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Global Predictive Maintenance Market to Garner $23.01 Billion by 2026 at 30.2% CAGR: AMR

Rise in need to improve uptime of equipment and increase in investment in predictive maintenance drive the growth of the global predictive maintenance market. The market across Asia-Pacific is expected to register the highest CAGR of 31.9% during the forecast period. However, the solution segment held the largest share in 2018, contributing to nearly three-fourths of the market.

/EIN News/ -- Portland, OR, March 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global predictive maintenance market was pegged at $2.80 billion in 2018, and is projected to reach $23.01 billion by 2026, registering at a CAGR of 30.2% from 2019–2026.

Rise in need to improve uptime of equipment and increase in investment in predictive maintenance drive the growth of the global predictive maintenance market. However, dearth of skilled staff, data privacy & security concerns, and difficulties in implementation hamper the market growth. On the contrary, integration of predictive maintenance with IIoT and use of machine learning are expected to create lucrative opportunities in the near future.

The global predictive maintenance market is segmented on the basis of component, deployment type, technique, stakeholder, industry vertical, and geography. Based on component, the market is categorized into software and service. The service segment is expected to manifest the highest CAGR of 32.9% during the forecast period. However, the solution segment held the largest share in 2018, contributing to nearly three-fourths of the market.

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On the basis of deployment type, the market is divided into cloud and on-premise. The cloud segment is projected to registering the highest CAGR of 32.2% during the forecast period. However, the on-premise contributed to the largest share in 2018, accounting for three-fifths of the market.

Based on technique, the market is segmented into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. On the basis of industry vertical, the market is divided into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, government, and others.

The global predictive maintenance market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to register the highest CAGR of 31.9% during the forecast period. However, the market across North America garnered the largest revenue, accounting for one-third of the market.

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The global predictive maintenance market report includes an in-depth analysis of the major market players such as IBM, General Electric, Microsoft, SAP, Hitachi, PTC, Schneider Electric, SAS, Software AG, Expert Microsystems, Inc., Engineering Consultants Group, Inc., Uptake Technologies Inc., SparkCognition, C3 IoT, Operational Excellence (Opex) Group Ltd, Fiix Inc., TIBCO Software Inc., Asystom, and Sigma Industrial Precision.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.



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