Portland, OR, March 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global predictive maintenance market was pegged at $2.80 billion in 2018, and is projected to reach $23.01 billion by 2026, registering at a CAGR of 30.2% from 2019–2026.
Rise in need to improve uptime of equipment and increase in investment in predictive maintenance drive the growth of the global predictive maintenance market. However, dearth of skilled staff, data privacy & security concerns, and difficulties in implementation hamper the market growth. On the contrary, integration of predictive maintenance with IIoT and use of machine learning are expected to create lucrative opportunities in the near future.
The global predictive maintenance market is segmented on the basis of component, deployment type, technique, stakeholder, industry vertical, and geography. Based on component, the market is categorized into software and service. The service segment is expected to manifest the highest CAGR of 32.9% during the forecast period. However, the solution segment held the largest share in 2018, contributing to nearly three-fourths of the market.
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On the basis of deployment type, the market is divided into cloud and on-premise. The cloud segment is projected to registering the highest CAGR of 32.2% during the forecast period. However, the on-premise contributed to the largest share in 2018, accounting for three-fifths of the market.
Based on technique, the market is segmented into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. On the basis of industry vertical, the market is divided into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, government, and others.
The global predictive maintenance market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to register the highest CAGR of 31.9% during the forecast period. However, the market across North America garnered the largest revenue, accounting for one-third of the market.
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The global predictive maintenance market report includes an in-depth analysis of the major market players such as IBM, General Electric, Microsoft, SAP, Hitachi, PTC, Schneider Electric, SAS, Software AG, Expert Microsystems, Inc., Engineering Consultants Group, Inc., Uptake Technologies Inc., SparkCognition, C3 IoT, Operational Excellence (Opex) Group Ltd, Fiix Inc., TIBCO Software Inc., Asystom, and Sigma Industrial Precision.
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