The market report “Predictive Maintenance Market by Technologies (Data Infrastructure and Servers, Platform and Middleware, Analytics and Artificial Intelligence (AI) Software and Connectivity), Components (Services, Software/Solution and Hardware), Deployment Modes (On-Premise and Cloud), Organization Sizes (Large Enterprises and Small and Medium-Sized Enterprises (SMEs)), Techniques (Fluid Analysis, Electrical Testing, Shock Pulse, Vibration Monitoring, Oil Analysis, Motor Circuit and Signature Analysis, Infrared Thermography, Temperature Monitoring, Ultrasonic Leak Detectors, Power System Assessments, Wear Particle Analysis, Circuit Monitor Analysis, Temperature Monitoring, Performance Testing, Traditional, Machine Learning, Advanced and Internet of Things (IOT) /Big Data), End Users (Automotive, Manufacturing, Education and Government, Oil & Gas, Healthcare and Life Sciences, Energy and Utilities, Media, Aerospace & Defense, Information Technology (IT) & Telecommunication, Transportation and Logistics, Machinery Equipment, Power, Industrial, Electronics and Other End Users) and Region – Forecast to 2028”. The predictive maintenance market is growing at a CAGR of 27.2% by 2028, owing to the growth in need for remote monitoring and asset management.
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Based on deployment modes, the cloud segment is estimated to grow at highest CAGR segment during the study period.On the basis of deployment mode, the market is categorized into on-premise and cloud. The cloud segment is estimated to be the fastest growing market segment strongly driven due to the direct IT control, remote accessibility, internal data delivery & handling, faster data processing using advance predictive analytics, efficient resource utilization, and cost-effectiveness.
Based on end user, the energy and utilities segment is anticipated to grow faster during the forecast period.On the basis of end user, the market is segmented into automotive, manufacturing, education and government, oil & gas, healthcare and life sciences, energy and utilities, media, aerospace & defense, information technology (IT) & telecommunication, transportation and logistics, machinery equipment, power, industrial, electronics and other end users. The energy and utilities segment is projected to grow faster during the forecast period due to the growing demand for power-usage analytics applications.
By geography, Asia Pacific is expected to dominate the marketOn the basis of geography, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific is experiencing a dominant position in the predictive maintenance market. This is mainly due to the growing usage of smart sensors and onboard electronics in the region which can communicate through cloud-based analytics systems. Moreover, the increasing adoption of this market among the industries in the region of China is another factor propelling the market growth.
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The key players in this market are Schneider Electric, Software AG, Microsoft, IBM, SAP SE, Hitachi, Google, Oracle, Amazon Web Services (AWS), General Electric, PTC, Axiomtek Co. Ltd, Banner Engineering Corp., Predictive Maintenance Solutions, LLC and Sigma IT.
The Global Predictive Maintenance Market is majorly driven by increasing use of emerging technologies to gain valuable insights, growing need to reduce maintenance cost and downtime and increase in investment on predictive maintenance.The energy and utilities segment is growing at a highest CAGR owing due to the growing demand for power-usage analytics applications. Asia Pacific dominated with a significant market share due the growing usage of smart sensors and on-board electronics which can communicate through cloud-based analytics system in the region. North America market is growing at a highest CAGR owing to the presence of well-established end-user industries as well as high awareness among organizations to adopt technologies that help them in increasing efficiency and lower operational costs.
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