Predictive Maintenance Market size worth $ 21,782.00 Million, Globally, by 2028 at 24.45% CAGR: Verified Market Research®

Rise in the investment of AI and MI to minimize the downtime and maintenance cost of an asset, adoption of IoT, need to extend the overall lifespan of machinery and equipment's are the major that propel the Predictive Maintenance Market trend.

News provided by

Verified Market Research

Feb 17, 2022, 03:30 ET

JERSEY CITY , N.J., Feb. 17, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Predictive Maintenance Market" By Technology (Cloud-based, On Premise), By Component (Software, Services), By Application (Heavy Machinery, Small Machinery), By End-User (Government and Defense, Manufacturing, Energy and Utilities), and By Geography. According to Verified Market Research, the Global Predictive Maintenance Market size was valued at USD 3,881.47 Million in 2020 and is projected to reach USD 21,782.00 Million by 2028, growing at a CAGR of 24.45% from 2021 to 2028.

Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample/?rid=217711

Browse in-depth TOC on "Predictive Maintenance Market"

202 - Pages
126 – Tables
37 – Figures

Global Predictive Maintenance Market Overview

Predictive maintenance applications based on AI-based IoT solutions allow businesses to forecast equipment breakdowns ahead of time. Predictive maintenance solutions are gaining popularity as industrial clients become more conscious of the rising maintenance costs and downtime caused by unexpected machinery failures. Enterprises may use predictive maintenance-based systems to discover trends in continuous streams of data and forecast equipment breakdown. The ability to create predictions based on real-time analysis of underlying data allows for needs-based maintenance and, as a result, a decrease in downtime. Intelligent monitoring nodes are used in dedicated condition monitoring systems to apply adaptive and static rules to real-time condition data to deliver quick and local warnings. Local nodes also connect with a centralized website, allowing employees to evaluate real-time data as it happens.

Furthermore, interpreting sensor data necessitates a combination of real-time analysis and an in-memory database to provide faster data access than hard disc storage, promoting the adoption of real-time condition monitoring. However, companies may use the data to figure out their competitors' business strategies and manufacturing schedules automatically, as well as hack and take control of devices. The growth in security and privacy problems is due to a lack of resources to apply AI techniques to IoT devices. Among the IoT's security difficulties include insufficient authentication and authorization, unreliable network services, a lack of transport encryption, security configuration issues, and inadequate physical protection.

Key Developments

June 2020, PTC has improved its ThingWorx Industrial IoT platform to speed up deployments of industrial IoT across the company value chain.
February 2019, IBM has unveiled a new portfolio of IoT solutions that combine AI and sophisticated analytics to help asset-intensive enterprises, such as MARTA, optimize maintenance practices.
February 2019, PTC has released a new version of ThingWorx, their award-winning Industrial Internet of Things (IIoT) solution platform.
April 11, 2019, Schneider Electric, a global leader in energy management and automation, today announced the launch of Schneider Electric Exchange, the world's first cross-industry open ecosystem dedicated to addressing real-world sustainability and efficiency concerns.

Key Players

The major players in the market are IBM, Robert Bosch GmbH, Software AG among others.

Verified Market Research has segmented the Global Predictive Maintenance Market On the basis of Technology, Component, Application, End-User, and Geography.

Predictive Maintenance Market, By Technology

Cloud-based
On Premise

Predictive Maintenance Market, By Component

Software
Services

Predictive Maintenance Market, By End-User

Government and Defense
Manufacturing
Energy and Utilities
Transportation and Logistics
Healthcare and Life Sciences
Others

Predictive Maintenance Market, By Application

Heavy Machinery
Small Machinery
Others

Predictive Maintenance Market By Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

Browse Related Reports:

Industrial Analytics Market By Component (Software, Service), By Analytics Type (Descriptive, Diagnostic, Predictive), By Vertical (Telecommunications and IT, Transportation and Logistics, Manufacturing), By Geography, Forecast, 2020-2027

Advanced Process Control Market By Type (Model Predictive Control, Inferential, Sequential and Compressor Control, Advanced Regulatory Control), By End-User (Chemicals, Energy & Power, Food & Beverages), By Geography, Forecast, 2020-2027

IoT In Manufacturing Market By Component (Solution, Platform), By Solution (Data Management, Network Management), By Software (Monitoring Software, Network Management), By Service (Professional Services, System Integration And Deployment Services), By Connectivity (Satellite Network, Cellular Network), By Application (Predictive Maintenance, Business Process Optimization), By End Use Vertical (Energy And Utilities, Automotive), By Geography, Forecast, 2020-2027

Asset Management Market By Solution (Radio Frequency Identification, Real Time Location System, Barcode, Mobile Computer), By Function (Maintenance & Repair, Check Out & Check In, Location & Movement Tracking), By Asset Type, By Industry, By Geography, Forecast, 2020-2027

Top Computerized Maintenance Management System Software to track and control assets

Visualize Predictive Maintenance Market using Verified Market Intelligence:-:

Verified Market Intelligence is our BI Enabled Platform for narrative storytelling of this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue impacting decisions for a brilliant future.

VMI provides a holistic overview and global competitive landscape with respect to Region, Country, and Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.

About Us

Verified Market Research is a leading Global Research and Consulting firm servicing over 5000+ customers. Verified Market Research provides advanced analytical research solutions while offering information enriched research studies. We offer insight into strategic and growth analyses, Data necessary to achieve corporate goals and critical revenue decisions.

Our 250 Analysts and SME's offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research.

We study 14+ categories from Semiconductor & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & construction, Agriculture industry and Medical Devices from over 100 countries.

Contact Us

Mr. Edwyne Fernandes
Verified Market Research®
US: +1 (650)-781-4080
UK: +44 (753)-715-0008
APAC: +61 (488)-85-9400
US Toll Free: 1 (800)-782-1768
Email: [email protected]
Web: https://www.verifiedmarketresearch.com/
Follow Us: LinkedIn | Twitter

SOURCE Verified Market Research