Persistence Market Research (PMR) recently published a report titled “Operational Predictive Maintenance Market– Global Industry Analysis 2013-2017 and Market Forecast 2018-2026.” The predictive maintenance market for manufacturing industry has witnessed an upsurge in the past four years with the introduction of advanced technologies such as Big Data & analytics, machine learning, deep learning, and artificial intelligence. As a result of the increasing adoption of these advanced technologies, a transition from the on-premise deployment models to the cloud is witnessed in the global predictive maintenance market for manufacturing industry.
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The global Operational Predictive Maintenance Market for manufacturing industry is expected to witness a double-digit growth rate during the forecast period. The predictive maintenance market for manufacturing industry was valued at US$ 741.1 Mn in 2017, and is projected to grow significantly to reach US$ 4,746.6 Mn by 2026, which can be attributed to the high demand for efficient output & management in the manufacturing industry and for minimizing the costs associated with the maintenance of the assets/products/machines.
Minimizing asset downtime continues to be one of the top operational priority for tech companies. Global syndicates are adopting measures for operational predictive maintenance in order to avert the mix up arising from integrating multiple technologies.
As corporations spanned across the globe begin integrating big data and IoT for improving operational efficiency, the need for operational predictive maintenance systems is converging into a necessity. Persistence Market Research recently conducted a study on how the global market for operational predictive maintenance, which is presently valued at nearly US$ 600 million, will soar till the end of 2024. According to the key findings compiled in this study, the global operational predictive maintenance market is expected to attain a staggering 23.2% CAGR and reach US$ 3,158.3 million value by the end of 2024.
Apropos the report, the demand for operational predictive maintenance in North America will remain the highest, compared to other regions. Companies in the US and Canada will account for sales of operational predictive maintenance systems worth over US$ 1,200 million by the end of 2024. However, Asia-Pacific’s operational predictive maintenance market will be rising at an exponential CAGR of 27.3%. The demand for such maintenance systems will also be high in Latin America, while Europe and the Middle East & Africa will show moderate growth in terms of revenues.
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Market Segement
Key Segments
By Component Type –
Software
- Services
- Consulting
- Integration and Implementation
- Training
- Support
By Deployment Model –
- On-Premise
- Cloud
By Technology (qualitative) –
- Machine Learning
- Deep Learning
- Big Data & Analytics
Key Regions covered:
North America
- S.
- Canada
Latin America
- Brazil
- Mexico
- Rest of Latin America
Western Europe
- Germany
- K.
- France
- Spain
- Italy
- Western Europe
SEA & Others of APAC
- India
- Australia and New Zealand
- ASEAN
- Rest of SEA & APAC
China
Japan
MEA
- GCC Countries
- South Africa
- Northern Africa
- Rest of MEA
Key Companies
- IBM Corporation
- Software AG
- SAS Institute Inc.
- PTC Inc.
- Schneider Electric
- Rockwell Automation
- eMaint
- Robert Bosch GmbH
- SAP SE
- General Electric
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