The Predictive Maintenance Global Market Report 2023 by The Business Research Company, provides predictive maintenance market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Predictive Maintenance Global Market Report 2023, the market size will grow from $5.82 billion in 2022 to $7.54 billion in 2023 at a compound annual growth rate (CAGR) of 29.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the predictive maintenance is expected to grow to $20.92 billion in 2027 at a CAGR of 29.1%.
The growing demand to reduce maintenance costs, equipment failure and downtime is significantly contributing to the growth of the predictive maintenance market. Equipment downtime refers to the duration in which particular equipment is not in operation due to unplanned equipment failure. Frequent equipment failure and unplanned downtime of large equipment are hampering the business operations due to a temporary halt of production activities, idle staff time, financial penalties, and others.
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The predictive maintenance market is segmented:
1) By Component: Solutions, Service
2) By Deployment Mode: On-premises, Cloud
3) By Stakeholder: MRO, OEM/ODM, Technology Integrators
4) By Application: Heavy Machinery, Small Machinery, Other Applications
5) By End User: Aerospace & Defense, Automotive & Transportation, Energy & Utilities, Healthcare, IT & Telecommunication, Manufacturing, Oil & Gas, Other End Users
The adoption of advanced technology is a key trend gaining popularity in the predictive maintenance market. Major companies operating in the predictive maintenance market are focused on providing technologically advanced predictive maintenance solutions to meet the technical demands of end customers and strengthen their market position. These companies are implementing next-generation technologies into their services such as IoT, AI (artificial intelligence), ML (machine learning), thermography, cloud computing, and others to match the market demand for better maintenance. For instance, in December 2021, Avanseus, Singapore-based predictive maintenance, and intelligent monitoring solutions company introduced an AI-based predictive maintenance solution across the operations of Bharti Airtel, an Indian premier communications company. The predictive maintenance solution uses machine learning algorithms and artificial intelligence (AI) to support the move towards zero-fault, zero-touch networks by proactively predicting and preventing incidents in the network.
Major Players:
- Microsoft
- IBM
- SAP
- SAS Institute, Software AG
- TIBCO Software
The predictive maintenance market report table of contents includes:
1. Executive Summary
2. Protein Bar Market Characteristics
3. Protein Bar Market Trends And Strategies
4. Protein Bar – Macro Economic Scenario
5. Protein Bar Market Size And Growth
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27. Protein Bar Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Protein Bar Market|
29. Protein Bar Market Future Outlook and Potential Analysis
30. Appendix
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