According to a new report published by Reports Monitor titled, “Predictive Maintenance Market by Type, Property & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Predictive Maintenance Market was valued at XX million in 2016 and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North America accounts to have the largest market share owing to the presence of a more number of solution and service vendors.
The servicing of equipment when it is projected that service is required, within a certain tolerance is termed as predictive maintenance (PdM). It is mainly used in railroads, industrial equipment, manufacturing plants and oil & gas processing.
Organizations which are operating with very huge and unsafe machineries use predictive maintenance to confirm employee’s safety which lift the growth of the market. The factor responsible to drive the market includes reduction in operational costs which is related to repair or replacement of the machine or equipment. Furthermore, the other elements which give rise to the growth of the market are growing demand for transforming maintenance, helps in decision-making and growing operational efficiency. However, there are diverse factors which can hinder the growth of the market such as inadequate training, and lack of trust in predictive maintenance technologies. Additionally, there are number of challenges in the market such as adequate and structured data collection, challenges to support large range of complex equipment. Growing demand for real-time streaming analytics and demand from small and medium enterprises are the opportunities that can strengthen the growth of the market.
On the basis of segmentation, the market is bifurcated into component, deployment type, organization size, end-user, and region.
According to the component segment, the market is divided into solution and services.
According to deployment type segment, the market is categorized into cloud and on-premises.
Based on the organization size of the market, it is classified into small & medium sized enterprises and large enterprises.
Based on end-user, the market is categorized into government, aerospace & defense, healthcare, manufacturing, and others.
Key Question Answered:
•What will be the market size in 2025 and at what rate it will grow?
•Who are the major key players in global predictive maintenance market and what are their strategies?
•Which vertical industry is expected to show major growth?
•What segment and region will lead the market and why?
The major companies in the report include: General Electric Company, Siemens AG, Microsoft Corporation, International Business Machines (IBM) Corporation, Thales S.A., Emerson Electric Co., Bosch Software Innovations GmbH, Dell Technologies, Inc., Honeywell International, Inc., Rockwell Automation, Inc., Schneider Electric, Software AG. For instance, in January 2018 it was stated that the Schneider Electric SE is connecting oil pumps to the internet, with the intention of gathering data that can be used for advanced services such as predictive maintenance.
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