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Operational Predictive Maintenance Market Trends, Top Companies, Share, Growth And Forecast 2033
Operational Predictive Maintenance Market Trends
According to The Business Research Company's, The operational predictive maintenance market size has grown exponentially in recent years. It will grow from $5.78 billion in 2023 to $7.31 billion in 2024 at a compound annual growth rate (CAGR) of 26.5%. The growth in the historic period can be attributed to cost savings from reduced downtime and maintenance costs, improved asset reliability and performance, enhanced safety and risk mitigation, regulatory compliance requirements, growing awareness of predictive maintenance benefits. The operational predictive maintenance market size is expected to see exponential growth in the next few years. It will grow to $18.62 billion in 2028 at a compound annual growth rate (CAGR) of 26.3%.
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Market Drivers and Trends:
The increasing number of IoT (Internet of Things) devices is expected to propel the growth of the operational predictive maintenance market going forward. IoT devices refer to nonstandard computing hardware such as sensors, actuators, or appliances that connect wirelessly to a network and can transmit data. It arises because of the widespread availability of high-speed internet connectivity, increasing industrial automation and supply chain management, and data analytics capabilities. IoT devices play a critical role in operational predictive maintenance by enabling real-time monitoring, data analytics, early issue detection, condition-based maintenance, predictive insights, and continuous improvement, ultimately assisting organizations in optimizing asset performance, lowering costs, and increasing operating efficiency.
The increasing vehicle production is expected to propel the growth of the precision parts market going forward. Vehicle production refers to the process of manufacturing automobiles that involves assembling various components like engine parts, transmission systems, suspension systems, and braking systems to create a fully functional vehicle. Several factors contribute to the growth of vehicle production, including the growing popularity of electric vehicles, increasing demand for fleet renewal, and increasing investments in transportation infrastructure. Precision parts help vehicle production by ensuring the quality, functionality, and reliability of various components used in vehicles. These parts are designed to fit seamlessly together, reducing friction and wear and optimizing the overall efficiency of the vehicle.
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Major Key Players of the Market:
Google LLC; Microsoft Corporation; Robert Bosch GmbH; Hitachi Ltd.; Amazon Web Services Inc.; The International Business Machines Corporation; General Electric Company; Schneider Electric SE; SAP SE; Svenska Kullagerfabriken AB; Rockwell Automation Inc.; SAS Institute Inc.; Micro Focus; Splunk Inc.; PTC Inc.; Software AG; TIBCO Software Inc.; C3.ai Inc; Softweb Solutions Inc; Fiix Software; Uptake Technologies Inc.; eMaint Enterprises LLC; Seebo Interactive Ltd.; Asystom; Ecolibrium Energy
Operational Predictive Maintenance Market 2024 Key Insights:
• The operational predictive maintenance market size is expected to see exponential growth in the next few years. It will grow to $18.62 billion in 2028 at a compound annual growth rate (CAGR) of 26.3%.
• Increasing Number Of IoT Devices Propels Operational Predictive Maintenance Market
• Revolutionizing Industrial Equipment Monitoring With AI-Based Predictive Maintenance Solutions
• North America was the largest region in the operational predictive maintenance market in 2023.
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