FELTON, Calif., Jan. 27, 2021 /PRNewswire/ -- The global predictive maintenance market size is projected to reach USD 28.24 billion in 2025. The market is estimated register more than 37% CAGR from 2019 to 2025, as per a new study by Million Insights. Organizations across the globe are emphasizing on reducing operational expenditure and maintenance cost on their equipment. Incorporation of IoT innovative technologies such as IoT, AI and big data in enterprises have further boosted the deployment of predictive maintenance.
Predictive maintenance is being adopted in various industries such as manufacturing, IT & telecom, automotive & transportation and energy & utilities among others. Increasing focus on reducing the down-time in several industrial processes are augmenting the market growth.
To deliver an effective solution to end-users, companies operating in the market are offering sensor-enabled solutions. In addition, vendors are also investing significantly in research and development to support remote maintenance operations.
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Asia Pacific is projected to register the highest CAGR over the forecast duration owing to the increasing number of industries in countries such as India, Japan and China. North America, on the other hand, is estimated to hold a significant share in the predictive maintenance market due to the presence of the major industries and service providers in the region.
Further key findings from the report suggest:
- Training & consulting service is projected to account for USD around 1.9 billion by the end of 2025.
- Cloud-deployment is witnessing significant growth owing to the cost-effectiveness and easy maintenance.
- SMEs segment is likely to register significant growth over the forecast duration owing to the increasing focus on reducing the operational cost.
- APAC is predicted to witness the fastest growth rate over the forecast duration owing to the rapid industrialization in the region.
Browse 140 page research report with TOC on "Global Predictive Maintenance Market" at: https://www.millioninsights.com/industry-reports/global-predictive-maintenance-market
Million Insights has segmented the global predictive maintenance market on the basis of solution, service, deployment, enterprise size, end use, and region:
- Predictive Maintenance Solution Outlook (Revenue, USD Million, 2014 - 2025)
- Predictive Maintenance Service Outlook (Revenue, USD Million, 2014 - 2025)
- Support & Maintenance
- Training & Consulting
- Predictive Maintenance Deployment Outlook (Revenue, USD Million, 2014 - 2025)
- Predictive Maintenance Enterprise Size Outlook (Revenue, USD Million, 2014 - 2025)
- Small and Medium Enterprises
- Large Enterprise
- Predictive Maintenance End Use Outlook (Revenue, USD Million, 2014 - 2025)
- Aerospace & Defense
- Automotive & Transportation
- Energy & Utilities
- IT & Telecommunication
- Oil & Gas
- Predictive Maintenance Region Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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