According to a new market research report “North America Predictive Maintenance Market” by Component Application, Deployment Mode, Vertical, and Region forecast to 2027 published by Business Market Insights, 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.
Predictive maintenance is a process adopted to evaluate the condition of machines and equipment of enterprises to prevent failures during operations. The process enables users to identify any deterioration, plan maintenance activities, and reduce operating costs. It uses predictive algorithms with sensor data to estimate the possibility of equipment failure. It also identifies the root cause of complex machinery problems and helps determine repair or replacement requirements of specific parts. This helps the plant operators in minimizing downtime and maximizing the life of the equipment.
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The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global market. Key players profiled in the report include:
- Hitachi, Ltd.
- Software AG
- IBM Corporation
- Microsoft Corporation
- PTC Inc.
- Syncron AB
- TIBCO Software Inc.
- Schneider Electric SE
- General Electric Company
With COVID-19, the entire workforce has experienced a transition toward remote working, paving a way for North America Predictive Maintenance solution and hardware products. The reduced travel time and cost, the importance of involving employees in determining strategic goals, and the rising need for virtual meeting rooms have overall increased the spending of companies on North America Predictive Maintenance solutions.
North America Predictive Maintenance Market Segmentation
North America Predictive Maintenance Market, by Solution
North America Predictive Maintenance Market, by Deployment
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This report provides:
1) An overview of the market for North America Predictive Maintenance Market and related technologies.
2) Analyses of North America Predictive Maintenance market trends, with data from 2018, estimates for 2019 and 2020, and projections of compound annual growth rates (CAGRs) through 2027.
3) Identifications of new market opportunities and targeted promotional plans for North America Predictive Maintenance Market
4) Discussion of research and development, and the demand for new products and new applications.
5) Comprehensive company profiles of major players in the industry.
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.
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