Predictive maintenance is condition monitoring plan and observing an equipment performance to reduce the risk of a failure under normal operating conditions. This maintenance is to anticipate a failure and then try to avoid it by corrective maintenance. Predictive maintenance focuses on preventive measures can be taken while predicting and determining device/equipment failure. Predictive maintenance can minimize several concerns related to reliability and quality. Execution of these predictive maintenance solutions with the help of IoT technologies helps organizations in minimizing the downtime and operations and maintenance cost.

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By geography, North America is going to have high growth during the forecast period due to due to the presence of well-established end-user industries as well as high awareness among organizations to adopt technologies that help them in increasing efficiency and lower operational costs.

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Some of the key players profiled in the Predictive Maintenance Market include Schneider Electric, Software AG, Microsoft, IBM, SAP SE, Hitachi, Google, Oracle, Amazon Web Services (AWS), General Electric, PTC, Axiomtek Co. Ltd, Banner Engineering Corp., Predictive Maintenance Solutions, LLC, and Sigma IT.

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