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

During the forecast period from 2022 to 2032, the global predictive maintenance market is anticipated to reach a market value of US$ 45.5 Billion, demonstrating a robust Compound Annual Growth Rate (CAGR) of 21.9%.

The market's growth can be attributed to rapid digitization and increasing urbanization. Ongoing advancements in machine-to-machine communication, artificial intelligence, and big data analytics have introduced novel methods for acquiring and analyzing information derived from AI technologies. These advanced techniques equip enterprises with tools to analyze real-time data effectively, enabling them to make informed decisions across various IoT application cases.

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Key players in the market are actively taking initiatives to solidify their positions. For instance, in May 2022, Sensata Technologies, a US-based company, introduced a new asset monitoring solution aimed at providing predictive maintenance for rotary assets, furnishing actionable insights to plant managers.

These strategic launches are anticipated to bolster market growth throughout the forecast period. Furthermore, advancements in big data and machine-to-machine (M2M) communication enable real-time condition monitoring. The instantaneous inputs from sensors, detectors, and other regulatory parameters not only identify potential asset deterioration but also empower organizations to take prompt actions in real-time.

On the flip side, market growth is anticipated to be hindered by a lack of expertise and the need for frequent maintenance. Additionally, the requirement for upgrades presents another limitation to market expansion in the forecast period. However, the proliferation of customer channels and the evolving landscape of customer intelligence are expected to serve as significant mitigating factors against these impediments, ultimately bolstering market growth during the forecast

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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

Key Segments
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 include Microsoft Corporation, IBM, Schneider Electric SE, General Electric Company, and Hitachi, Ltd.

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.

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This release was published on openPR.