Market Research Report
North America Predictive Maintenance Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component, Deployment Type, Technique, End-User-Industry, and Country
|Published by||The Insight Partners||Product code||961852|
|Published||Content info||149 Pages
Delivery time: 1-2 business days
|North America Predictive Maintenance Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component, Deployment Type, Technique, End-User-Industry, and Country|
|Published: August 20, 2020||Content info: 149 Pages||
North America Predictive Maintenance Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component (Software and Service), Deployment Type (Cloud and On-Premises), Technique (Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detectors, Shock Pulse, Infrared, and Others), End-User-Industry (Manufacturing, Energy and Utilities, Aerospace & Defense, Transportation and Logistics, and Others), and Country.
The predictive maintenance market in North America was valued at US$ 883.69 million in 2019 and is projected to reach US$ 2,514.09 million by 2027; it is expected to grow at a CAGR of 14.1% from 2020 to 2027.
Every sector needs improved asset management, which is boosting the demand for predictive maintenance solutions. Solution providers equipped with machine learning (ML) and artificial intelligence (AI) can collect and make meaningful insights from the vast amount of data generated through various connected devices. Moreover, to optimize various aspects of service delivery, such as quality assessment and predictive maintenance, AI can also be integrated with IoT devices without any human intervention. Real-time inputs from actuators, sensors, and other control parameters would not only predict embryonic asset failures but also help companies monitor and take prompt action without time lag.
Based on component, the predictive maintenance market is segmented into solutions and services. The solution segment held a larger share of the predictive maintenance market in 2019. The market for solution is further categorized into integrated and standalone software solutions. The demand for integrated solutions is high owing to its increasing popularity and awareness among several industries. Thus, the growing need for a single, multi-functional software makes integrated software more popular than standalone software. Standalone software lack the scope of customization; however, due to their low cost, standalone software are widely deployed in small and medium-sized enterprises.
North America, especially the US, has witnessed massive rise in number of confirmed COVID cases, resulting in large-scale lockdown across different regions. Moreover, the retailers and brands are facing various short-term challenges regarding maintaining the production as well as supply chain activities through retailers, distributors, and raw material suppliers during the lockdown. Therefore, the abovementioned factors are hindering the growth of the predictive maintenance market in North America.
The overall North America predictive maintenance market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the predictive maintenance market. The process also serves the purpose of obtaining an overview and forecast for the North America predictive maintenance market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America predictive maintenance market. Hitachi, Ltd.; Software AG; IBM Corporation; Microsoft Corporation; PTC Inc.; Syncron AB; TIBCO Software Inc.; Schneider Electric; SAS; and General Electric Company are among the players operating in the North America predictive maintenance market.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America predictive maintenance market. Highlights key business priorities in order to assist companies to realign their business strategies The key findings and recommendations highlight crucial progressive industry trends in the North America predictive maintenance market, thereby allowing players across the value chain to develop effective long-term strategies Develop/modify business expansion plans by using substantial growth offering developed and emerging markets Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution