“The global operational predictive maintenance market is expected to grow with the CAGR of 26.2% during the forecast period. The operational predictive maintenance market has been led due to various factors and one of the major factors driving the demand is enterprise adoption of cloud. Cloud provides simple IT process and tools in place to support business decision making. Cloud provides organizations with an opportunity to transform their business models and gain a competitive edge. Companies are expanding their business globally with head-quarters in multiple regions. Thus, they need to improve efficiency of their business by using collaborative solutions and real time information exchange. Cloud provides flexibility, scalability and cost benefits to the business through its various services. Thus, organizations are keen to adopt an effective cloud based service to enhance their capabilities. Moreover, the e-commerce trend has increase the flow of data over the internet, thus cloud provides various enterprise solutions that help in managing this data and deriving a relevant knowledge from it. Cloud vendors are constantly looking for development in enterprise cloud. A wide range of enterprise cloud services are available including solutions for Sales, Marketing, CRM, Finance, Human Resource, and so on.
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Increasing Broadband Penetration-Key Driver
Both the public and the private sectors have administered the broadband role in economic growth. The World Bank explains that for every 10% of broadband penetration in an economy, there is usually a 1.38% rise in GDP. Almost all developing countries have made increased broadband access the center of their growth policies. Access to a good strength of broadband network is the basic necessity of cloud computing. Significant improvement in the broadband services across the geographies has generated a scope for the growth of cloud computing services which drives the growth of the market.
North America-Key Revenue Generating Region
In terms of industrialization North America has vast number of industries who are highly competitive with each other. All these industries are using every possible way to gain more with higher efficiency. This has pushed the adoption of predictive maintenance solution. North America is also one of the biggest IoT and Big Data market, which gives an added advantage for predictive solutions to be more accurate and reliable in the region. Below, figure shows the estimated values, and the growth in big data market in North America.
Moreover, Canada is witnessing a welcoming nature from its industrial side in order to get optimized production and a good efficiency which is also a factor in favor of predictive maintenance market in the country. The GDP of Canada is also growing at a rapid pace which is again a good sign for the market. Thus, these are some factors supporting for driving the demand in North America.
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