Predictive maintenance market $18 billion by 2027

The market is expected to be driven by the rising urbanisation coupled with rampant digitalisation. Furthermore, growing demand to decrease operation and maintenance cost are also estimated to fuel the market growth.

Despite the driving factors, lack of skilled workforce are anticipated to hinder the market growth. During the COVID-19 pandemic, the supply of hardware slowed down and manufacturing capacity also reduced. Furthermore, the growth of IT infrastructure also slowed down. Therefore, the COVID-19 pandemic negatively impacted the market growth.

Major players in the global predictive maintenance market include Altair, AWS, Fiix Software, GE, Google, Hitachi, IBM, Micro Focus, Microsoft, OPEX Group, Oracle, PTC, SAP, SAS Institute, Schneider Electric, Siemens, SEEBO, Sigma Industrial Precision, Software AG, Splunk, and Other Prominent Players. The cumulative market share of the ten major players is near about 58%.

The growth predictions come from a new report by Dublin-based Research and Markets, "Global Predictive Maintenance Market, By Component, By Deployment Mode, By Technology, By Organization Size, By Industry, Estimation & Forecast, 2017 - 2027".

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