Global Predictive Maintenance Market Expected to Achieve 29% CAGR by 2029: Growth Forecast Insights

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How Large Will the Predictive Maintenance Market Size By 2025?
In the past few years, there has been a significant expansion in the predictive maintenance market size. Predicted to increase from a value of $9.3 billion in 2024, it is expected to further expand to a sizable $11.82 billion in 2025. This represents a compound annual growth rate (CAGR) of 27.0%. Factors that have contributed to its growth during the historic period include reduced equipment downtime, cost-effectiveness, regulatory conformity and adherence to safety standards.

How Big Is the Predictive Maintenance Market Size Expected to Grow by 2029?
The anticipated size of the predictive maintenance market is projected to witness a significant increase in the forthcoming years. The market is expected to expand to a value of $32.73 billion by 2029, presenting a compound annual growth rate (CAGR) of 29.0%. This vast growth during the predicted period may be due to its synergy with enterprise systems, advanced predictive analytics for complex structures, and an emphasis on preemptive maintenance approaches. The forecast period is set to see major trends such as the adoption of digital twin technology, collaborations across industries, progress in sensor technologies, enhanced analytics and machine learning, and the shift towards cloud-based solutions.

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Which Key Market Drivers Powering Predictive Maintenance Market Expansion and Growth?
The predictive maintenance market is predicted to expand, thanks largely to the increasing need to curtail maintenance expenses, equipment malfunctions, and downtime. Downtime here denotes the period when specific equipment is out of service due to unforeseen equipment malfunction. Regular equipment malfunction and unplanned downtime of sizable machinery disrupts business operations by momentarily suspending production tasks, wasting staff time, inviting financial penalties, etc. For instance, data from the National Center for Biotechnology Information, a US government-funded entity, in February 2023, projected the maintenance expenses of manufacturing apparatus falling within 15% and 70% of production costs. Consequently, the escalating appetite for lowering maintenance expenditures, equipment failure, and downtime is anticipated to fuel the demand for predictive maintenance throughout the forecast duration.

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Which Fast-Growing Trends Are Poised to Disrupt the Predictive Maintenance Market?
Major firms in the predictive maintenance market are forming strategic alliances to boost their service offering, capitalize on complementary technologies, and elevate customer results. These strategic collaborations in the predictive maintenance sector enable the incorporation of cutting-edge technologies and expertise, allowing businesses to upgrade their solutions, maximize the efficiency of their assets, and minimize downtime through enhanced data analysis and creative methodologies. For example, in July 2023, NTPC, a power generation company based in India, collaborated with the publicly funded International Institute of Information Technology-Naya Raipur in India to establish the IIITNR-COE on Predictive Maintenance. This specialized center focuses on the research and development of predictive maintenance tools and systems, utilizing field data supplied by NTPC and providing academic perspectives on contemporary technologies.

What Are the Emerging Segments in the Predictive Maintenance Market?
The predictive maintenancemarket 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

Subsegments:
1) By Solutions: Software Platforms, Predictive Analytics Tools, Machine Learning Models, IoT Sensors And Devices
2) By Service: Consulting Services, Integration And Implementation, Support And Maintenance, Training And Education

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Who Are the Global Leaders in the Predictive Maintenance Market?
Major companies operating in the predictive maintenance market include 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., Senseye Ltd., Aspen Technology Inc., Dassault Systèmes SE, Rockwell Automation Inc., Honeywell International Inc.

Which are the Top Profitable Regional Markets for the Predictive Maintenance Industry?
North America was the largest region in the predictive maintenance market in 2024. 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.

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