Predictive Maintenance Market
Predictive Maintenance Market Study by Software and Services for Government & Defense, Manufacturing, Energy & Utilities, Transportation & Logistics, and Healthcare & Life Sciences from 2024 to 2034
Analysis of Predictive Maintenance Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Predictive Maintenance Market Outlook (2024 to 2034)
Growing requirements for real-time streaming analytics for the processing and analysis of data are contributing to expanding predictive maintenance market size. As per this report by Fact.MR, the global predictive maintenance market has been studied to reach a value of US$ 9.1 billion in 2024 and increase at a CAGR of 20.5% to grow to a size of US$ 59 billion by the end of 2034.
Growing use of predictive maintenance services in multiple sectors, such as energy, defense, transportation, aerospace, and manufacturing is positively impacting market dynamics. These solutions are used in tomography, X-ray, and mammography for improving decision-making skills and operation efficiency and are therefore set to positively influence predictive maintenance market trends.
Predictive maintenance depends on sensors for understanding repair requirements. These sensors are believed to be more accurate and precise than human senses. In addition, they can identify internal wear, which is otherwise difficult to analyze directly.
- Demand for predictive maintenance solutions in Japan is anticipated to increase at a CAGR of 21.1% from 2024 to 2034.
- North America is forecast to account for 24.3% of the global predictive maintenance market share by 2034.
- Large enterprises are projected to hold a 54% share of the global market by 2034.
The increasing application of modern technologies for obtaining valuable insights for decision-making is forecast to play a vital role in strengthening the position of market players. In addition, the implementation of IoT and AI-based predictive maintenance solutions for predicting device failures is also positively impacting market growth. Moreover, they also assist various public sector agencies in effective operation, offering expensive assets for longer use, and enhancing supply chain operations.
The primary requirements for using predictive maintenance systems are estimated to increase the effectiveness of machinery and ensure lower maintenance costs. The majority of organizations try to improve process efficiency, optimize resources, reduce costs, and increase profit share by analyzing statistics used in predictive maintenance.
| Report Attributes | Details |
|---|---|
| Predictive Maintenance Market Size (2024E) | US$ 9.1 Billion |
| Forecasted Market Value (2034F) | US$ 59 Billion |
| Global Market Growth Rate (2024 to 2034) | 20.5% CAGR |
| Market Share of Cloud-based Predictive Maintenance Systems (2034F) | 63% |
| East Asia Market Share (2034F) | 23.1% |
| South Korea Market Growth Rate (2024 to 2034) | 21.4% CAGR |
| Key Companies Profiled |
|
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What are the Driving Factors for Predictive Maintenance Market Growth?
“Increasing Use of Modern Technologies in This Business Space”
Constant developments in big data, M2M (machine-to-machine) communication, and artificial intelligence are projected to offer new methods for garnering information. Data visualization and big data assist in gaining new perceptivity through batching processing and offline analysis. More organizations are deploying modern methodologies into their respective predefined logical models for the mechanization of data interpretation procedures and obtaining real-time perceptivity. Modern technologies provide organizations with some advanced tools for dissecting real-time data and deciding multiple use cases for IoT.
“Real-time Condition Monitoring”
Developments taking place in M2M communication and big data enable the monitoring of data in real time. Further, real-time inputs from selectors, detectors, and other similar regulatory parameters help in the identification of embryonic asset loss and assist organizations in taking prompt actions. In recent years, asset management has become more popular in multiple sectors. More service providers are deploying AI and ML to convert massive amounts of data related to customers into meaningful insights.
What Issues Do Predictive Maintenance Solution Providers Need to Avert?
“Dearth of Expertise Hampering Market Growth Opportunities”
Experts play a vital role in the operation of modern software systems for the implementation of AI-based IoT technologies. Therefore, workplaces need to have ample expertise in the operation of respective upgraded systems. However, a dearth of skilled laborers, particularly in underdeveloped and potentially high growth countries is anticipated to hamper market growth.
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How are New Companies Anticipated to Evolve in This Market Space?
“Proliferation of Customer Channels Widening Opportunities for Startups”
Proliferation of various customer channels along with the changing landscape of customer intelligence is anticipated to work as vital factors, which are offering remunerative opportunities for new players trying to enter the market landscape.
Country-wise Insights
Fact.MR, a market research and competitive intelligence provider, through its newly updated report that North America is forecasted to contribute a 24.3% share of the global market by the end of 2034. Growing investments in the development of advanced technologies, including AI (artificial intelligence), ML (machine learning), and IoT (Internet of Things), for various process manufacturing industries are projected to create lucrative opportunities for providers of predictive maintenance solutions in the region.
Why are Providers of Predictive Maintenance Services Investing in the United States?
“Participation of Renowned Companies with Increasing Demand for Predictive Maintenance Solutions”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 1 Billion |
| Growth Rate (2024 to 2034) | 21% CAGR |
| Projected Value (2034F) | US$ 6.75 Billion |
The United States is evaluated to hold a 45.6% share of the North American market by 2034. The prominence of the country in the region is owing to the presence of various well-established players, which are contributing to market revenue streams. These players are deploying some modern techniques and ensuring heavy investments to offer advanced solutions. In addition, the presence of some key players, including Microsoft, AWS, IBM, etc. is also contributing to the expansion of the market in the United States.
