Predictive Maintenance Market Revenues to expand $10.7 billion by 2024

Posted on 2019-11-18 by MarketsandMarkets in Technology // 0 Comments

Northbrook, IL 60062, USA, 2019-Nov-18 —

The 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 2024″, The global predictive maintenance market size is expected to grow from USD 3.0 billion in 2019 to USD 10.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 28.8% 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.

The government and defense vertical is expected to account for the largest market size during the forecast period. The growing need to adopt predictive maintenance solutions to automate the defense system is paving the way for the government and defense vertical to prefer predictive maintenance solutions. Predictive maintenance holds enormous potential to optimize the defense and safety activities in the government and defense vertical. The energy and utilities vertical is expected to grow at the highest growth rate during the forecast period, majorly due to the rising demand of power-usage analytics applications.

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Key Predictive Maintenance Market Players

Some of the major predictive maintenance vendors are IBM (US), Microsoft (US), SAP (Germany), GE (US), Schneider Electric (France), Hitachi (Japan), PTC (US), Software AG (Germany), SAS (US), TIBCO (US), C3 IoT (US), Uptake (US), Softweb Solutions (US), Asystom (France), Ecolibrium Energy (India), Fiix (Canada), OPEX Group (UK), Dingo (Australia), and Sigma Industrial Precision (Spain). These predictive maintenance vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global predictive maintenance market.

IBM (US) was founded in 1911 and is headquartered in New York, US. The company operates through five business segments, namely, cognitive solutions, global business services, technology services and cloud platforms, systems, global financing, and others. It offers cloud, mobile, cognitive, security, research, Watson analytics, consulting, commerce, experience design, IoT, and technology support services and solutions. It also offers industry solutions, system services, IT infrastructure, resiliency services, and financing. IBM is one of the top vendors in the predictive maintenance market owing to the strong portfolio of solutions and services that the company offers in the market. The IBM Cloud has emerged as a platform of choice for all business applications, as it is compatible with AI and is safe to use. It is a unifying platform, which integrates the capabilities of IBM in a single architecture and spans over public and private clouds. Using this powerful cloud platform, the company can cater to the requirements of different businesses across the globe, along with a continuous stream of innovative capabilities, computation and storage, data and Watson services, IoT and blockchain services, and IBM Q. Moreover, it drives its growth through a renewed focus on organic product development, yielding a robust product pipeline in the predictive maintenance market.

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