As per the market research report titled ‘Global Predictive Maintenance Market Size study, By Component (Solutions and services), Deployment Model (Cloud and on-premises), Organization size (Large enterprises and Small and medium-sized enterprises), By Vertical (Government and Defense, Manufacturing, Energy and Utilities, Transportation & Logistics and Healthcare and Life Sciences) and Regional Forecasts 2020-2027’ available with Market Study Report, global predictive maintenance market accounted for USD 3.20 billion in the year 2019 and is projected to exhibit a CAGR of 25.20% during 2020-2027.
 

Industry experts claim that factors like minimal downtime as well as reduction of maintenance costs coupled with beneficial attributes such as reduction of issues associated with reliability and quality are augmenting the growth of global predictive maintenance market size.
 

For the record, predictive maintenance techniques help in analyzing and determining the condition of equipment to calculate the estimated timeframe for the maintenance.
 

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Emergence of advanced technologies, integration of ML (machine learning) and IoT (Internet of Things), and favorable government initiatives are positively swaying the global predictive maintenance market dynamics.
 

Rising adoption of IoT technology for automation in manufacturing processes, industry 4.0 initiatives, and acquisitions, mergers and other strategic alliances by industry players are further propelling the market expansion. However, scarcity of skilled workers is expected to hinder the industry growth throughout the analysis timeframe.
 

Based on component type, global predictive maintenance industry is fragmented into services, and solutions. With regards to deployment model, the market is divided into on-premises, and cloud. While as per organization size, the market is bifurcated into small and medium-sized enterprises (SME), and large enterprises. The end-user terrain of the market comprises of healthcare & life sciences, transportation & logistics, energy & utilities, manufacturing, and government & defense.
 

Regionally, North America is expected to emerge as a major growth avenue for global predictive maintenance market by the year 2027, owing to increasing investments towards the integration of technologies such as ML, AI, and IoT, high concentration of market vendors, and favorable government norms. On the other hand, Asia-Pacific predictive maintenance market is predicted to exhibit the highest CAGR over 2020-2027.
 

Prominent players that outline the worldwide predictive maintenance industry trends are Oracle Corporation, SAS Institute, Software AG, PTC Inc., Hitachi Ltd., Schneider Electric, General Electric Company, SAP SE, Microsoft Corporation, and IBM Corporation among others.