Predictive Maintenance Market Size – $ 2.94 Billion in 2019, Market Growth – 28.9% CAGR, Increased Implementation of Predictive Maintenance Solutions for
NEW YORK, NY, USA, October 27, 2021 /EINPresswire.com/ – Growing need for analytics tools to derive actionable insights from collected data, reduce computation time enabling more action plan fast and increased efficiency, decreased operation and maintenance costs and asset downtime, constant research and innovation are some of the factors driving the market.
According to Reports and Data’s current analysis, the global predictive maintenance market was valued at $ 1.90 billion in 2019 and is expected to reach $ 21.20 billion by 2027, with a CAGR of 28.9%. The study provides an overall overview of factors responsible for the growth of the Predictive Maintenance Market. Due to increasing urbanization and digitalization across the world, end-user sectors such as manufacturing, healthcare and transportation have grown and now depend on technology-driven systems to function. Predictive maintenance is one such technique widely used by organizations in these industries. These autonomous systems help in the collection and analysis of raw data on the performance factors of the various operations carried out in these industries. They help predict the failure time of different components of a machine, which helps prevent complete failure and reduce maintenance time. The growing need for analytical tools to derive actionable insights from collected data, reduce computation time allowing for a faster action plan and increased efficiency as well as lower operating and maintenance costs and Asset downtime are the factors driving the growth of the predictive maintenance market
The growth of the predictive maintenance market is expected to be held back due to the low awareness of the use of predictive maintenance and the high operation and maintenance costs of these predictive maintenance systems. It is anticipated that in-depth research and development funded by various companies and governments would help overcome this challenge and turn it into an opportunity for the predictive maintenance market to thrive. The paramount importance of confidentiality and secrecy in the operation of many public and private companies is expected to increase the size of the predictive maintenance market. Companies in the market are adopting various growth strategies to expand their offerings in the market. This includes new product development, mergers and acquisitions, partnerships, agreements and business expansions. Predictive maintenance solutions provide many benefits to businesses, such as lower maintenance costs, reduced machine breakdowns, reduced downtime for repairs, reduced stock of spare parts, increased production, verification repairs, longer parts life and improved operator safety.
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The main participants are IBM, Microsoft, SAP, GE, Schneider Electric, Hitachi, PTC, Software AG, SAS and TIBCO.
Other key findings from the report suggest
â¢ The predictive maintenance market is growing at a CAGR of 3% in Asia Pacific, followed by North America and Europe. Amount of data being generated from multiple touchpoints in developing countries such as India, China and Singapore to gain actionable insights is driving the solutions market in the APAC region
â¢ Growing adoption of integrated solution with multiple capabilities for data classification, data analysis, reporting, storage and security to drive the market for predictive maintenance solutions.
â¢ Large companies are investing heavily in on-site deployment of predictive maintenance systems as this helps them to have full control over the confidential data collected through the use of these systems. This should help the market to develop further.
â¢ Small and medium-sized businesses are turning to the use of predictive maintenance systems using cloud computing services. This should complement the growth of the market.
â¢ Cloud deployment offered multiple benefits such as flexibility, availability, low cost implementation, enhanced security, scalability, and flexible subscription models. These Benefits Drive Cloud Deployment in the Predictive Maintenance Market
â¢ Governments and the defense sector are expected to hold a relatively higher CAGR, as predictive maintenance has become an essential part of operations in the defense sector.
â¢ In February 2019, PTC introduced the upgraded version of its ThingWorx Industrial Internet of Things (IIoT) solution platform. PTC has upgraded its platform with the introduction of new features that include Operator Advisor, which is designed to increase the productivity of factory workers using critical operational data.
â¢ In August 2019, Cisco acquired a customer experience management company based on predictive analytics; Cloudcherry is Cisco’s step to complement its cognitive contact center solutions using predictive maintenance and analytics capabilities
To identify key industry trends, click on the link below: https://www.reportsanddata.com/report-detail/predictive-maintenance-market
Segments covered in the report
For the purpose of this report, reports and data have segmented the predictive maintenance market on the basis of component type, deployment type, size type, application, and region:
Component Type (Revenue USD Million; 2017-2027)
Type of Deployment (Revenue USD Million; 2017-2027)
On the site
Size Type (Revenue USD Million; 2017-2027)
Small and medium enterprises
Application (Revenue USD Million; 2017-2027)
Energy and utilities.
Government & Defense
Regional Outlook (Revenue USD Million; 2017-2027)
Middle East and Africa
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The market report includes the main points from the table of contents:
â¢ Overview of the predictive maintenance market
â¢ Global economic impact on industry
â¢ Competition in the world market by manufacturers
â¢ World production, income (value) by region
â¢ Global supply (production), consumption, export, import by regions
â¢ World production, revenue (value), price trend by type
â¢ Global Market Analysis by Application
â¢ Analysis of manufacturing costs
â¢ Industrial chain, sourcing strategy and downstream buyers
â¢ Analysis of the marketing strategy, distributors / traders
â¢ Analysis of market effect factors
â¢ Predictive maintenance market forecast
To conclude, all aspects of the Predictive Maintenance Market are quantitatively and qualitatively assessed to study the Global as well as regional market comparatively. This market research presents critical information and factual data about the market, providing an overall statistical study of this market on the basis of market drivers, its limitations and future prospects.
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