GLOBAL PREDICTIVE MAINTENANCE MARKET FORECAST 2019-2027
The global market for predictive maintenance is estimated to garner a CAGR of 25.09% during the projected period.
NEW YORK, Nov. 13, 2019 /PRNewswire/ --
KEY FINDINGS
The global market for predictive maintenance is estimated to garner a CAGR of 25.09% during the projected period. The rising demand for cloud applications and the increasing investments are the primary reasons projected to drive the growth of the market.
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MARKET INSIGHTS
The major breakdowns in the companies incur huge losses both in terms of operating time and finance.There is a rising demand from the companies to reduce the downtime by recognizing the problems beforehand, thereby driving the demand for the market.
The predictive maintenance approaches are being utilized in the medical technology for aiding the healthcare professionals to maintain a high degree of innovation and profitability.The shifting types of equipment, concepts, and technologies, require different skill sets.
Thus, the skills gap factor challenges the growth of the market.However, the adoption of machine learning with regard to predictive maintenance by the manufactures clears the way further for market growth opportunities.
The hardware segment held the largest market share as of 2018.
REGIONAL INSIGHTS
The global predictive maintenance market is segmented into Europe, North America, Asia Pacific, and the Rest of the World for further analysis.North America holds the largest share of the market, and the region of Asia Pacific, is set to witness substantial growth, recording the highest CAGR in the market.
The increasing efforts to introduce innovative solutions for optimized outputs is one of the primary drivers of the Asia Pacific market.
COMPETITIVE INSIGHTS
The market has the presence of several established and emerging players, resulting in increased revenues for the market. Some of them include, C3.Ai Inc., Sas Institute Inc., Ptc Inc., Software Ag, Schneider Electric Se, Sap Se, Asystom, etc.
Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter's Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
Companies mentioned
1. ASYSTOM
2. C3.ai Inc.
3. SOFTWARE AG
4. SCHNEIDER ELECTRIC SE
5. SAS INSTITUTE INC.
6. SAP SE
7. PTC INC.
8. MICROSOFT CORPORATION
9. IBM CORPORATION
10. HITACHI LTD.
11. GENERAL ELECTRIC
12. UPTAKE TECHNOLOGIES
13. TIBCO SOFTWARE INC.
14. SPARK COGNITION INC.
15. FIIX INC.
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