Predictive Maintenance Market 2024 Growth Analysis, Trends, Size And Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Predictive Maintenance Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $25.68 billion In 2028 At A CAGR Of 28.3% :

The predictive maintenance market size has grown exponentially in recent years. It will grow from $7.36 billion in 2023 to $9.49 billion in 2024 at a compound annual growth rate (CAGR) of 28.8%. The growth in the historic period can be attributed to equipment downtime reduction, cost savings, regulatory compliance and safety standards.

The predictive maintenance market size is expected to see exponential growth in the next few years. It will grow to $25.68 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%. The growth in the forecast period can be attributed to integration with enterprise systems, predictive analytics for complex systems, focus on proactive maintenance strategies. Major trends in the forecast period include digital twin technology, cross-industry collaboration, advancements in sensor technologies, advanced analytics and machine learning, cloud-based solutions.

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Predictive Maintenance Market Major Segments
The predictive maintenance market covered in this report is segmented -

1) By Component: Solutions, Service
2) By Deployment Mode: On-premises, Cloud
3) By Stakeholder: MRO, OEM/ODM, Technology Integrators
4) By Application: Heavy Machinery, Small Machinery, Other Applications
5) By End User: Aerospace & Defense, Automotive & Transportation, Energy & Utilities, Healthcare, IT & Telecommunication, Manufacturing, Oil & Gas, Other End Users

Key Driver - Rising Focus On Predictive Maintenance To Minimize Equipment Downtime And Cut Maintenance Costs

The growing demand to reduce maintenance costs, equipment failure and downtime is significantly contributing to the growth of the predictive maintenance market. Equipment downtime refers to the duration in which particular equipment is not in operation due to unplanned equipment failure. Frequent equipment failure and unplanned downtime of large equipment are hampering the business operations due to a temporary halt of production activities, idle staff time, financial penalties, and others. For instance, according to the study published in Senseye Ltd., a UK-based provider of AI-driven predictive maintenance software, in June 2021, each production plant is losing $172 million per annum due to unplanned downtime. Thus, these manufacturing units are investing in advanced technologies to mitigate the probable unprecedented downtime of machinery in the plant. Therefore, growing demand to reduce maintenance costs, equipment failure, and downtime is expected to boost demand for predictive maintenance during the forecast period.

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Prominent Trend - Pioneering The Predictive Maintenance Landscape With Advanced Technologies

The adoption of advanced technology is a key trend gaining popularity in the predictive maintenance market. Major companies operating in the predictive maintenance market are focused on providing technologically advanced predictive maintenance solutions to meet the technical demands of end customers and strengthen their market position. These companies are implementing next-generation technologies into their services such as IoT, AI (artificial intelligence), ML (machine learning), thermography, cloud computing, and others to match the market demand for better maintenance. For instance, in December 2021, Avanseus, a Singapore-based predictive maintenance, and intelligent monitoring solutions company introduced an AI-based predictive maintenance solution across the operations of Bharti Airtel, an Indian premier communications company. The predictive maintenance solution uses machine learning algorithms and artificial intelligence (AI) to support the move towards zero-fault, zero-touch networks by proactively predicting and preventing incidents in the network.

Predictive Maintenance Market Players
Major companies operating in the predictive maintenance market report are Google LLC, Microsoft Corporation, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, OPEX Group Ltd., SAP SE, Hewlett Packard Enterprise Company, SAS Institute Inc., Splunk Inc., Larsen & Toubro Infotech Limited, PTC Inc., TIBCO Software Inc., Fluke Corporation, Software AG, Banner Engineering Corporation, Altair Engineering Inc., C3.ai Inc., Axiomtek Co Ltd., SparkCognition Inc., Uptake Technologies Inc., RapidMiner Inc., Dingo Inc., Factory Five Racing Inc., Senseye Ltd., Aspen Technology Inc., Dassault Systèmes SE, Rockwell Automation Inc., Honeywell International Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the predictive maintenance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the predictive maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Predictive Maintenance Market Report Structure
3. Predictive Maintenance Market Trends And Strategies
4. Predictive Maintenance Market - Macro Economic Scenario
5. Predictive Maintenance Market Size And Growth
…..
27. Predictive Maintenance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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