Dublin, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The "Predictive Maintenance Market Size, Share & Trends Analysis Report By Component, By Solution, By Service, By Deployment, By Enterprise Size, By Monitoring Technique, By End-use, By Region, And Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global predictive maintenance market is projected to reach USD 60.13 billion by 2030, registering a CAGR of 29.5% from 2023 to 2030. The advancement in technologies such as AI and ML has been a major factor in driving the growth of the predictive maintenance market over the forecast period. AI and ML technologies enable analysing historical data, identifying patterns, and offering accurate machine failure and maintenance predictions. AI technology will continue to improve over time as it receives more data, thereby helping improve the accuracy and reliability of predictive maintenance solutions, which would help companies reduce machinery breakdown and halt production, which helps improve operational efficiency and productivity. 
The application of predictive maintenance solutions in industries such as healthcare, energy, transportation, and others has been another major factor driving the market's growth, as many companies started recognizing the potential benefits of installing predictive maintenance solutions. Companies are opting for digital transformation to ensure operational excellence; this trend will further accelerate the adoption of the predictive eminence solution, which is integrated with technologies such as IoT, AI, and ML. However, this limitation includes concerns regarding data price, complex interaction processes, and skill gaps, among others.
The predictive maintenance solution providers have been constantly improving the functionalities of the offering, which has been gaining traction in the market. Integrated platforms, such as a combination of predictive maintenance systems and smart technologies such as asset management, enterprise resource planning, and condition monitoring, are witnessing increased consumer adoption rates. The availability of such solutions would enable businesses to facilitate data-driven decision-making, improve efficiency; productivity, and optimize resources, among others.
The advancement in cloud computing technologies has positively impacted the predictive mainline market, as cloud-based solutions offer scalability and flexibility in managing infrastructure and processing a large amount of data generated by the sensors integrated into the machinery. The delivery of cloud-based predictive maintenance solutions has made them more accessible to a wider range of audiences, especially SMEs, owing to eliminating the cost of IT infrastructure requirements. Another major trend in the predictive maintenance market is the integration of technologies such as AR and VR, which enable technicians to visualize the health data of the equipment and repair & maintenance procedures to be followed. AR and VR tools further help improve the efficiency and effectiveness of the repair works by reducing the chances of error.
Predictive Maintenance Market Report Highlights
- The service segment is projected to witness the highest CAGR of 31.0% from 2023 to 2030. The growth of the service segment can be attributed to service providers using numerical evaluation to create predictive models that predict equipment breakdowns and servicing needs.
- The integrated segment is projected to witness the highest CAGR of 29.5% from 2023 to 2030. The growth of the integrated segment can be attributed to ERP and CRM integrated solutions enabling improved efficiency and productivity.
- The training & consulting segment is projected to witness the highest CAGR of 31.5% from 2023 to 2030. The growth of the training & consulting segment can be attributed to a customized predictive maintenance strategy to enable catering to a wide range of businesses considering factors such as the machinery being used, maintenance information, and workflow, among others.
- The cloud segment is projected to witness the highest CAGR of 37.9% from 2023 to 2030. The growth of the cloud segment can be attributed to the ability to analyse large volumes and data and offer accurate information on the expected machinery failure maintenance/repair schedule, among others.
- Small and medium enterprises are projected to witness the highest CAGR of 31.6% from 2023 to 2030. The small and medium enterprises' growth can be attributed to the lower cost of cloud-based predictive maintenance solutions, enabling small and medium enterprises to avoid upfront investment into IT infrastructure.
- The oil analysis segment is projected to witness the highest CAGR of 31.5% from 2023 to 2030. The growth of the oil analysis segment can be attributed to information provided by the predictive penitence solution, including oil change, contamination, and changes in other chemical properties, among others.
- The aerospace & defense segment is projected to witness the highest CAGR of 30.6% from 2023 to 2030. The growth of the aerospace & defense segment can be attributed to AI and ML integrated predictive maintenance solution ability to proactively monitor the health of the asset, predict potential failure, and schedule repair & maintenance, among others.
