Global Predictive Maintenance Market

Global Predictive Maintenance Market Size, Share, Growth Analysis, By Components(Solution and Services), By Deployment Mode(On-Premises and Cloud) - Industry Forecast 2024-2031

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

Global Predictive Maintenance Market Dynamics

Predictive Maintenance Market Drivers

Increasing demand for Automated and Digitized Maintenance Processes to bring Lucrative Opportunities

  • 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.
  • The need to improve equipment uptime and efficiency is driving the adoption of predictive maintenance, as it enables companies to identify potential issues before they cause equipment failure, leading to costly downtime and reduced productivity.

Predictive Maintenance Market Restraints

Resistance to Change might Pose as a Threat

  • Some organizations may be resistant to change and may prefer to continue with their traditional maintenance processes, despite the potential benefits of predictive maintenance. This resistance can limit the adoption of predictive maintenance solutions and slow the growth of the market.
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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% during the forecast period (2024-2031).

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)'

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.

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.

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.

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