— The Predictive Maintenance Market size is expected to grow from USD 1,404.3million in 2016 to USD 4,904.0 million by 2021, at a Compound Annual Growth Rate (CAGR) of 28.4% during the forecast period. Factors, such as the lowering maintenance cost with reduced downtime and widespread of Internet of Things (IoT) are expected to increase the demand for predictive maintenance solutions & services. However, lack of training and trust for predictive maintenance are the major factors restraining the growth of the market.
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The predictive maintenance market is segmented by component, deployment type, organization size, vertical, and region. The predictive maintenance solution is expected to dominate the market, contributing to the largest market share during the forecast period. The market is also projected to witness growth in the system integration and consulting services segment during the forecast period. The support and maintenance service is expected to play a key role in the predictive maintenance market and is projected to grow at the highest CAGR in the next five years. These services revolve around training the client’s workforce on how to use the solutions installed. The on-premises segment is expected to dominate the market in terms of market size. However, the cloud segment is expected to grow at the highest CAGR in the next five years.
The support and maintenance services segment is estimated to grow at the highest CAGR during the forecast period. The rise in the demand for support and maintenance services is expected to witness traction in Asia-Pacific (APAC), Middle East & Africa (MEA) and Latin American regions, as predictive maintenance software solutions are dependent on the combination of technology and human skills. Software vendors provide training courses for the employees that last for a few days and are basic in nature. However, additional educational is required so that operators can understand and interpret the analysis from the captured data.
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The North American region holds the largest share of the predictive maintenance market. The major driver for this region is the increasing demand for better monitoring and predictive technology. The U.S. has the largest market share in the region, followed by Canada. The European market is the second biggest market after North America. The European region consists of major growing economies, such as the U.K., Germany, and France, which present great growth opportunities for the predictive maintenance market.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people.
The break-up profiles of primary participants is as follows:
• By Company Type: Tier 1 – 25 %, Tier 2 – 15% ,Tier 3 – 10%, and Others- 50%
• By Designation: C level – 72%, Director Level – 17%, and Others – 11%
• By Region: North America – 45%, Europe – 25%, APAC – 20%, and RoW – 10%
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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