segment is expected in the global predictive maintenance market for manufacturing industry.
Initiatives undertaken by the government to enhance the efficiency of manufacturing pants/machines, transition from on-premise to cloud, increasing awareness among end-users, and high growth opportunities across developing countries are likely to boost the global predictive maintenance market for manufacturing industry.
Based on the deployment model, the predictive maintenance market for manufacturing industry is subsegmented into on-premise and cloud. In 2017, on-premise segment is expected to dominate the predictive maintenance market for manufacturing industry. However, the cloud segment is expected to exhibit a higher double-digit growth rate during the forecast period in the global predictive maintenance market for manufacturing industry owing to the increasing demand for adopting cloud technology across all the regions.
The deployment of the predictive maintenance market for manufacturing simplifies the integration of advanced technologies with the software and, furthermore, assists in the global advent of Industry 4.0. Increasing awareness about the advantages associated with the deployment of predictive maintenance over cloud is another boosting factor expected to impel the growth of the segment in the global predictive maintenance market for manufacturing, in terms of value, during the forecast period.
Besides this, predictive maintenance market for manufacturing industry report also includes the qualitative analysis of the integration of machine learning, deep learning, and Big Data & analytics with predictive maintenance and the opportunity associated in the future as the adoption of the resultant solution increases in the market. At the global level, the maximum adoption of the aforementioned integrated solution is witnessed among the North American and European manufacturing companies.
On the basis of geography, the predictive maintenance market for manufacturing industry is segmented into various regions, which include North America, Latin America, Europe, China, Japan, SEA & Others of APAC, and the Middle East & Africa.
North America predictive maintenance market for manufacturing industry is expected to dominate the global predictive maintenance market for manufacturing industry due to the large presence of solution providers, availability of resources for offering advanced solutions, and the maximum penetration of Industry 4.0 in the region. Moreover, the predictive maintenance market for manufacturing industry has high potential in SEA & Others of APAC and China owing to the presence of numerous manufacturing companies and increasing adoption of advanced technologies to increase the efficiency associated with the same in the region.
According to PMR analysis, some of the recent trends in the global predictive maintenance market for manufacturing industry include increasing investments by manufacturers for adopting advanced solutions with an intention of enhancing the efficiency associated with their manufacturing plants, initiatives by regional researchers for offering advanced solutions in that respective region, and mergers & acquisitions by solution providers for strengthening their position in the global predictive maintenance market for manufacturing industry.
Some of the key participants in the global predictive maintenance market for manufacturing industry report include IBM Corporation, Software AG, SAS Institute Inc., PTC Inc., Schneider Electric, Rockwell Automation, eMaint, Robert Bosch GmbH, SAP SE, and General Electric.
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