The global predictive maintenance market size is projected to reach USD 18,551.0 million by 2026. The use of cloud computation has emerged in favor of market growth. According to a report published by Fortune Business Insights, titled "Predictive Maintenance Market Size, Share & Industry Analysis, By Component (Solution, Services), By Techniques (Power System Assessments, Infrared thermography, Temperature Monitoring, Fluid Analysis, Circuit Monitor Analysis, Vibration Monitoring, and Others), By Deployment (On-Premises and Cloud), By Organization Size (Small and Middle Enterprises (SMEs) and Large Enterprises), By End-User (Manufacturing, Government, Energy and Utilities, Transportation, Healthcare, Aerospace and Defence, and Others) and Regional Forecast, 2019-2026*,”* the market was worth USD 2,387.6 million in 2018 and will exhibit a CAGR of 29.8% during the forecast period, 2019-2026.

Predictive maintenance is a method that makes use of real-time condition monitoring tools that help track the performance of any machine or equipment. This method will help detect and fix the errors that occur in the operation of the specific equipment. This will help detect failures in the machinery in the future, thereby leading to reduced costs. The increasing demand for maintenance solutions across diverse industry verticals will emerge in favor of market growth. Growing applications of predictive maintenance in the manufacturing industry will have a positive impact on the growth of the market in the forthcoming years.

Increasing Number of Company Mergers Will Create Several Opportunities for Market Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers has made a huge impact on market growth. In 2019, Cisco Systems, Inc. announced the acquisition of Cloudcherry, a company that is engaged in providing customer experience management. The company makes use of predictive analytics within its maintenance services. Through this acquisition, the company will look to establish a strong presence in the market, and in doing so, generate huge revenues in the coming years.

North America to Emerge Dominant; Adoption of Cloud in Predictive Software by Major Companies in this Region to Aid Growth

The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to emerge dominant in the coming years driven by the adoption of advanced concepts in predictive maintenance tools by major companies. The huge investment in the research and development of products will have a positive impact on the growth of the regional market. As of 2018, the market in North America was worth USD 774.3 million. Accounting to the presence of several large scale companies in this region, the market will be worth USD 5,454.0 million by the end of 2026. Besides North America, the market in Europe will witness considerable growth in the coming years.

Some of the leading companies that are operating in the global predictive maintenance market are:

· IBM Corporation

· Microsoft Corporation

· SAP SE

· Schneider Electric SE

· Hitachi, Ltd.

· SAS Institute, Inc.

· Oracle Corporation

· Siemens AG

· SparkCognition

· Axiomtek Co., Ltd.

· Banner Engineering Corp.

· Sigma IT

· RFMicron, Inc. d/b/a Axzon

· Larsen & Toubro Infotech Ltd.

· Predictive Maintenance Solutions, LLC

· Fujitsu Ltd.

· Software AG

· Engineering Consultants Group, Inc.

Industry Developments:

IBM Corporation announced that it has completed the acquisition of Oniqua Holdings Pty Ltd. The company is a leading provider of maintenance, repair, and operations optimization software. Through this acquisition, the company will look to establish a strong presence in the market and subsequently expand its consumer base across the world.