- Amazon Web Services, in April 2021, rolled out its ‘Amazon Lookout for Equipment’, which is a predictive maintenance solution. Furthermore, it uses machine learning to assist in scheduling maintenance work for various equipment with the use of sensors.
Which East Asian Country Will Offer Remunerative Opportunities for Market Players?
“Growing Application of IoT Applications in China”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 1 Billion |
| Growth Rate (2024 to 2034) | 20.5% CAGR |
| Projected Value (2034F) | US$ 6.5 Billion |
China is anticipated to account for 47.5% share of the market in East Asia by the end of 2034. Significant growth in IoT applications is expected to contribute to the expansion of the Chinese market. The increasing adoption of various modern technologies, including big data, IIoT, AI, etc., is anticipated to contribute to the market growth in the coming 10 years. In recent years, there has been increasing use of onboard electronics and smart sensors, which are capable of communicating through cloud-based analytics systems. Device vendors are estimated to assess the service requirements along with the working conditions of respective equipment beforehand, which assists in ensuring operation efficiency.
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Category-wise Insights
Increasing requirements for maintenance of manufacturing equipment, including elevators, industrial robots, machinery, and pumps for minimizing downtime is estimated to increase demand for predictive maintenance services. More manufacturing companies are utilizing technologies to get deeper insights and monitoring of their operations with the advent of Industry 4.0 to reduce costs and increase production efficiency.
Which Deployment Mode is Favored for Predictive Maintenance Solutions?
“Advantageous Features of Cloud-based Predictive Maintenance Solutions”
| Attribute | Cloud-based |
|---|---|
| Segment Value (2024E) | US$ 6.04 Billion |
| Growth Rate (2024 to 2034) | 19.9% CAGR |
| Projected Value (2034F) | US$ 37.2 Billion |
Cloud-based predictive maintenance solutions are projected to contribute 63% share of global market revenue by 2034. The prominence of these services is due to the benefits provided, including cost efficiency and better compliance and safety. In addition, increased asset utilization of cloud-based predictive maintenance technologies is also widening their application scope.
Why is Demand for Predictive Maintenance Solutions Rising in Large Enterprises?
“Growing Deployment of Predictive Maintenance Services for Getting Specific Details”
| Attribute | Large Enterprises |
|---|---|
| Segment Value (2024E) | US$ 5.49 Billion |
| Growth Rate (2024 to 2034) | 19.2% CAGR |
| Projected Value (2034F) | US$ 31.9 Billion |
Large enterprises are estimated to enjoy a 54% share of the global market by 2034. Predictive manufacturing systems ensure easy access to some particular details about applications and product habits. Further, it also offers economic solutions and eases expenses, which is expected to inhibit unnecessary expenses for organizations globally.
Competitive Landscape
Leading market players are incorporating multiple strategies to enhance their reach around the world. Various strategies, including collaborations, partnerships, acquisitions, etc., are some of the popular methods for helping market players get a competitive edge.
For instance :
- Schneider Electric, in July 2021, came up with EcoStruxtureTM TriconexTM Safety View. This is the first binary safety-and-cybersecurity-certified alarm and bypass operation software with an assiduity feature, which enables drivers to get access to both bypass statuses. These bypasses ensure effective and safe factory operation when pitfalls are comparatively high.
Key players in the predictive maintenance industry are IBM, General Electric Company, Microsoft Corporation, Hitachi, Ltd., Schneider Electric SE, SAP, GE, Siemens, Rockwell Automation, eMaint by Fluke Corporation, Hitachi, PTC, Emerson, ABB, Robert Bosch, and SKF.
Segmentation of Predictive Maintenance Market Research
-
By Component :
- Software
- Services
-
By Organization Size :
- Large Enterprises
- Small & Medium-sized Enterprises
-
By Deployment Mode :
- Cloud-based
- On-premise
-
By Vertical :
- Government & Defense
- Manufacturing
- Energy & Utilities
- Transportation & Logistics
- Healthcare & Life Sciences
-
By Region :
- North America
- Europe
- East Asia
- Latin America
- Middle East & Africa
- South Asia & Oceania
- FAQs -
How big is the size of the predictive maintenance market in 2024?
The global predictive maintenance market is valued at US$ 9.1 billion in 2024.
What is the demand projection for predictive maintenance solutions for 2034?
Global demand for predictive maintenance solutions is expected to reach a value of US$ 59 billion by 2034.
At what CAGR is the market projected to increase from 2024 to 2034?
The global market is forecasted to advance at 20.5% CAGR from 2024 to 2034.
What is the contribution of North America to global market revenue?
North America is evaluated to account for 24.3% of global market revenue by the end of 2034.
What is the anticipated growth rate of predictive maintenance services in Japan?
Sales of predictive maintenance systems in Japan are forecasted to rise at 21.1% CAGR from 2024 to 2034.
How much share of the global market are cloud-based predictive maintenance solutions estimated to account for?
Cloud-based predictive maintenance services are approximated to contribute 63% share of the global market by 2034-end.
Which industries use predictive maintenance solutions on a wide scale?
Aerospace, energy, manufacturing, and automotive use predictive maintenance services to save money while minimizing downtime and preventing equipment failure.
Predictive Maintenance Market
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