Billion Dollar Predictive Maintenance (PdM) Market to exhibit growth at a CAGR of 29.44 % through 2023-2027
The predictive maintenance (PDM) market is a billion-dollar market in making with a revenue expansion of USD 16.57 billion between 2022 and 2027, with market growth accelerating at a CAGR of 29.44%.
Navigating through the growth drivers of the market it has been observed and quoted by Technavio's Senior Analyst ~ " PDM market is experiencing growth due to SMEs increasingly embracing advanced analytics, driven by the proliferation of cloud computing worldwide "
SMEs' potential to take advantage of innovations like mobility, AI, and IoT is provided by cloud-based PDM systems since these solutions facilitate cross-company collaboration and real-time information access thus generating demand throughout.
The adoption of cloud computing eases risk management, compliance, and corporate operations. It also fosters improved cooperation and better productivity. The use of PDM tools by SMEs is accelerated by these considerations.
Predictive Maintenance (PdM) Market
PDM solutions are being used by SMEs in a variety of industries, including manufacturing, retail, finance, and IT, to help with centralized planning, resource management, cost reduction, better decision-making, and increased sales.
Augury Inc., Avnet Inc., C3.ai Inc., Dell Technologies Inc., Deutsche Telekom AG, Fortive Corp., General Electric Co., Hitachi Ltd., Honeywell International Inc., International Business Machines Corp., PTC Inc., RapidMiner Inc., Reliability Solutions sp. z o.o., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, SAS Institute Inc., Schneider Electric SE, Siemens AG, and Warwick Analytics Services Ltd. are some of the major market participants that comes with wide range of offerings as per industry requirement.
Technavio's study includes comprehensive insights into the many development factors and barriers that may impede market advancement. It also provides a segment-by-segment analysis of the market and geographic landscape, along with a thorough profiling of the key market players. Check out our study report sample on the Predictive Maintenance (PdM) Market.
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