DUBLIN--(BUSINESS WIRE)--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.
- Increasing Use of Emerging Technologies to Gain Valuable Insights
- Growing Need to Reduce Maintenance Cost and Downtime
- Lack of Skilled Workforce
- Real-Time Condition Monitoring to Assist in Taking Prompt Actions
- Companies' Concern Over Data Security and Privacy Issues
- Frequent Maintenance and Upgradation Requirement to Keep Systems Updated
- 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
- National Institute of Standards and Technology
- ANSI Tappi Tip 0305-34:2008
- C3 IoT
- Ecolibrium Energy
- OPEX Group
- Schneider Electric
- Sigma Industrial Precision
- Software AG
- Softweb Solutions
For more information about this report visit https://www.researchandmarkets.com/r/ffeasr