Global Predictive Maintenance Market is anticipated to display a CAGR of 21.9% from 2022 to 2032

The global predictive maintenance market is expected to secure a market value worth US$ 45.5 Billion while displaying a CAGR of 21.9% during the forecast period from 2022 to 2032. The development of the market can be attributed to rapid digitization and growing urbanization.

Ongoing advancements in machine-to-machine communication, artificial intelligence, and big data have provided new methods to secure information deduced from AI means. Advanced techniques provide enterprises tools to dissect real-time data and decide on various application cases for IoT.

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Key players in the market are taking various initiatives to strengthen their position in the market. In May 2022, Sensata Technologies, a US-based company launched a new asset monitoring solution that offers predictive maintenance for rotary assets and gives actionable insights to plant managers.

Such launches are expected to support market growth in the forecast period. Development in big data and M2M communication allow condition monitoring in real-time. The real-time inputs from selectors, detectors, and other regulatory parameters would not only identify embryonic asset loss but also assist organizations in real-time and take prompt actions.

On the contrary, a lack of expertise and frequent maintenance is expected to hamper the market growth. Also, upgradation requirement is another cause limiting the market growth in the forecast period. However, the proliferation of customer channels and changing landscape of customer intelligence are expected to act as a significant counter to the impeding causes and boost the market growth during the forecast period.

Key Takeaways from the Market Study
By deployment mode, the cloud segment is expected to dominate the predictive maintenance market while exhibiting a CAGR of 21.1% during the forecast period.

Based on organization size, the large enterprises segment is predicted to lead the predictive maintenance market and exhibit a CAGR of 21.4% by 2032.

The predictive maintenance market in the U.S is projected to garner US$ 15.8 Billion by 2032

The predictive maintenance market in the U.K is anticipated to garner a market value of US$ 2 Billion during the forecast period

The Japanese predictive maintenance market is anticipated to garner US$ 2.6 Billion by 2032

The predictive maintenance in South Korea is projected to display a CAGR of 19.5% from 2022-to 2032

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Top Key players are:
IBM
Microsoft Corporation
Schneider Electric SE
Hitachi, Ltd.
General Electric Company

Key Segments Profiled in the Predictive Maintenance Market
By Organization Size :
Large Enterprises
Small and Medium-Sized Enterprises

By Vertical :
Government and Defense
Manufacturing
Energy and Utilities
Transportation and Logistics
Healthcare and Life Sciences
Other Verticals (Agriculture, Telecom, Media, and Retail)

By Deployment Mode :
Cloud-based
On-Premise
By Component :
Predictive Maintenance Software
Predictive Maintenance Services

By Region :
North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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Competition Analysis
Key players in the global predictive maintenance market adopt various strategies to enhance their reach across the globe. Strategies such as; partnerships, collaborations, and acquisitions, among others, are some of those methods.

Recent developments in the industry are:
In May 2022, Hitachi Ltd. announced the launch of Lumada Inspection Insights. Pioneered by Hitachi Energy and Hitachi Vantara, Lumada Inspection Insights allows customers to mechanize asset inspection, and support sustainability goals. The new solution addresses various causes of failures by implementing AI and Machine Learning to assess assets, risks, and the spectrum of image types.

In July 2021, Schneider Electric rolled out EcoStruxure ™ TriconexTM Safet View. It is assiduity's first binary safety-and-cybersecurity-certified bypass and alarm operation software that enables drivers to see both the bypass status that affects the position of threat reduction in place, and the critical admonitions demanded to operate the factory safely when pitfalls are high.

In May 2022, Schneider Electric announced the launch of its new SureSeT MV switchgear offering for the market in North America. The new solution offers various benefits. The newly integrated characteristics offer insights into day-to-day operations for remote access and control of equipment health, predictive maintenance, and operational efficiency.

Related Reports:
Cloud-based Predictive Analytics Platform Market Forecast To 2026
https://www.factmr.com/report/2589/cloud-based-predictive-analytics-platform-market

Operational Predictive Maintenance Market Outlook (2024 to 2034)
https://www.factmr.com/report/operational-predictive-maintenance-market

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