MarketsandMarkets forecasts the predictive maintenance market size to grow from USD 3.0 billion in 2019 to USD 10.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 28.8% during the forecast period. The predictive maintenance market is expected to grow due to the increasing use of emerging technologies to gain valuable insights.
Predictive maintenance comprises the IoT technology infused with AI, thus providing users with an advanced system to derive useful insights and sensible decisions out of a considerable amount of data generated by IoT devices. The predictive maintenance offerings encompass various components, including solutions and services. The users are adopting IoT technology to get rich insights and put those insights into action for future advancements.
The predictive maintenance market, by component, is segmented into solutions and services. The services segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand for predictive maintenance services to help clients achieve strategic business goals through technical and professional improvements. The predictive maintenance services include system integration, support and maintenance, and consulting services. Support and maintenance services help in upgrading to predictive maintenance solutions and assistance for solving issues in products, among other functions.
The predictive maintenance market by deployment mode has been segmented into two segments, namely, cloud and on-premises. The cloud deployment mode segment is expected to grow at a higher CAGR during the forecast period, majorly due to the increasing focus on analyzing all streaming data generated from different IoT devices in real-time.
The government and defense vertical is expected to account for the largest market size during the forecast period. The growing need to adopt predictive maintenance solutions to automate the defense system is paving the way for the government and defense vertical to prefer predictive maintenance solutions. Predictive maintenance holds enormous potential to optimize the defense and safety activities in the government and defense vertical. The energy and utilities vertical is expected to grow at the highest growth rate during the forecast period, majorly due to the rising demand of power-usage analytics applications.
North America is expected to account for the largest market size during the forecast period. The region is witnessing significant technological advancements in the predictive maintenance space due to the presence of prominent predictive maintenance vendors. The growth of the region can also be attributed to the growing focus on research and increasing investments. APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The commercialization of the IoT technology and need for further advancements to leverage its benefits to the maximum are expected to drive the adoption of predictive maintenance solutions in the region.