Predictive Maintenance Market, 2024 - Focus on Government and Defense, Manufacturing, Energy and Utilities, Transportation and Logistics - ResearchAndMarkets.com

DUBLIN--()--The "Predictive Maintenance Market by Component (Solutions and Services), Deployment Mode, Organization Size, Vertical (Government and Defense, Manufacturing, Energy and Utilities, Transportation and Logistics), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global predictive maintenance market size is forecasted to grow from USD 3.0 billion in 2019 to USD 10.7 billion by 2024

The major growth drivers of the predictive maintenance market include the increasing use of emerging technologies to gain valuable insights. A lack of a skilled workforce may restrain the growth of the predictive maintenance market.

The services segment to grow at a higher CAGR during the forecast period

The predictive maintenance market is segmented on the basis of components, such as solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. An efficient predictive maintenance service help organizations develop a connected environment by integrating a predictive maintenance solution with their existing IT infrastructure.

The energy and utility segment to grow at the highest CAGR during the forecast period

The predictive maintenance market by vertical has been segmented into government and defense, manufacturing, energy and utilities, transportation and logistics, health and life sciences and others (agriculture, telecom, media, and retail). The energy and utility segment to grow at the highest CAGR during the forecast period, due to the growing demand for automated power-usage analytics applications.

Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, and Japan, increasing government regulations and initiatives are expected to drive the growth of the market in APAC.

Market Dynamics

Drivers

  • Increasing Use of Emerging Technologies to Gain Valuable Insights
  • Growing Need to Reduce Maintenance Cost and Downtime

Restraints

  • Lack of Skilled Workforce

Opportunities

  • Real-Time Condition Monitoring to Assist in Taking Prompt Actions

Challenges

  • Companies' Concern Over Data Security and Privacy Issues
  • Frequent Maintenance and Upgradation Requirement to Keep Systems Updated

Use Cases

Regulatory Implications

  • General Data Protection Regulation
  • Health Insurance Portability and Accountability Act
  • Federal Trade Commission
  • Federal Communications Commission
  • Iso/IEC Standards
  • ISO 55000 Standards
  • ISO 13374 on Condition Monitoring and Diagnostics of Machines
  • ISO/IEC JTC 1
  • ISO/IEC JTC 1/SC 42
  • ISO/IEC JTC1/SC3 1
  • ISO/IEC JTC1/SC2 7
  • Industrial Internet Consortium Reference Architecture
  • CEN/ISO
  • CEN/Cenelec
  • National Institute of Standards and Technology
  • Eprivacy
  • ANSI Tappi Tip 0305-34:2008
  • Mimosa

Companies Mentioned

  • Asystom
  • C3 IoT
  • Dingo
  • Ecolibrium Energy
  • Fiix
  • GE
  • Hitachi
  • IBM
  • Microsoft
  • OPEX Group
  • PTC
  • SAP
  • SAS
  • Schneider Electric
  • Sigma Industrial Precision
  • Software AG
  • Softweb Solutions
  • TIBCO
  • Uptake

For more information about this report visit https://www.researchandmarkets.com/r/ffeasr

Contacts

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Related Topics: Industrial Automation

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Industrial Automation