New York, US, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Predictive Maintenance Market information by Testing Type, by Components, by Technique and Region – forecast to 2025” market size is expected to expand at 25.60% CAGR to reach USD 37,108.5 Million by 2025.
Competitive Analysis:
The predictive maintenance market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Dominant Key Players on Predictive Maintenance (PdM) Market covered are:
- Microsoft Corporation (US)
- Axiomtek Co. Ltd (Taiwan)
- Oracle Corporation (US)
- IBM Corporation (US)
- XMPro (US)
- RapidMiner (US)
- SAP SE (Germany)
- Hitachi Ltd (Japan)
- C3 IoT (US)
- Comtrade (Ireland)
- Software AG (Germany)
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Predictive Maintenance Market Drivers
Rising Need to Reduce Downtime and Cost for Maintenance to Boost Market Growth
Predictive maintenance provides organizations the ability for making a prediction 20 times faster than threshold based monitoring systems. In industries like industrial manufacturing and oil and gas, downtime costs a large amount of money, due to machine failures. Thus industrial customers are becoming more aware regarding predictive maintenance.
Opportunities
Evolving Technologies to offer Robust Opportunities
Evolving technologies like cloud storage, big data analytics, and internet of things are allowing more industrial equipment and assembly robots in offering condition-based data, making fault-detection practical and easier. Information gathered from this equipment can be turned into meaningful and actionable insights by using such solutions. This will offer robust opportunities to the market over the forecast period.
Restraints
Lack of Skilled Workforce to act as Market Restraint
The lack of skilled workforce may act as market restraint over the forecast period.
Challenges
Concern over Privacy Issues to act as Market Challenge
The concern of companies over privacy issues and data security may act as market challenges over the forecast period.
Browse In-depth Market Research Report (154 Pages) on Predictive Maintenance (PdM) Market:
https://www.marketresearchfuture.com/reports/predictive-maintenance-market-2377
Segmentation of Market Covered in the Research:
The global predictive maintenance market is segmented based on vertical, technique, deployment, testing type, and component.
By component, the hardware segment will lead the market over the forecast period and at a high CAGR.
By testing type, the vibration monitoring segment will dominate the market over the forecast period while the oil and gas segment will grow at a high CAGR.
By deployment, the on-premise segment will spearhead the market over the forecast period while the cloud segment will grow at a high CAGR.
By technique, the traditional techniques segment will have the lions share in the market over the forecast period while the advanced techniques segment will grow at a high CAGR.
By vertical, the manufacturing segment will command the market over the forecast period while the energy and utility segment will grow at a high CAGR.
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Regional Analysis
North America to Head Predictive Maintenance Market
North America will head the market over the forecast period. Technological advances across industries, rapid adoption of advanced technologies especially machine learning, expansion of IoT connectivity, the presence of leading industry players in the region, growing adoption and development of predictive maintenance, increasing investments in emerging technologies like ML, AI, and IoT, increasing presence of predictive maintenance vendors, & growing government support for regulatory compliance are adding to the global predictive maintenance market growth in the region. Besides, the region being the leader in the adoption and development of advance predictive maintenance solutions, the presence of leading solution and service providers, higher awareness about predictive maintenance measures, and the rich economy of the region that allows easy adoption of high-end technologies are also adding market growth.
COVID-19 Impact on the Global Predictive Maintenance Market
COVID-19 has impacted every element of the technology sector. Global ICT spending is likely to decline by 4-5% by 2020. Hardware business is likely to have the utmost impact on the IT sector. Owing to the slowdown of hardware supply coupled with reduced manufacturing capacity, the growth of the IT infrastructure has slowed down. Businesses offering services and solutions are also likely to slow down for a short time. Besides, the adoption of collaborative applications, security solutions, AI, and analytics is likely to increase in the remaining part of the year.
Within a brief time span, the COVID-19 pandemic has impacted the markets and the behavior of customers and had a noteworthy impact on societies and economies. With manufacturing facilities, educational institutions, and offices shutting down for indefinite periods, big events and sports being postponed, and social distancing policies and work from home trends in effect, businesses are largely dependent on technologies to help them through such difficult times. Business intelligence professionals, analytics professionals, and professionals offering expertise in more advanced analytics like ML and AI have been called for its expertise to assist executives in making business decisions on ways to respond to the latest business challenges caused by the crisis.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
