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Emerging Trends Influencing The Growth Of The Predictive Maintenance Software Market: AI-Powered Predictive Maintenance Solution Enhances Equipment Reliability
Predictive Maintenance Software Market Analysis
How Big Is the Predictive Maintenance Software Market Size Expected to Be by 2034?
There has been an explosive increase in the size of the predictive maintenance software market in the past few years. The market value is set to escalate from $6.79 billion in 2024 to $8.49 billion in 2025, representing a compound annual growth rate (CAGR) of 25.0%. The factors contributing to growth during the historic period include escalating costs associated with equipment downtime, an upward trend in industrial automation, the expansion of condition-based monitoring, a high requirement for asset reliability, and a deficiency in skilled maintenance workers.
The market size for predictive maintenance software is anticipated to witness a notable increase in the upcoming years, expected to reach the value of $20.54 billion by 2029, with a compound annual growth rate (CAGR) of 24.7%. The boost during the predicted period is linked to numerous factors such as an increased focus on curbing operational expenses, a surge in the adoption of the internet of things, a keen emphasis on remote monitoring competences, a rising deployment of data-driven decision making and an accentuated focus on talent management. Key trends that will influence the market during this forecast period consist of the progression in artificial intelligence, assimilation with digital twin technology, innovation in machine learning algorithms, evolution of edge computing solutions, and enhancements in analytic capabilities.
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What Are the Emerging Segments Within the Predictive Maintenance Software Market?
The predictive maintenance software market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
3) By Application: Asset Performance Management (APM), Equipment Health Monitoring
4) By Industry Vertical: Manufacturing, Energy And Utilities, Transportation, Healthcare, Aerospace and Defense, Others Industry Verticals
Subsegments:
1) By Software: Cloud-Based Software, On-Premise Software, Embedded Software, Web-Based Applications, Mobile Applications, Integration And Application Programming Interfaces
2) By Services: Deployment And Integration Services, Consulting Services, Support And Maintenance Services, Training And Education Services, Managed Services, Data Analysis And Reporting Services
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What Long-Term Drivers Are Shaping Predictive Maintenance Software Market Trends?
The escalated use of cloud computing is set to fuel the expansion of the predictive maintenance software market in the future. Characterized as a model for providing on-demand computing resources such as servers, storage, databases, networking, software, and analytics via the internet on a pay-as-you-go premise, cloud computing's demand is on the rise due to its scalability. This trait allows firms to readily enlarge resources founded on escalating data and operational necessities. In combination with cloud computing, predictive maintenance software enhances real-time data analysis and uses machine learning algorithms. This results in businesses optimizing maintenance schedules and decreasing downtime through improvements in operational efficiency. It achieves this by merging seamlessly with cloud platforms, presenting scalable and budget-friendly solutions for managing assets. Eurostat, the Luxembourg-based government agency, disclosed in December 2023 that 45.2% of corporations invested in cloud computing services, marking a 4.2% growth from 41% in 2021. As a result, the escalating embrace of cloud computing is steering the expansion of the predictive maintenance software market.
Who Are the Top Competitors in Key Predictive Maintenance Software Market Segments?
Major companies operating in the predictive maintenance software market are Microsoft Corporation, Constellation Software Inc., Hitachi Ltd., Siemens AG, IBM Corporation, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., GE Vernova, SAP SE, ABB Ability, Danaher Corporation, Emerson Electric Co., Rockwell Automation Inc., PTC Inc., NEC Corporation, Augury Inc., Arundo Analytics Inc., MachineMetrics, Avathon
What Predictive Maintenance Software Market Trends Are Gaining Traction Across Different Segments?
Leading firms engaged in the predictive maintenance software sector are prioritizing the creation of technologically superior products like artificial intelligence-guided predictive analytics to enhance machinery dependability, minimize equipment idle time, and streamline maintenance tasks. Predictive analytics led by artificial intelligence utilises AI and machine learning for data analysis, failure predictions, and maintenance optimization to avoid downtime and boost efficiency. For example, in July 2024, Guidewheel Inc., a US-based industrial operations software firm, introduced Scout, a predictive maintenance system powered by AI. This system analyses high-level machine performance data to identify early warning signs of potential breakdowns. It assists manufacturers in averting equipment failures and unnecessary downtime by issuing real-time notifications, without necessitating any additional hardware or training.
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Which Regions Are Becoming Hubs for Predictive Maintenance Software Market Innovation?
North America was the largest region in the predictive maintenance software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the predictive maintenance software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Predictive Maintenance Software Market?
2. What is the CAGR expected in the Predictive Maintenance Software Market?
3. What Are the Key Innovations Transforming the Predictive Maintenance Software Industry?
4. Which Region Is Leading the Predictive Maintenance Software Market?
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