Global Predictive Maintenance Market is Expected to Grow at a CAGR of 29.1% in the Forecast Period of 2024-2032

The global predictive maintenance market is likely to be led by North America in the coming years. North America is anticipated to have the highest market share in the global predictive maintenance market, while the Asia Pacific is projected to increase during the forecast period at the highest levels of CAGR. In the Asia Pacific, the highest rate of growth can be attributed to massive investments by the private and public sectors in improving their maintenance solutions, which has resulted in increased demand for predictive maintenance solutions for maintenance automation and plant safety processes.

In September 2018, International Business Machines Corporation (NYSE: IBM), one of the key players, announced its partnership with Fluor Corporation (NYSE: FLR). They will be using artificial intelligence systems to predict, track, as well as calculate the status of engineering, procurement, manufacture, and construction (EPC) in various megaprojects, from start-up to completion. Fluor's extensive engineering, manufacturing, construction, and deep supply chain experience coupled with IBM Watson's artificial intelligence and analytic technologies form the basis for big data analysis and diagnostics systems that allow critical project outcomes to be predicted and also provide timely insights into the health of projects. IBM Corporation has been a pioneering creator of predictive maintenance tools for various industry verticals. The company offers solutions for the repair, control, and optimisation of properties for better use and performance. It improves maintenance programs for organisations by creating a set of instructions for implementing changes in asset performance. It also allows consumers to improve the lives of their properties by using these solutions.

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Market Analysis by Component, Deployment Mode, Organisation Size, Application, and Region:

• Based on the component, the market is divided between solutions and services.

• The deployment mode in the market can be segmented into the cloud and on-premises.

• The organisation site includes small and medium-sized enterprises and large enterprises.

• It has wide applications in government and defence, manufacturing, energy and utilities, transportation and logistics, and healthcare and life sciences, among others.

• The regional markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The market is being driven by the rising advancements in technology.

• The industrialisation has led to an increase in the demand for the product.

• The growth of the predictive maintenance market is also driven by the rising competition among the key players.

• The rising demand for customised solutions is also propelling the predictive maintenance market growth.

• The growing investments in both small- and large-scale industries is providing an impetus to the market growth.

Key Offerings of the Report:

• The EMR report gives an analysis of the global predictive maintenance market for the historical (2018-2023) and forecast (2024-2032) periods.

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the components, deployment modes, organisation size, applications, and major regional markets of predictive maintenance.

• It also assesses the market dynamics by covering the key demand and price indicators of the industry and by analysing the market based on SWOT and Porter's Five Forces models.

The major key players in the global predictive maintenance market include companies like Microsoft Corporation, Hitachi, Ltd., Schneider Electric SE, General Electric Company, SAP SE, and International Business Machines Corporation, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions and capacity expansions.

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