IoT, big data to drive predictive maintenance market to $28B by 2025: Page 2 of 2

November 29, 2019 //By Rich Pell
IoT, big data to drive predictive maintenance market to $28B by 2025
A new report from market research firm Grand View Research forecasts the global predictive maintenance market to expand at a CAGR of 37.9% to 2025, at which time it is expected to be valued at $28.24 billion.
vs on premise), enterprise size, end use, and region. Key takeaways from the report include the following:
  • A rise in deployment of customized predictive maintenance solutions is the key trend driving the growth of the integrated segment
  • Training and consulting services segment is expected to reach $1,991.8 million by 2025 owing to the growing need for skilled workforce for operating predictive maintenance solutions
  • Demand for cloud-based predictive maintenance solutions is likely to witness a rise owing to cost-effectiveness and easy maintenance of produced data through these solutions
  • Small and medium enterprise segment is projected to witness remarkable growth over the forecast period owing to reduce the operational costs associated with downtimes
  • Growth of the aerospace and defense segment is being driven by the growing demand for effective flight operation and avoidance of mishaps or accidents due to failure of any component within the airplane
  • Asia Pacific predictive maintenance market is anticipated to witness the highest growth owing to rising adoption of deep learning and artificial intelligence technologies in the region
  • Key players operating in the market include IBM, Microsoft, SAP ERP, General Electric, Siemens, Schneider Electric, Software AG, Accenture, Honeywell International, and Cisco Systems.

For more, see " Predictive Maintenance Market Size, Share & Trends Analysis Report By Solution (Integrated, Standalone), By Service, By Deployment, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2019 - 2025 ."

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