Predictive Maintenance Market Giants Spending is going to Boom | Microsoft, General Electric, Schneider Electric, Hitachi, Software AG

Predictive maintenance (PdM) is a process used to monitor equipment during an operation with the purpose to identify any deterioration. It helps to plan maintenance schedules and reduce operational costs. In addition, data about previous breakdowns is used as a model when failures are likely to occur. This, in turn, helps to arbitrate a condition at the same time as sensors detect it. PdM techniques are used to identify the time when an in-service equipment requires maintenance to avoid expensive operational disruptions caused due to equipment failures. Increase in adoption of industry 4.0 and growth of the manufacturing industry drive demand for predictive maintenance solutions.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

Increase in need to improve uptime of an asset and reduce cost, growth in investments of predictive maintenance, owing to adoption of IoT, and rise in need to extend lifetime of aging assets drive growth of the global predictive maintenance market. Further, increase in need to gain insights from adoption of new technologies boosts growth of the predictive maintenance market. However, difficulty in implementation and data security concerns hamper the market growth. Furthermore, adoption of advanced technologies such as machine learning, integration of predictive maintenance with IIoT, and growth in need for remote monitoring and asset management post COVID-19 pandemic is anticipated to fuel growth of the predictive maintenance market.

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The global predictive maintenance market is segmented on the basis of component, deployment, technique, stakeholder, industry vertical, and region. By component, it is bifurcated into solution and service. According to deployment, it is classified into cloud and on-premise. Further, by technique, it is divided into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. By stakeholder, it is classified into MRO, OEM/ODM, and technology integrators. On the basis of industry vertical, it is classified into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, government, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the Global Predictive Maintenance Market along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analyses on the market size is provided in the report.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the Global Predictive Maintenance Market from 2019 to 2027 is provided to determine the market potential.

KEY MARKET PLAYERS
- IBM Corporations
- Microsoft
- SAP SE
- General Electric
- Schneider Electric
- Hitachi
- PTC
- Software AG
- SAS
- Engineering Consultants Group, Inc.
- Expert Microsystems, Inc.
- SparkCognition
- C3.Ai
- Uptake Technologies Inc.
- Fiix Inc.
- Opeational Excellence (Opex) Group Ltd
- TIBCO Software Inc.
- Asystom
- Sigma Industrial Precision
- Reliability Solutions Sp. zo.o.

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KEY MARKET SEGMENTS
By Components:
- Solution
- Service

By Technique:
- Vibration Monitoring
- Electrical Testing
- Oil Analysis
- Ultrasonic Leak Detectors
- Shock Pulse
- Infrared
- Others

By Deployment Type:
- Cloud
- On-premise

By Stakeholder:
- MRO
- OEM/ODM
- Technology Integrators

By Industry Vertical:
- Manufacturing
- Energy & utilities
- Aerospace & Defense
- Transportation & logistics
- Government
- Healthcare
- Others

By Region:
- North America
- Europe
- Asia-Pacific
- LAMEA

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