Press release
Predictive Maintenance Market is estimated to grow at a CAGR of 28.4% during 2016 to 2021 IBM (U.S.), SAP SE (Germany), Software AG (Germany), General Electric (U.S.), Robert Bosch (Germany), Rockwell Automation (U.S.), PTC (U.S.), Warwick Analytics (U.K.
The predictive maintenance market is expected to grow from USD 1,404.3 Million in 2016 to USD 4,904.0 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 28.4% during the forecast period.
Predictive Maintenance Market Overview:
Predictive maintenance helps to recover multiple data sources in real time to determine the state of the equipment in service and to detect quality problems and asset failures. The growing demand for big data, the Internet of things and the growing desire of companies to reduce their operating costs are the main drivers of growth in the predictive maintenance market.
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Predictive Maintenance Market Drivers and Restraints:
The proposed solutions for predictive maintenance have been the driving force of growth in this market. Among the various services offered for predictive maintenance, systems integration and consulting services should be the main driver of market growth. The adoption of predictive maintenance has increased in a variety of sectors, including government, aerospace and defense, energy and public services, manufacturing, health, transportation and transport. Logistics, due to its ability to predict asset failures and reduce operating costs. North America is the largest market for predictive maintenance due to the presence of a large number of service and solution providers in the region.
The predictive maintenance market is expected to grow in the coming years, as many organizations opt for this technology. The key drivers of growth in the industry include the growing demand for large data and the Internet of Things, as well as the growing concern of organizations to reduce operating costs and asset maintenance. Adoption of solutions such as predictive maintenance helps organizations reduce downtime, reduce operation and maintenance costs by identifying the types of failures and minor anomalies in processes, and accurately predict asset failures so they can be taken out of production.
Predictive Maintenance Market Geographical Analysis:
In North America, the US market is expected to experience the greatest growth during the forecast period due to the growing demand for better process monitoring and the presence of a large number of suppliers’ solutions and services for predictive maintenance. Due to the growing growth of heavy machinery and machinery industries in Asia-Pacific, the region represents a significant potential for this market. In addition, the large investments of companies in countries such as China, India, Japan and South Korea in their production facilities increase the demand for predictive maintenance. However, the lack of operator training and the shortage of experts can play an important role in the predictive maintenance market.
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Predictive Maintenance Market Key Players:
Bosch Software Innovations GmbH, Augury Systems, Fluke Corporation, Dell, Inc., Hitachi, Ltd., General Electric Company, IBM Corporation, Honeywell International, Inc., Rapidminer, Inc., PTC., Inc., Rockwell Automation, Inc., and SAP SE. are the prominent players of the market.
Predictive Maintenance Market Segmentation:
By Component
• Introduction
• Solutions
• Services
By Deployment Size
• Introduction
• Cloud
• On – Premises
By Organization
• Introduction
• Small and Medium Enterprise
• Large Enterprise
By Vertical
• Introduction
• Government
• Aerospace and Defense
• Energy and Utilities
• Manufacturing
• Healthcare
• Transportation and Logistics
• Others
Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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