Global Predictive Maintenance Market is expected to grow with the CAGR of 39.9% in the forecast period of 2020 to 2027. The years considered for study are as mentioned below.

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Global predictive maintenance market is a highly consolidated market, which includes specific number of key players as well as local players. The market has witnessed increased strategic developments owing to favourable market scenario.

The major players dealing in global predictive maintenance market are introducing strong range of product portfolio. This helped companies to maximize the sales with enhanced product portfolio. For instance,

• In November 2019, IBM Corporation announced to launch Maximo Asset Monitor embedded with AI and monitoring solutions. This product was designed to help maintenance and operations and improve the performance of physical assets. This has helped the company to enhance its product portfolio and expanded its presence in asset management capabilities.              

IBM Corporation is dominating the market, followed by SAP SE, Microsoft, PTC, Siemens, GENERAL ELECTRIC, Schneider Electric, Software AG, C3.ai, Inc., DINGO Software Pty. Ltd., Splunk Inc., Uptake Technologies Inc, Oracle, Amazon Web Services, Inc. (a subsidiary of Amazon), Softweb Solutions Inc. (An Avnet Company), ABB, Huawei Technologies Co., Ltd., Intel Corporation, SKF, and Hitachi, Ltd. among others.

IBM Corporation

IBM Corporation headquartered in New York, U.S., was founded in year 1911. The company is engaged in manufacturing and providing new technological solutions for business in various industries. The company offers wide range of product categories such as software trials, analytics, cloud, IBM blockchain, industry solutions, internet of things, IT infrastructure, security and Watson, out of which internet of things is the market focused product category.

For instance,

• In February 2019, IBM Corporation announced to launch a new portfolio of Internet of Things (IoT) solutions with AI and Advanced Analytics named as Metropolitan Atlanta Rapid Transit Authority (MARTA) to improve maintenance strategies. This product is designed to help organizations to lower costs and reduce the risk of failures of vehicles, manufacturing robots, turbines, mining equipment, elevators, and electrical transformers. This has helped the company to enhance their product portfolio. 

The company has presence in Europe, Asia-Pacific, North America, Latin America, Middle East and Africa, generates revenue from subsidiaries such as Red Hat Software (U.S.), IBM India Private Limited (India), Weather Underground (U.S.), Aspera (U.S.), Fiberlink Communications Corp. (U.S.) among others.

SAP SE

SAP SE headquartered in Walldorf, Germany, was founded in 1972. The company is engaged in manufacturing and providing end-to-end enterprise application software, database, analytics, intelligent technologies, and experience management. The company engaged ERP and finance, CRM and customer experience, network and spend management, digital supply chain management, HR and people engagement and business technology platform, out of which digital supply chain management is market focused product category.

For instance,

• In April 2016, SAP SE launched an on-premise edition of predictive maintenance and service to improve the health of assets and optimize their operation and servicing. This product brings the power of Big Data and IoT into existing service and runs on an extendable and high-performing data processing platform, which processes huge amounts of Information Technology (IT) and Operational Technology (OT) data. This has helped the company to better meet consumers changing demands and enhance the product portfolio.    

The company has wide global presence across the Europe, Asia-Pacific, America and Middle East generates revenue from subsidiaries such as Qualtrics (U.S.), SAP Concur (U.S.), SuccessFactors (U.S.), SAP Ariba (U.S.), SAP Japan Co., Ltd. (Japan) and others.

Microsoft

Microsoft is headquartered in Washington, U.S., which was founded in 1975. The company is engaged in manufacturing and providing cloud-based solutions with software, services, platforms, and content and also provides provide support and consulting services. The company offers product categories such as DevOps, developer tools, hybrid, identity, integration, internet of things, management and governance, media, migration, mixed reality, mobile, networking, security, storage, web, windows virtual desktop, databases, containers, blockchain, analytics, AI + machine learning. Internet of things is the market focused category.

For instance,

• In July 2020, Microsoft launched Azure Time Series Insights Gen2 which is a fully managed IoT analytics platform that helps customers to conduct root-cause analysis in large volumes of industrial data. Azure Time Series Insights Gen2 provides a scalable, pay-as-you-go pricing model that enables customers to tune to business demand and offers multi-layered storage. This has helped the company to enhance its product offerings and grow in the market.

The company has wide global presence in North America, South America, Europe, Asia-Pacific, Middle East and Africa generates revenue from subsidiaries such as GitHub (U.S.), Yammerand (U.S.), Microsoft India (India), Skype Communications S.a r.l. (U.S.), LinkedIn Corporation (U.S.) among others.