What is the global market size of Predictive Maintenance Market?

Global Predictive Maintenance Market size was valued at USD 4.4 billion in 2021 and is poised to grow from USD 5.77 billion in 2022 to USD 38.63 billion by 2030, at a CAGR of 31.2% during the forecast period (2023-2030).

What is the key driver of Global Predictive Maintenance Market?

The shift towards automation and digitization in maintenance processes is driving the adoption of predictive maintenance, as it enables companies to automate the monitoring of equipment and reduce the need for manual inspections.

What is the key market trend for Global Predictive Maintenance Market?

One key market trend is the increasing adoption of 5G technology across various industries. 5G, the fifth-generation wireless technology, offers significantly faster data transfer speeds, lower latency, and improved network reliability. This transformative technology enables advancements in IoT, augmented reality, and autonomous vehicles. Industries such as healthcare, manufacturing, and entertainment are leveraging 5G to enhance operations, provide remote services, and enable real-time data analysis. The global 5G market is poised for substantial growth as businesses and consumers seek the benefits of this high-speed, low-latency connectivity for an array of applications, ultimately shaping the digital landscape of the future.

Which region accounted for the largest share in Global Predictive Maintenance Market?

North America held the largest revenue share in the global predictive maintenance market in 2022, thanks to the region's abundance of well-established end-use industries and high company awareness of the benefits of adopting newer, more cutting-edge technologies that help businesses save money and become more efficient. In order to keep up with the maintenance requirements of its massive fleet of fighters, bombers, tankers, transports, and helicopters. Estimates for the Air Force alone reach 5,400 aircraft.

Predictive Maintenance Market Size, Share, Growth Analysis, By Component(Hardware, Solutions (Integrated, Standalone), Solution by Deployment Mode (Cloud [Public), By Technology(Analytics & Data Management, Artificial Intelligence, IoT Platform, Sensors & Other Devices), By Technique(Vibration Analysis (Test Component Alignment, Detect Imbalances, Resonance Identification, Gear Failure Detection), By Organisation Size(Large Enterprises, Small and Medium-Sized Enterprises), By Vertical(Energy & Utilities, Manufacturing, Automotive & Transportation, Aerospace & Defense), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Predictive Maintenance Market?

The global predictive maintenance market's competitive environment is moderately fragmented, with a number of important businesses active on both a global and regional scale. Major corporations are working on R&D projects, conducting tests, and forming alliances to create and market more original and inventive products and devices. 'IBM Corporation (USA)', 'SAP SE (Germany)', 'General Electric (USA)', 'Schneider Electric (France)', 'Hitachi, Ltd. (Japan)', 'PTC, Inc. (USA)', 'Software AG (Germany)', 'SAS Institute, Inc. (USA)', 'C3.ai, Inc. (USA)', 'Uptake Technologies Inc. (USA)', 'Microsoft Corporation (USA)', 'ABB Ltd. (Switzerland)', 'Rockwell Automation, Inc. (USA)', 'Siemens AG (Germany)', 'Emerson Electric Co. (USA)', 'Oracle Corporation (USA)', 'Bosch Software Innovations GmbH (Germany)', 'Senseye Ltd. (UK)', 'Fluke Corporation (USA)', 'SKF AB (Sweden)', 'Honeywell International Inc. (USA)', 'Infor, Inc. (USA)' .

Report ID: SQMIG45E2137 | Region: Global | Published Date: August, 2024
Pages: 197 | Tables: 59 | Figures: 77

Predictive Maintenance Market News

In February 2024, Siemens launches generative AI into predictive maintenance to offer tangible advantages for producers. It promotes sustainability, increases productivity, and fast-tracks digital transformation by allowing easier and faster maintenance plans. This approach also resolves issues like lack of skilled labor by resurfacing skilled knowledge from the senior workforce, authorizing the new or less-experienced employees.
In July 2024, GE Aerospace increases the scope of AI support. The company is focusing on the use of generative AI for highly programmatic short-term services, such as assisting software developers to generate codes. These solutions have shown great results with increasing personal productivity and accelerating software development lifecycle.
In April 2023, Microsoft and Siemens are joining the collaborative strengths of generative AI to assist industrial businesses power efficiency and innovation in engineering, design, production, and operational lifecycle of goods.

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Global Predictive Maintenance Market size was valued at USD 5.77 Billion in 2022 and is poised to grow from USD 7.57 Billion in 2023 to USD 66.46 Billion by 2031, at a CAGR of 31.2% over the forecast period (2024–2031).

Predictive maintenance market providers need to focus on maximizing their business scope by reaching into new markets and developing predictive maintenance for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new predictive maintenance companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future. 'IBM Corporation (USA) ', 'SAP SE (Germany) ', 'General Electric (USA) ', 'Schneider Electric (France) ', 'Hitachi, Ltd. (Japan) ', 'PTC, Inc. (USA) ', 'Software AG (Germany) ', 'SAS Institute, Inc. (USA) ', 'C3.ai, Inc. (USA) ', 'Uptake Technologies Inc. (USA) ', 'Microsoft Corporation (USA) ', 'ABB Ltd. (Switzerland) ', 'Rockwell Automation, Inc. (USA) ', 'Siemens AG (Germany) ', 'Emerson Electric Co. (USA) ', 'Oracle Corporation (USA) ', 'Bosch Software Innovations GmbH (Germany) ', 'Fluke Corporation (USA) ', 'SKF AB (Sweden) ', 'Honeywell International Inc. (USA) '

Increased proliferation of sensors and IoT devices allow monitoring in real-time and collection of data from the system, which is important for predictive maintenance, thus driving the market. Moreover, machine learning algorithms and enhanced data analytics aid in predicting machine failures by studying huge data volumes, resulting in better actionable insights and higher accuracy, impacting the growth of the market.

Launch of Predictive Maintenance-as-a-Service: Currently, the introduction of (PdMaaS) Predictive Maintenance as a Service is transforming maintenance practices. The cloud-enabled services democratize access to technologies and expertise of predictive maintenance, enabling businesses to join the advantages of predictive algorithms and advanced analytics. Organizations of all sizes can simplify operations, concentrate on core competencies, and reduce costs by outsourcing funcitons of predictive maintenance to expert service providers.

Geographically, North America is expected to lead over the forecast period owing to speedy adoption of advanced technology and strong industrial base. Well-developed nations like Canada and the United States are the leading adopters of the latest technologies including machine learning, AI and more, which are important for efficient predictive maintenance. Moreover, North America holds strong base for industrial infrastructure comprising energy, manufacturing, and transport sectors, which are key users of the said solutions to decrease downtime and enhance their operations. These factors are helping the market growth in the region. The leading companies operating in the region include GE Company, IBM, Microsoft, Siemens, Schneider Electric, and more.

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What is the global market size of Predictive Maintenance Market?

Who are the key vendors in the Predictive Maintenance Market?

What is the key driver of Predictive Maintenance Market?

What is the key market trend for Predictive Maintenance Market?

Which region accounted for the largest share in Predictive Maintenance Market?

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