Predictive Maintenance (PdM) Market to grow by USD 16.57 billion growth between 2022 - 2027 | Growth Driven by Increased adoption of advanced analytics by SMEs owing to rise in cloud computing - Technavio
NEW YORK, Nov. 24, 2023 /PRNewswire/ -- The Predictive Maintenance (PdM) Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the predictive maintenance (PdM) market between 2022 and 2027 is USD 16.57 billion.
The increased adoption of advanced analytics by SMEs owing to the rise in cloud computing is notably driving market growth. The cloud PdM tools adoption provides SMEs with new opportunities by leveraging technologies, such as mobility, AI, and IoT. PdM tools are adopted through the cloud across SMEs for better management of business operations through a centralized management system, with improved collaboration, productivity, simplified compliance, and risk management. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
- Market Challenge - Lack of expertise and technical knowledge is a major challenge hindering the growth of the global PdM market. The shortage of talented people and niche skills to manage and operate predictive analytics is a constant challenge for enterprises. PdM helps prevent equipment failure through corrective or planned maintenance. Additionally, PdM cannot exist without health monitoring. This part of developing an accurate and efficient model is a vital aspect of micro-segmentation since it requires extensive expertise. Hence, a lack of expertise and technical knowledge will negatively impact the growth of the global PdM market during the forecast period. Learn about additional key drivers, trends, and challenges available with Technavio. Read Sample PDF Report Now
The predictive maintenance (PdM) market is segmented based on Component (Solutions and Service), Deployment (On-premise and Cloud), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The solutions segment will be significant for overall market growth during the forecast period. The rising adoption of PdM solutions in various growing sectors such as energy and utilities, manufacturing, and healthcare is boosting the growth of the PdM market globally. Additionally, PdM integration guarantees the return on investment (ROI) and helps organizations meet and exceed sustainability goals, enabling remote machine monitoring globally.
- Based on geography, North America is estimated to account for 39% of the global market growth during the forecast period. View a Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the Predictive Maintenance (PdM) market:
Augury Inc., Avnet Inc., C3.ai Inc., Dell Technologies Inc., Deutsche Telekom AG, Fortive Corp., General Electric Co., Hitachi Ltd., Honeywell International Inc., International Business Machines Corp., PTC Inc., RapidMiner Inc., Reliability Solutions sp. z o.o., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, SAS Institute Inc., Schneider Electric SE, Siemens AG, Warwick Analytics Services Ltd.
Related Reports:
The industrial predictive maintenance market share in APAC is expected to increase by USD 7.44 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 34.71%.
The predictive analytics market size is estimated to grow at a CAGR of 22.24% between 2022 and 2027. The market size is forecast to increase by USD 2,1601.17 million.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Component
Market Segmentation by Deployment
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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