Allied Market Research published a report stating that the global predictive maintenance industry garnered $2.80 billion in 2018, and is estimated to reach $23.01 billion by 2026, growing at a CAGR of 30.2% from 2019–2026.

The need to improve uptime of equipment and increase in investment on predictive maintenance fuel the growth of the global predictive maintenance market. On the other hand, lack of skilled staff, difficulties in implementation, and data privacy and security concerns are some of the factors that restrain the growth to certain extent. However, integration of predictive maintenance with IIoT and use of machine learning are expected to create a number of lucrative opportunities in the near future.

The report also provides a detailed analysis of the drivers and opportunities, top investment pockets, top winning strategies, market size & estimations, competitive landscape, and wavering market trends.

Read the full story, "Predictive Maintenance Market to Reach $23.01 Bn, Globally, by 2026 at 30.2% CAGR: Allied Market Research," at www.finance.yahoo.com.

• Related: 2018 PdM survey results: More outsourced maintenance and monitoring
• Related: "The machine never fails on your terms"

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