The report "Predictive Maintenance Market with COVID-19 Impact Analysis by By Component (Solutions, Services), Deployment Mode (On-premises, Cloud), Organization Size (Large Enterprises, SME), Vertical and Region - Global Forecast to 2026", 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.
Browse 372 market data Tables and 51 Figures spread through 294 Pages and in-depth TOC on "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 - Global Forecast to 2026"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/operational-predictive-maintenance-market-8656856.html
Predictive maintenance is an approach used by enterprises to predict future failure points as well as monitor the condition of an asset in real-time. Besides passive monitoring, the predictive maintenance technique leverages ML algorithms that take critical historical data, such as temperature, pressure, and vibration, as an input, thus providing prediction related to the condition of an asset in real-time. This, in turn, enables enterprises to significantly reduce unplanned machine downtime and decide whether any particular asset needs maintenance. Predictive maintenance ensures the machine is taken for maintenance before it fails, due to which there are minimal losses in production. Traditional maintenance software currently cannot manage these expectations, as these maintenance solutions are reactive and periodic, which might affect the productivity of an enterprise due to unexpected downtime of the asset. Predictive maintenance solutions leverage technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), and big data, to gather meaningful insights from all the data received from the machines, thus helping in taking necessary actions before the breakdown of the asset.
Public Cloud segment to account for a larger market size during the forecast period
Public cloud deployment mode in the predictive maintenance market offers a cloud-based environment and is available to the general public over the internet. It requires minimal investment, no hardware setup, and no infrastructure management. It is a type of virtual network environment wherein various service providers provide cloud-based analytical solutions. Organizations are moving their complex core applications to public cloud due to its compatibility, security, and performance.
Government and Defense vertical to have the largest market size during the forecast period
Government and public institutions are shifting toward a digital mode of operations, with the developed IT infrastructure in place, to improve reliability and efficiency. Government and public authorities are taking various initiatives, such as smart cities and traffic management, to enhance the lifestyle of its citizens and administer the cities. Public sector organizations all over the world have the responsibility of employing high-value assets and operations associated with utilities, public venues, roads, bridges, transit and mobility systems, airports, ports, and public health systems.
APAC to hold higher 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.
The major vendors in the global predictive maintenance market include Microsoft (US), IBM (US), SAP (Germany), SAS Institute (US), Software AG (Germany), TIBCO Software (US), HPE (US), Altair (US), Splunk (US), Oracle (US), Google (US), AWS (US), GE (US), Schneider Electric (France), Hitachi (Japan), and PTC (US).
Don’t miss out on business opportunities in Predictive Maintenance Market. Speak to our analyst and gain crucial industry insights that will help your business grow.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441