Press release
Global Artificial Intelligence (AI)-Driven Predictive Maintenance Market Projected to Surpass $1.8 Billion by 2029 with 15.4% Annual Growth
Artificial Intelligence AI Driven Predictive Maintenance
The growing use of cloud-based solutions is expected to foster the growth of the artificial intelligence (AI)-driven predictive maintenance market. Cloud-based solutions refer to cost-effective software or services hosted on the cloud, offering businesses scalable and efficient tools without significant upfront infrastructure costs. The increasing adoption of cloud-based solutions is due to their ability to lower initial costs through a subscription model and provide remote accessibility, enabling businesses to scale and operate efficiently from any location. Cloud-based solutions are advantageous for AI-driven predictive maintenance by offering scalable computing power and storage to process large volumes of sensor data in real-time, enabling precise predictions of equipment failures. For example, in December 2023, Eurostat, an official EU website, reported a 4.2% increase in the adoption of cloud-based solutions in 2023, with 45.2% of businesses using cloud services, up significantly from 2021. Therefore, the increasing demand for affordable cloud-based solutions is driving the growth of the AI-driven predictive maintenance market.
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What is the projected compound annual growth rate (CAGR) of the artificial intelligence (ai)-driven predictive maintenance market from 2025 to 2034, and what factors influence it?
The artificial intelligence (AI)-driven predictive maintenance market has experienced rapid growth in recent years. It is forecasted to rise from $0.88 billion in 2024 to $1.02 billion in 2025 at a CAGR of 15.7%. The previous expansion can be linked to the increasing need for maintenance in large enterprises, growing concerns over asset reliability, greater technological awareness, and rising adoption among small and medium-sized enterprises (SMEs).
The artificial intelligence (AI)-driven predictive maintenance market size is poised for substantial growth in the near future. It is projected to reach $1.8 billion in 2029, with a CAGR of 15.4%. Key drivers of this expansion include a growing preference for predictive maintenance solutions, enhanced efficiency in customer-oriented operations, aging infrastructure, and increasing industrial complexities. Significant trends expected in this period encompass improved human-AI collaboration, integration with 5G networks, AI-enhanced predictive maintenance for supply chains, and the adoption of circular economy practices.
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How are the latest trends influencing the growth of the artificial intelligence (ai)-driven predictive maintenance market?
In the AI-driven predictive maintenance market, major companies are developing cost-effective AI solutions to optimize maintenance schedules and reduce operational costs. These advanced systems use AI to predict equipment failures and minimize maintenance expenses. For example, in July 2024, Guidewheel, a US-based software company, launched Scout, an AI-powered platform designed for manufacturing operations. This cost-effective tool requires no additional hardware and integrates seamlessly with existing systems to monitor machine performance. With continuous learning capabilities, Scout detects anomalies early and improves its predictive accuracy over time.
What are the major segments of the artificial intelligence (ai)-driven predictive maintenance market and their role in driving growth?
The artificial intelligence (AI)-driven predictive maintenance market covered in this report is segmented -
1) By Solution: Integrated Solution, Standalone Solution
2) By Deployment: Cloud, On-Premise
3) By Industry: Automotive And Transportation, Aerospace And Defense, Manufacturing, Healthcare, Telecommunications, Other Industries
Subsegments:
1) By Integrated Solution: AI-Powered Asset Management Systems, Enterprise Resource Planning (ERP) Integration, IoT-Enabled Predictive Maintenance Platforms, Condition Monitoring Systems
2) By Standalone Solution: Predictive Analytics Software, Machine Learning Models For Maintenance, Diagnostic Tools And Sensors, Reporting And Visualization Tools
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Which regions are key players in the growth of the artificial intelligence (ai)-driven predictive maintenance market?
North America was the largest region in the artificial intelligence (AI)-driven predictive maintenance market in 2024. The regions covered in the artificial intelligence (AI)-driven predictive maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the artificial intelligence (ai)-driven predictive maintenance market?
Major companies operating in the artificial intelligence (AI)-driven predictive maintenance market are Microsoft Corporation, Hitachi Ltd., General Electric Company, International Business Machines Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Emerson Electric Co., HCL Technologies, Rockwell Automation Inc., Flowserve Corporation, SAS Institute Inc., Fluke Corporation, Cloudera Inc., TIBCO Software Inc., RoviSys Company, Aspen Technology Inc., C3.ai Inc., SparkCognition Inc., Uptake Technologies Inc., Gastops Ltd., Senseye Ltd., MachineMetrics Inc., Presenso, MachineStalk Inc., LNS Research Inc., Pivotal Software Inc., Guidewheel
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What Is Covered In The Artificial Intelligence (AI)-Driven Predictive Maintenance Global Market Report?
•Market Size Forecast: Examine the artificial intelligence (ai)-driven predictive maintenance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the artificial intelligence (ai)-driven predictive maintenance market for a structured understanding.
•Key Players Overview: Analyze major players in the artificial intelligence (ai)-driven predictive maintenance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the artificial intelligence (ai)-driven predictive maintenance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the artificial intelligence (ai)-driven predictive maintenance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the artificial intelligence (ai)-driven predictive maintenance market.
•Industry Challenges: Identify potential risks and obstacles affecting the artificial intelligence (ai)-driven predictive maintenance market.
•Competitive Landscape: Review strategic developments in the artificial intelligence (ai)-driven predictive maintenance market, including expansions, agreements, and new product launches.
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