Predictive Maintenance Market Expected to Reach USD 31.97 Billion by 2027| Top Key players such as - C3.Ai, Uptake Technologies, Fiix and Asystom .

According to the report published by Allied Market Research, The Predictive Maintenance Market Expected to Reach USD 31.97 Billion by 2027| Top Key players such as - C3.Ai, Uptake Technologies, Fiix and Asystom . These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

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 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.

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Based on component, 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.

Based on deployment, the on-premise segment accounted for nearly three-fifths of the global predictive maintenance market revenue in 2018 and is anticipated to dominate till 2026. To avoid cyber-threats, companies tend to prefer on-premise predictive maintenance solution which, in turn, drives the growth of this segment. At the same time, 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.

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Based on region, North America held the major share in 2019, garnering more than one-third of the global predictive maintenance market, owing to the presence of a large number of solution and service vendors in this region. At the same time, the market across Asia-Pacific would cite the fastest CAGR of 30.3% from 2020 to 2027, due to rapid industrialization in this province.

The global predictive maintenance market analysis includes some of the key market players such as IBM Corporations, Microsoft, SAP SE, General Electric, Schneider Electric, Hitachi, PTC, Software AG, SAS, Engineering Consultants Group, Inc., Expert Microsystems, Inc., Spark Cognition, C3.Ai, Uptake Technologies Inc., Fiix Inc., Operational Excellence (Opex) Group Ltd, TIBCO Software Inc., Asystom , Reliability Solutions Sp. zo.o. and Sigma Industrial Precision.

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Impact of Covid-19 on Predictive Maintenance Market:

• Shortage of employees, disrupted supply chain, and increase in demand for various goods during the pandemic prompted organizations to take special care of their manufacturing equipment to escalate the output. This, in turn, led way to rise in demand for predictive maintenance solutions across the globe.

• Many enterprises have started using smart sensors, artificial intelligence systems, and other IIoT solutions to keep a tab on the efficiency of vital machinery used in them manufacturing procedure to evade costly production downtimes.

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