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Predictive Maintenance Market by Component, Deployment Type, Organization Size, Vertical & Region - Global Forecast to 2021 - Research and Markets

[March 22, 2017]

Predictive Maintenance Market by Component, Deployment Type, Organization Size, Vertical & Region - Global Forecast to 2021 - Research and Markets

Research and Markets has announced the addition of the "Predictive Maintenance Market by Component, Deployment Type (Cloud and on-Premises), Organization Size (SMES and Enterprises), Vertical, and Region - Global Forecast to 2021" report to their offering.

The predictive maintenance market size is expected to grow from USD 1,404.3 million in 2016 to USD 4,904.0 million by 2021, at a Compound Annual Growth Rate (CAGR) of 28.4% during the forecast period.

Factors, such as the lowering maintenance cost with reduced downtime and widespread of Internet of Things (IoT) are expected to increase the demand for predictive maintenance solutions & services. However, lack of training and trust for predictive maintenance are the major factors restraining the growth of the market.

The support and maintenance services segment is estimated to grow at the highest CAGR during the forecast period. The rise in the demand for support and maintenance services is expected to witness traction in Asia-Pacific (APAC), Middle East & Africa (MEA) and Latin American regions, as predictive maintenance software solutions are dependent on he combination of technology and human skills. Software vendors provide training courses for the employees that last for a few days and are basic in nature. However, additional educational is required so that operators can understand and interpret the analysis from the captured data.

The North American region holds the largest share of the predictive maintenance market. The major driver for this region is the increasing demand for better monitoring and predictive technology. The U.S. has the largest market share in the region, followed by Canada. The European market is the second biggest market after North America. The European region consists of major growing economies, such as the U.K., Germany, and France, which present great growth opportunities for the predictive maintenance market.

Companies Mentioned