The Worldwide Predictive Maintenance Industry is Expected to Reach $15.9 Billion by 2026 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Predictive Maintenance Market with COVID-19 Impact Analysis By Component (Solutions, Services), Deployment Mode (On-premises, Cloud), Organization Size (Large Enterprises, SME), Vertical and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The predictive maintenance market size to grow from USD 4.2 billion in 2021 to USD 15.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period.
Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of predictive maintenance technologies and services.
The cloud segment to have the highest CAGR during the forecast period
By deployment mode, the predictive maintenance market has been segmented into on-premises and cloud. The CAGR of the cloud deployment mode is estimated to be the largest during the forecast period. Cloud-based services are provided directly through the cloud-deployed network connection. Cloud-based platforms are beneficial for organizations that have strict budgets for security investments. The cloud deployment mode is growing, as cloud-based predictive maintenance solutions are easy to maintain and upgrade.
The SMEs segment to hold higher CAGR during the forecast period
The predictive maintenance market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period. These enterprises are early adopters of predictive maintenance solutions. They are faced with the troublesome task of effectively managing security because of the diverse nature of IT infrastructure, which is complex in nature.
Among regions, APAC to hold highest CAGR during the forecast period
The predictive maintenance market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of maintenance technologies to have a competitive advantage over the established players. Predictive maintenance vendors in this region focus on innovations related to their product line. China, Japan, India, and Bangladesh have displayed ample growth opportunities in the predictive maintenance market.
Market Dynamics
Drivers
- Increasing Use of Emerging Technologies to Gain Valuable Insights
- Advent of Ml and Ai
- Growing Need to Reduce Maintenance Cost, Equipment Failure, and Downtime
Restraints
- Lack of Skilled Workforce
- Data Security Concerns
Opportunities
- Rising Internet Proliferation and Growing Usage of Connected and Integrated Technologies
- Real-Time Condition Monitoring to Assist in Taking Prompt Actions
- COVID-19 Pandemic Increasing the Need for Remote Monitoring and Management of Assets and Business Processes
Challenges
- Frequent Maintenance and Upgradation Requirement to Keep the Systems Updated
- Ownership and Privacy of Collected Data
Company Profiles
- Microsoft
- Ibm
- Sap
- Sas Institute
- Software Ag
- Tibco Software
- Hpe
- Altair
- Splunk
- Oracle
- Aws
- Ge
- Schneider Electric
- Hitachi
- Ptc
- Rapidminer
- Opex Group
- Dingo
- Factory5
For more information about this report visit https://www.researchandmarkets.com/r/yf7apj
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