Predictive Maintenance Market Size, Share, Key Players and Growth Drivers Forecast to 2023

Predictive maintenance helps in retrieving multiple data sources in real time to determine the condition of in-service equipment, and check quality issues and asset failures. The increasing demand of big data, internet of things and growing focus of organizations to reduce operational cost, are the key factors resulting in the growth of predictive maintenance market.


Image result for predictive maintenanceThe solutions offered for predictive maintenance has been leading the growth of this market. Among the various services offered for predictive maintenance, system integration and consulting service is expected to be the key growth driver for the market. The adoption of predictive maintenance has been increasing in various sectors, including government, aerospace & defence, energy & utilities, manufacturing, healthcare, and transportation & logistics, due to its ability to predict asset failures and reducing operational cost. North America has been the largest predictive maintenance market because of the presence of large number of service and solution vendors in the region.

The predictive maintenance market is estimated to grow in the coming years, as number of organizations is opting for this technology. The major growth drivers for the predictive maintenance industry includes growing demand for big data and internet of things, and increasing concern of organizations to reduce the asset operation and maintenance costs.

In North America, the U.S is expected to show the highest growth in predictive maintenance market during the forecast period, due to the increasing demand for better monitoring of the processes and due to presence of large number of solution and service vendors for predictive maintenance.

The predictive maintenance industry has been continuously growing due to the rising awareness among manufacturing industry managers for maintenance operations and the need to reduce the down time. Managers in the manufacturing companies are continuously working towards improvement of maintenance processes of equipment in their manufacturing plants and finding out methods that can reduce the faulty operations, and increase the benefits of the processes.


Some of the major players in predictive maintenance market include IBM Corporation, SAP SE, General Electric, Bosch Software Innovations GmbH, Schneider Electric and Softweb Solutions Inc. Owing to high growth potential in this market, more number of small players with low cost solutions are entering the market.


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