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.
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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.
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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).
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