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Detailed examination of the Global predictive maintenance market estimated to grow at a CAGR of 29.1% by 2024

Detailed examination of the Global predictive maintenance market estimated to grow at a CAGR of 29.1% by 2024

Global Predictive Maintenance Market, By Geography; Component (Solutions, Services {System Integration, Maintenance & Support, Consulting Services}); Organization Size (Small & Medium Enterprises (SMEs), Large Enterprises); Deployment Type (Cloud, On-Premises); Vertical – Industry Trends and Forecast to 2024

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Global Predictive Maintenance Market accounted for USD 1.6 billion in 2016 growing at a CAGR of 29.1% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

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Market Definition: Global Predictive Maintenance Market

The aim of predictive maintenance is to first predict when equipment failure might occur, then to take preventive actions by performing maintenance. It involves testing and monitoring machines to predict machine failures.

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This helps in maximizing device or equipment uptime, enhancing quality. It is widely applicable in government, aerospace and defense, energy and utilities, manufacturing, healthcare, transportation and logistics, and others.

Reduction in operation and maintenance costs may act as major driver in the growth of predictive maintenance market. On the other side, lack of proper training about the technology may hamper the market.

Major Market Drivers & Restraints:

  • Reduction in Operation & Maintenance Costs and Asset Downtime
  • Increasing Demand for Transforming Maintenance
  • Helps in Decision-Making and Increasing Operational Efficiency
  • Big Data and IoT Driving the Market
  • Lack of Training
  • Lack of Trust in Predictive Maintenance Technologies

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The global market is segmented on the basis of component into solutions, and services. The services segment is further sub segmented into system integration, maintenance and support, consulting services.

On the basis of organization size, the global predictive maintenance market is segmented into large enterprises, and small and medium-sized enterprises.

On the basis of deployment type, the global predictive maintenance market is segmented into cloud, and on-premises.

On the basis of vertical, the global predictive maintenance market is segmented into government, aerospace and defense, energy and utilities, manufacturing, healthcare, transportation and logistics, and others.

On the basis of geography, the global Predictive Maintenance market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.

In 2017, North America is expected to dominate the market.

Major Market Competitors: Global Predictive Maintenance Market

Some of the major players of the global predictive maintenance market are Augury, Bosch Software Innovations GmbH, C3 IoT, Dell Inc., Fluke Corporation, General Electric, Hitachi, Ltd., Honeywell International Inc., IBM Corporation, PTC, RapidMiner, Inc., Rockwell Automation, Inc., SAP SE, SAS Institute, Inc., Schneider Electric, Senseye Ltd, SKF, Software AG, Softweb Solutions Inc., T-Systems International GmbH, Warwick Analytics and others.

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