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2023 Predictive Maintenance Global Market - Recent Developments, Segmented Data And Business Operation Data Analysis By 2032 | Microsoft, IBM, SAP, SAS Institute, Software AG
Predictive Maintenance Global Market
Predictive Maintenance Market Size, Growth Rate, And Forecast
The global predictive maintenance market size grew from $5.82 billion in 2022 to $7.54 billion in 2023 at a compound annual growth rate (CAGR) of 29.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The predictive maintenance market size is expected to grow to $20.92 billion in 2027 at a CAGR of 29.1%.
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Predictive Maintenance Market Drivers
The growing demand to reduce maintenance costs, equipment failure and downtime is significantly contributing to the growth of the predictive maintenance market. Equipment downtime refers to the duration in which particular equipment is not in operation due to unplanned equipment failure. Frequent equipment failure and unplanned downtime of large equipment are hampering the business operations due to a temporary halt of production activities, idle staff time, financial penalties, and others.
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Predictive Maintenance Market Segments
• By Component: Solutions, Service
• By Deployment Mode: On-premises, Cloud
• By Stakeholder: MRO, OEM/ODM, Technology Integrators
• By Application: Heavy Machinery, Small Machinery, Other Applications
• By End User: Aerospace & Defense, Automotive & Transportation, Energy & Utilities, Healthcare, IT & Telecommunication, Manufacturing, Oil & Gas, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Predictive Maintenance market.
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Predictive Maintenance Market Key Players
Major competitors in the Predictive Maintenance market include Microsoft, IBM, SAP, SAS Institute, Software AG, TIBCO Software, GE, Schneider Electric, PTC, C3 AI Inc., Uptake Technologies Inc., Asystom, Engineering Consultants Group Inc., HPE, Altair, Splunk, Oracle, Hitachi
The Business Research Company's "Global Predictive Maintenance Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Predictive Maintenance Market Include:
1. Executive Summary
2. Predictive Maintenance Market Characteristics
3. Predictive Maintenance Market Trends And Strategies
4. Predictive Maintenance Market - Macro Economic Scenario
5. Predictive Maintenance Market Size And Growth
………
28. Key Mergers And Acquisitions In The Predictive Maintenance Market
29. Predictive Maintenance Market Future Outlook and Potential Analysis
30. Appendix
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