Predictive Maintenance Market Outlook 2020: Record High Markets Ahead

The need to improve uptime of equipment and increase in investment on predictive maintenance fuel the growth of the global predictive maintenance market. On the other hand, lack of skilled staff, difficulties in implementation, and data privacy & security concerns are some of the factors that restrain the growth to a certain extent. However, integration of predictive maintenance with IIoT and use of machine learning are expected to create a number of lucrative opportunities in the near future. According to the report, the global predictive maintenance industry garnered $2.80 billion in 2018, and is estimated to reach $23.01 billion by 2026, growing at a CAGR of 30.2% from 2019–2026. The report also provides a detailed analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive landscape, and wavering market trends.

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The Objective of the "Global Predictive Maintenance Market" report is to depict the trends and upcoming for the Predictive Maintenance industry over the forecast years. Predictive Maintenance Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2019 to 2026 mulling over 2018 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.

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The solution segment contributed to nearly three-fourths of the global predictive maintenance market share in 2018 and is expected to rule the roost during the forecast period. The need to reduce unplanned downtime with optimized maintenance scheduling and failure prevention, make better business decisions to quickly respond for upsurge in demand and emergency situations, maximize throughput by identifying process bottlenecks, reduce defects, and improve product quality with accurate predictive quality and optimized machine performance drive the growth of global predictive maintenance solution market.

The service segment, on the other hand, would grow at the fastest CAGR of 32.9% throughout the study period. Rise in need to train the staffs, and effective utilization of predictive maintenance technology are expected to drive the growth of the segment. the cloud segment would showcase the fastest CAGR of 32.20% by 2026. Direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness of cloud deployment are some of the advantages offered by this model, which are projected to propel the growth.

North America held the major share in 2018, generating more than one-third of the global predictive maintenance market. It is due to the presence of a large number of solution and service vendors in this region. Furthermore, great awareness regarding predictive maintenance measures, its importance and early adoption of technology in this region have also spurred the demand for predictive maintenance in this region. Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 31.90% during the forecast period. Surge in focus on trying innovative solution for achieving optimized output for maintenance of assets is expected to fuel the growth of predictive maintenance market in the region.

Key questions answered in Predictive Maintenance Market research study:

•What is the market growth rate of Predictive Maintenance Market from 2019-2026?

•What will be the global market size of the market from 2019 to 2026?

•Who are the leading global manufacturing companies in the Predictive Maintenance Market?

•What are the major current trends and predicted trends?

•What are the challenges faced in the Predictive Maintenance Market?

•Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?

•Which will be the anticipated growth rates for your own Predictive Maintenance economy altogether and also for every segment inside?

•Which will be the Predictive Maintenance application and types and forecast accompanied closely by producers?

•What are the conclusions of the Predictive Maintenance Market report?

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Frontrunners in the industry

• Microsoft Corporation
• Spark
• Cognition
• SAP SE
• General Electric
• Asystom
• Sigma Industrial
• Schneider Electric
• Hitachi Ltd.
• PTC Inc.
• TIBCO Software Inc.
• SAS Institute Inc.
• Operational Excellence (Opex) Group Ltd.
• Engineering Consultants Group Inc.
• IBM Corporation
• Expert Microsystems, Inc.
• C3.ai, Inc.
• AGUptake Technologies Inc.
• Fiix Inc.

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