CHICAGO, July 20, 2020 /PRNewswire/ -- According to a new market research report "Predictive Maintenance Market by Component (Solutions and Services), Deployment Mode, Organization Size, Vertical (Government and Defense, Manufacturing, Energy and Utilities, Transportation and Logistics), and Region - Global Forecast to 2025", published by MarketsandMarkets, the global Predictive Maintenance Market size is expected to grow from USD 4.0 billion in 2020 to USD 12.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 25.2% during the forecast period. The major factors fueling the market growth include the increasing use of emerging technologies to gain valuable insights, and growing need to reduce maintenance cost and downtime. The real-time condition monitoring to assist in taking prompt actions would add value to the predictive maintenance offering and provide opportunities in the Predictive Maintenance Market.
Browse in-depth TOC on "Predictive Maintenance Market"
324 - Tables
55 - Figures
284 - Pages
Request for PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=8656856
Predictive maintenance companies are witnessing a slowdown due to the global lockdown and lack of workforce. Lockdown restrictions are being an impediment predictive maintenance solutions and service providers; as they are not able to travel to client facilities to perform asset health analysis, service providers cannot offer their services. Consequently, many manufacturers who rely on these services to maintain the health of process critical assets are helpless and thus face a high risk of costly downtime during these unprecedented times. To address this problem, predictive maintenance service providers need to adapt quickly. Smart sensors are readily available tools that can provide a remote view into client assets which in turn eliminates the immediate need to travel to a facility. This could be an effective solution for solutions and service providers, which would help them maintain some level of visibility into the assets they are servicing while maintaining the social distance needed to prevent the spread of COVID-19.
The government and defense segment to hold a larger market size during the forecast period
The Predictive Maintenance Market is segmented on the basis of verticals. The verticals include government and defense, manufacturing, energy and utilities, transportation and logistics, healthcare and life sciences, others (agriculture, telecom, media, and retail). The government and defense segment is expected to grow at a rapid pace in the coming years in the Predictive Maintenance Market. It is one of the leading vertical in Predictive Maintenance Market due to the increasing need to automate the defense system.
Among services, the managed services segment to grow at a higher CAGR during the forecast period
The Predictive Maintenance Market is segmented on the basis of services into two categories, namely, professional services and managed services. Increasing demand of thirs-party companies to handle IT infrastructure would drive the growth of managed services. A professional service is further segmented into three categories, namely, system integration, support and maintenance, and consulting services. The support and maintenance services segment is expected to grow at a rapid pace during the forecast period, as support and maintenance services provide industrial customers with support, maintenance, and infrastructure management for effectively developing maintenance and safety strategies. The vendors in this market offer services to industrial customers or end-users so that they can effectively manage and deploy predictive maintenance solutions.
North America to hold the largest market size during the forecast period
North America is the largest revenue contributor to the global Predictive Maintenance Market. The region is witnessing significant developments in the Predictive Maintenance Market. Many predictive maintenance solution providers in North America are experimenting in the Predictive Maintenance Market by integrating IoT, AI, and ML functionalities with their existing predictive maintenance solutions. They are also adopting various growth strategies to strengthen their positions in the market. APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The commercialization of the IoT technology and need for further advancements to leverage its benefits to the maximum are expected to drive the adoption of predictive maintenance solutions in the region.
Speak to Analyst:
https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=8656856
Major vendors in the global Predictive Maintenance Market include IBM (US), Microsoft (US), SAP (Germany), Hitachi (Japan), PTC (US), GE (US), Schneider Electric (France), Software AG (Germany), SAS (US), TIBCO (US), C3 IoT (US), Uptake (US), Softweb Solutions (US), Asystom (France), Ecolibrium Energy (India), Fiix Software (Canada), OPEX Group (UK), Dingo (Australia), Sigma Industrial Precision (Spain), Google (US), Oracle (US), HPE (US), AWS (US), Micro Focus (US), Splunk (US), Altair (US), RapidMiner (US), and Seebo (US).
Browse Adjacent Markets: Analytics Market Research Reports & Consulting
Related Reports:
Energy and Utilities Analytics Market by Component (Solutions and Services), Deployment Mode, Organization Size, Application (Upstream, Midstream, and Downstream), Vertical (Energy and Utilities), and Region - Global Forecast to 2025
https://www.marketsandmarkets.com/Market-Reports/energy-analytics-utility-market-993.html
AI in IoT Market by Component (Platforms, Software Solutions, and Services), Technology (ML and Deep Learning, and NLP), Vertical (Transportation and Mobility, Energy and Utilities, Manufacturing, and Retail), and Region - Global Forecast to 2024
https://www.marketsandmarkets.com/Market-Reports/ai-in-iot-market-43388726.html
About MarketsandMarkets
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' flagship competitive intelligence and market research platform, "Knowledge Store" 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.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/operational-predictive-maintenance-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/operational-predictive-maintenance.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
