Middle East and Africa Predictive Maintenance Market to Grow at a CAGR of 14.7% to reach US$ 1,723.02 Million from 2020 to 2027

The predictive maintenance market in MEA is expected to grow from US$ 580.02 million in 2019 to US$ 1,723.02 million by 2027; it is estimated to grow at a CAGR of 14.7% from 2020 to 2027.

The South Africa, Saudi Arabia, and UAE are major economies in MEA. Reduction in maintenance cost and downtime has gained momentum over the past few years. To analyze IoT data, companies support AI (artificial intelligence) and ML (machine learning) technologies to achieve incredible precision, accuracy, and speed over traditional business intelligence tools. With the advent of predictive maintenance, businesses can make operational predictions up to 20 times faster and more accurate than threshold-based surveillance systems. Unplanned downtimes resulting from equipment breakdown can cause huge revenue loss in various industries, such as manufacturing and oil & gas. AI-based IoT (internet of things) solutions offer predictive maintenance applications for enterprises to predict equipment failures in advance. Predictive maintenance-based solutions help companies identify patterns for predicting equipment failure in constant data streams. Due to the growing awareness among manufacturing industry managers about maintenance operations and the need to reduce downtime, the demand for predictive maintenance solutions has significantly increased. Managers in manufacturing companies are continually improving equipment maintenance processes in their manufacturing facilities and finding methods that can reduce faulty operations and increase process benefits. Thus, the growth in the reduction in maintenance cost and downtime is expected to create a significant demand for predictive maintenance in the coming years, which is further anticipated to drive the market in MEA.

In the MEA region, South Africa has the highest number of COVID-19 confirmed cases, and Saudi Arabia and UAE follow it among other countries. The MEA region is expected to witness a significant impact of COVID-19 during the next quarter due to the non-availability of retailers, suppliers, online and authorized sales representatives, and manufacturers. As most countries are exercising lockdowns, the demand for predictive maintenance decreases at a prominent rate. This is due to industrial shutdowns. The region is projected to register a swift decline in their supply of predictive maintenance components and have halted their production activities and subsequently disrupting the importing of parts and equipment. The continuity of the COVID-19 spread would also be severely dangerous for Middle East and Africa predictive maintenance market players.

With the new features and technologies coming in MEA predictive maintenance market, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA predictive maintenance market. The MEA predictive maintenance market is expected to grow at a good CAGR during the forecast period.

MEA Predictive Maintenance Market Segmentation

MEA Predictive Maintenance Market – By Component

• Solution
• Services

MEA Predictive Maintenance Market – By Deployment Type

• Cloud
• On-premise

MEA Predictive Maintenance Market – By Technique

• Vibration Monitoring
• Electrical Testing
• Oil Analysis
• Ultrasonic Leak Detectors
• Shock Pulse
• Infrared
• Others

MEA Predictive Maintenance Market – By Industry

• Manufacturing
• Energy & Utilities
• Aerospace & Defense
• Transportation & Logistics
• Others

MEA Predictive Maintenance Market - By Country

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

MEA Predictive Maintenance Market – Company Profiles

• Hitachi, Ltd.
• IBM Corporation
• Microsoft Corporation
• TIBCO Software Inc.
• Schneider Electric SE
• SAS Institute Inc.
• General Electric Company

Middle East and Africa Predictive Maintenance Report Scope