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(Wireless-NewsWire.Com, June 13, 2018 ) According to report "Predictive Maintenance Market by Component, Deployment Type (Cloud and on-Premises), Organization Size (SMES and Enterprises), Vertical, and Region - Global Forecast to 2021", the predictive maintenance market size is estimated to grow from USD 1,404.3 Million in 2016 to USD 4,904.0 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 28.4% during the forecast period.
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Predictive maintenance solutions are gaining popularity with its increasing usage across all the major verticals, such as government, aerospace & defense, manufacturing, energy & utilities, healthcare, and transportation & logistics. One of the main reasons for the increasing usage is the ability of these software solutions to precisely predict asset failure, enabling enterprises to take the asset out of production just before it is to fail, thus ensuring production is not hampered in any way due to the failure of the asset.
The manufacturing vertical is expected to hold the largest market size
The manufacturing vertical has the largest market size in the predictive maintenance market. The manufacturers are seeing maintenance as a strategic business function, as lowering the maintenance cost is expected to help increase profitability.
The cloud deployment type is expected to grow at the highest CAGR during the forecast period
The cloud-based predictive maintenance market is expected to grow at the highest CAGR, as cloud-based predictive maintenance would enable enterprises to reduce their dependence on IT, data mining specialist, and data integration.
North America is expected to contribute to the largest market share; APAC to grow at the fastest rate
North America is estimated to have the largest market share and is expected to dominate the predictive maintenance market from 2016 to 2021, due to the presence of a large number of solution and service vendors. Asia-Pacific (APAC) offers potential growth opportunities for the predictive maintenance market to grow, as countries in APAC are investing heavily to increase the efficiency of production assets.
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The major vendors in the predictive maintenance market include IBM (U.S.), SAP SE (Germany), Software AG (Germany), General Electric (U.S.), Robert Bosch (Germany), Rockwell Automation (U.S.), PTC (U.S.), Warwick Analytics (U.K.), RapidMiner (U.S.), and SKF (Sweden).
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