Press release
Predictive Maintenance Market Size Estimated To Grow At 27.54% CAGR By 2023-2028
Predictive Maintenance Market 2023-2028
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Predictive maintenance is a maintenance strategy that uses data analysis and machine learning (ML) techniques to predict equipment failure and maintenance requirements. It aids in reducing unplanned downtime and extending equipment life. It also assists in improving equipment reliability by reducing the frequency and duration of equipment downtime. As a result, predictive maintenance is widely employed in numerous industries, including manufacturing, energy and utilities, aerospace and defense, transportation and logistics, government, and healthcare, across the globe.
Predictive Maintenance Market Trends and Drivers:
The market is primarily driven by the increasing utilization of machine-to-machine (M2M) communication and cloud technology to investigate the information derived from industrial assets. In addition, the rising adoption of the Internet of things (IoT), artificial intelligence (AI), cloud computing, and machine learning (ML) for analyzing crucial data represents another growth-inducing factor.
Furthermore, the growing applications of predictive maintenance in tomography, mammography, and X-ray, to enhance operational efficiencies and decision-making capabilities are propelling the market growth.
Moreover, the rising investments in predictive maintenance, owning to its ability to predict equipment failure and extend the lifespan of industrial machinery, are also creating a positive market outlook across the globe.
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Global Predictive Maintenance Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Asystom, C3.ai Inc., General Electric Company, Google LLC (Alphabet Inc.), Hitachi Ltd., International Business Machines Corporation, Microsoft Corporation, PTC Inc., SAP SE, Software AG, Tibco Software Inc. and Uptake Technologies Inc.
The report has segmented the market on the basis of region, component, technique, deployment type, organization size and industry vertical.
Breakup by Component:
• Solution
• Service
Breakup by Technique:
• Vibration Monitoring
• Electrical Testing
• Oil Analysis
• Ultrasonic Leak Detectors
• Shock Pulse
• Infrared
• Others
Breakup by Deployment Type:
• Cloud-based
• On-premises
Breakup by Organization Size:
• Small and Medium-sized Enterprises
• Large Enterprises
Breakup by Industry Vertical:
• Manufacturing
• Energy and Utilities
• Aerospace and Defense
• Transportation and Logistics
• Government
• Healthcare
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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