europe predictive maintenance Market

The predictive maintenance market in Europe was valued at US$1,065.40 million in 2019 and is projected to reach US$3,337.67 million by 2027; it is expected to grow at a CAGR of 15.5% from 2020 to 2027.

Unplanned outages can disrupt the production process and cause unsatisfactory results. Such incidences can cause huge financial loss in the manufacturing as well as logistics, and passenger and freight transport industries. For example, in Germany, roughly a quarter of all trains arrive behind schedule. This is a major concern among passengers and freight customers. Studies show that defects in metro, train, etc., leading to unexpected failures, cause more than the one-third of initial delays in rolling stock and infrastructure components. Therefore, growing focus on reducing downtime is supporting the growth of predictive maintenance market in Europe.

Based on deployment, the predictive maintenance market is segmented into cloud and on-premises. The on-premises segment held a larger share of the predictive maintenance market in 2019. The growth is attributed to data privacy concerns associated with cloud infrastructure. The on-premise deployment and operations of predictive maintenance solutions has been a traditional method chosen by many organizations worldwide. As most companies have servers and data centers to effectively run their internal and external software solutions, the preference for this mode is high.   

Different countries in Europe reported different impact of COVID-19, and several countries witnessed a surge in the number of confirmed cases and subsequently attracted stringent as well as longer lockdown period or social isolation. The demand for predictive maintenance software and services decreased in countries such as Italy and Spain owing to the business shutdowns in these countries due to the high number of cases. However, western European countries such as Germany, France, and the UK could fight the pandemic more effectively due to their robust healthcare infrastructure, and the industrial sector in these countries witnessed a comparatively moderate decline in demand for predictive maintenance related software and services.

The overall Europe predictive maintenance market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the predictive maintenance market. The process also serves the purpose of obtaining an overview and forecast for the Europe predictive maintenance market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The respondents participating in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe predictive maintenance market. Hitachi, Ltd.; Software AG; IBM Corporation; Microsoft Corporation; PTC Inc.; Syncron AB; TIBCO Software Inc.; Schneider Electric; SAS; and General Electric Company are among a few players operating in the market in Europe.