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At 21.1% CAGR, Predictive Maintenance Market to Reach US

#CAGR #Predictive #Maintenance #Market #Reach

Dallas, Texas, Oct. 21, 2022 (GLOBE NEWSWIRE) — In 2028, it is anticipated that the global predictive maintenance market will be worth US$19.24 billion. A staggering CAGR of 21.10% is expected to be displayed by the market over the forecast period.

The global predictive maintenance market is expected to grow significantly over the estimated period as a result of rising urbanization and quickening digitalization. Sensors are used in predictive maintenance to assess the need for repairs. The sensors are more precise than human senses, and they can also detect internal wear that is hazardous for human inspection and cannot be immediately evaluated. The fast use of the Internet of Things (IoT) and increased expenditures in predictive maintenance are likely to fuel the global predictive maintenance market revenue growth over the forecast period.

These factors are expected to increase the requirement for maximizing asset availability and lowering maintenance costs. The goal of predictive maintenance is to identify irregularities in operation and prospective issues with equipment and processes so that they can be corrected before the process encounters any errors.

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Global predictive maintenance market scope: 

Metrics Details
Study Period 2018-2028
Market Size in 2028 USD 19.24 billion
Segment Covered Component, Deployment mode, Organization size, Regions
by Component Covered Solutions, Services
Deployment Mode Covered cloud-based, on-premise, web-based
Regions Covered North America, Europe, Asia Pacific, Middle East, and Africa and South America
Key Players Profiled Microsoft (US), TIBCO Software (US), HPE (US), Altair (US),  IBM(US), SAP(Germany), SAS Institute (US), Schneider Electric (France), Hitachi (Japan), Software AG (Germany), Splunk (US), Oracle (US), Google (US), AWS (US), GE (US), and PTC (US)

A maintenance approach called predictive maintenance (PdM) is one that…

Read on GNW: At 21.1% CAGR, Predictive Maintenance Market to Reach US

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