Predictive Maintenance (PdM) Market 2020: Analysis, Share and Forecast 2024
As per the predictions by Market Research Future (MRFR), the The Global Predictive Maintenance (PDM) Market is expected to expand at 25.5% CAGR to reach 23,051.4 million in 2025 during the forecast period.
Market Drivers and Growth Restraints
The major benefits of predictive maintenance include its ability to reduce the required for maintenance as well as decreasing the cost of maintenance. Backed by the recent surge in demand for the transformation of maintenance and the need to reduce the asset downtime, Predictive Maintenance (PDM) Market is set to ride high on the back of these factors in the coming years.
Furthermore, the growing dependence on big data along with the emergence of concepts like the Internet of Things (IoT) and the increasing focus of organizations on the reduction of operational cost will further accentuate the lucrative market shape during the forecast period. However, the report also takes note of the lack of training for operators as a factor that could prove to be a major threat to the Predictive Maintenance (PDM) Market.
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The prominent players in the Predictive Maintenance (PdM) Industry are – 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.), Schneider Electric SE (France), eMaint Enterprises, LLC (U.S.) and SKF (Sweden) among others.
The worldwide predictive maintenance (PdM) market can be segmented depending on component, testing type, deployment, technique and vertical.
Component-based segments in the market are hardware, solution, and services. The services segment can be split into consulting, support and maintenance, and system integration. Among the component types, the hardware segment controlled the largest portion of the market in 2018, while the services segment has the potential to achieve the highest CAGR during the review period.
Considering the testing type, the PdM market comprises electrical insulation, vibration monitoring, temperature monitoring, infrared thermography, oil analysis, and ultrasonic leak detector. The vibration monitoring segment had been identified as the largest market in 2018, with the oil analysis segment reckoned to record the fastest growth rate.
With regard to deployment, the PdM market covers cloud and on-premise. In 2018, the on-premise segment held the biggest share in the market, and the cloud segment is estimated to achieve a higher growth rate in the coming years.
Predictive Maintenance Global Market- Regional Analysis
The Middle East & Africa (MEA), Asia Pacific (APAC), North America, Europe, and South America are considered to be the primary markets for predictive maintenance.
North America is the most profitable market for predictive maintenance, backed by technological advancements across industries as well as surge in IoT connectivity. Rapid ado"
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