Pune, India -- (SBWIRE) -- 07/27/2016 -- The report "Operational Predictive Maintenance Market by Solution, by Service (System Integration, Training and Support, Consulting, by Deployment Type (Cloud, on-Premise), by Application Area, by Region (NA, Europe, APAC, MEA, LA) - Global Forecast to 2020", The operational predictive maintenance market size is estimated to grow from USD 582.3 Million in 2015 to USD 1,884.3 Million by 2020, at a Compound Annual Growth Rate (CAGR) of 26.5%.

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Operational predictive maintenance solutions are gaining popularity with increasing usage across all the major industrial verticals such as automotive, manufacturing, energy & utilities, healthcare, and others. One of the main reasons for the increasing usage is the ability of these software solutions to precisely predict asset failure, enabling enterprises to take the asset out of production just before it is to fail, thus ensuring production is not hampered in any way due to the failure of the asset.

The manufacturing vertical is expected to have the largest market size

The manufacturing vertical has the largest market size in the operational predictive maintenance market. Manufacturers are seeing the maintenance as a strategic business function as lowering the maintenance cost will help increase profitability.

Cloud deployment is expected to grow at the highest CAGR during the forecast period

The cloud-based operational predictive security market is expected to grow at the highest CAGR, as cloud-based operational predictive maintenance will enable enterprises to reduce their dependence on IT, data mining specialists, and data integration.

North America expected to contribute the largest market share, APAC to grow the fastest

North America is expected to hold the largest market share and would dominate the operational predictive maintenance market from 2015 to 2020, due to the presence of a large number of solution and service vendors. APAC offers potential growth opportunities for the operational predictive maintenance market to grow, as countries in APAC are investing heavily to increase the efficiency of production assets.

The major vendors in the operational predictive maintenance market include IBM Corporation, Software AG, General Electric, Bosch, Rockwell Automation, PTC, Schneider Electric, SKF, and others.

MarketsandMarkets segments the operational predictive maintenance market on the basis of solutions, services, application areas, deployment types, and regions. The report covers regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The report also covers detailed information regarding the major factors influencing the growth of the operational predictive maintenance market, such as drivers, restraints, challenges, and opportunities.

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