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Predictive Maintenance Market Worth $10.7 Billion by 2024 - Exclusive Report by MarketsandMarkets™

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News provided by

MarketsandMarkets

18 Jun, 2019, 16:30 BST

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CHICAGO, June 18, 2019 /PRNewswire/ -- According to a new market research 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", published by MarketsandMarkets™, 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.

Browse in-depth TOC on "Predictive Maintenance Market"

45 – Tables

46 – Figures   

144 – Pages     

Request PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=8656856 

The government and defense segment to hold a larger market size during the forecast period

The Predictive Maintenance Market is segmented on the basis of verticals. The verticals include government and defense, manufacturing, energy and utilities, transportation and logistics, healthcare and life sciences, others (agriculture, telecom, media, and retail). The government and defense segment is expected to grow at a rapid pace in the coming years in the Predictive Maintenance Market. It is one of the leading vertical in Predictive Maintenance Market due to the increasing need to automate the defense system

Among services, the support and maintenance services segment to grow at a higher CAGR during the forecast period

The Predictive Maintenance Market is segmented on the basis of services into three categories, namely, system integration, support and maintenance, and consulting services. The support and maintenance services segment is expected to grow at a rapid pace during the forecast period, as support and maintenance services provide industrial customers with support, maintenance, and infrastructure management for effectively developing maintenance and safety strategies. The vendors in this market offer services to industrial customers or end-users so that they can effectively manage and deploy predictive maintenance solutions.

Speak to Our Expert Analyst:

https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=8656856 

North America to hold the largest market size during the forecast period

North America is the largest revenue contributor to the global Predictive Maintenance Market. The region is witnessing significant developments in the Predictive Maintenance Market. Many predictive maintenance solution providers in North America are experimenting in the Predictive Maintenance Market by integrating IoT, AI, and ML functionalities with their existing predictive maintenance solutions. They are also adopting various growth strategies to strengthen their positions in the market.

Major vendors in the global Predictive Maintenance Market include 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).

Browse Adjacent Markets: Analytics Market Research Reports & Consulting

Related Reports:

AI in IoT Market by Component (Platforms, Software Solutions, and Services), Technology (ML and Deep Learning, and NLP), Vertical (Transportation and Mobility, Energy and Utilities, Manufacturing, and Retail), and Region - Global Forecast to 2024

https://www.marketsandmarkets.com/Market-Reports/ai-in-iot-market-43388726.html

Edge AI Software Market by Component (Solutions and Services), Data Source, Application (Autonomous Vehicles, Access Management, Video Surveillance, Remote Monitoring & Predictive Maintenance, Telemetry), Vertical, and Region - Global Forecast to 2023

https://www.marketsandmarkets.com/Market-Reports/edge-ai-software-market-70030817.html

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/operational-predictive-maintenance-market.asp

Visit Our Website: https://www.marketsandmarkets.com

Content Source: https://www.marketsandmarkets.com/PressReleases/operational-predictive-maintenance.asp

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SOURCE MarketsandMarkets

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