- The Asia Pacific region is projected to witness the highest CAGR of 31.8% from 2023 to 2030. The growth of the Asia Pacific region can be attributed to increasing purchasing power, improving digital infrastructure, availability of cheaper predictive mainline solutions owing to the easy availability of raw materials, and advancement in 5G technology, among others.
- The companies in the predictive maintenance market have been coming up with strategic initiatives such as partnerships and mergers, among others, aimed at gaining traction in the market. For instance, in February 2023, Boon Logic, a provider of AI-based solution detectors, partnered with Software AG as a Premier member of the latter company's PartnerConnect partner program to provide AI-enabled high-speed prediction service conditions for all complex assets. Through this partnership, the firms aimed to provide valuable insights related to the health and status of equipment to avoid failures.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $7.85 Billion |
| Forecasted Market Value (USD) by 2030 | $60.13 Billion |
| Compound Annual Growth Rate | 29.5% |
| Regions Covered | Global |
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Predictive Maintenance Market Variables, Trends & Scope
Chapter 4. Predictive Maintenance Market Component Outlook
4.1. Predictive Maintenance Market Share by Component, 2022 & 2030 (USD Billion)
4.2. Solution
4.3. Service
Chapter 5. Predictive Maintenance Market Solution Outlook
5.1. Predictive Maintenance Market Share by Solution, 2022 & 2030 (USD Billion)
5.2. Integrated
5.3. Standalone
Chapter 6. Predictive Maintenance Market Service Outlook
6.1. Predictive Maintenance Market Share by Service, 2022 & 2030 (USD Billion)
6.2. Integration and Deployment
6.3. Support & Maintenance
6.4. Training & Consulting
Chapter 7. Predictive Maintenance Market On-premise Outlook
7.1. Predictive Maintenance Market Share by On-premise, 2022 & 2030 (USD Billion)
7.2. Cloud
7.3. On-premise
Chapter 8. Predictive Maintenance Market Enterprise Size Outlook
8.1. Predictive Maintenance Market Share by Enterprise Size, 2022 & 2030 (USD Billion)
8.2. Small and Medium Enterprises
8.3. Large Enterprises
Chapter 9. Predictive Maintenance Market Monitoring Technique Outlook
9.1. Predictive Maintenance Market Share by Monitoring Technique, 2022 & 2030 (USD Billion)
9.2. Torque Monitoring
9.3. Vibration Monitoring
9.4. Oil Analysis
9.5. Thermography
9.6. Corrosion Monitoring
9.7. Others
Chapter 10. Predictive Maintenance Market End Use Outlook
10.1. Predictive Maintenance Market Share by End Use, 2022 & 2030 (USD Billion)
10.2. Aerospace & Defense
10.3. Automotive & Transportation
10.4. Energy & Utilities
10.5. Healthcare
10.6. IT & Telecommunication
10.7. Manufacturing
10.8. Oil & Gas
10.9. Others
Chapter 11. Predictive Maintenance Market: Regional Outlook
11.1. Predictive Maintenance Market Share by Region, 2022 & 2030 (USD Billion)
11.2. North America
11.3. Europe
11.4. Asia Pacific
11.5. Latin America
11.6. Middle East & Africa
Chapter 12. Competitive Landscape
12.1. Company Categorization (Mature Players, Emerging Players)
12.2. Company Share Analysis, 2022
12.3. Heat Map Analysis, 2022
12.4. Strategy Mapping
12.5. Company Profiles (Overview, Financial Performance, Product Overview, Strategic Initiatives)
12.5.1. Accenture plc
12.5.2. Cisco Systems, Inc.
12.5.3. General Electric
12.5.4. Honeywell International Inc.
12.5.5. Hitachi, Ltd.
12.5.6. IBM Corporation
12.5.7. Microsoft
12.5.8. PTC
12.5.9. Robert Bosch GmbH
12.5.10. Rockwell Automation
12.5.11. SAP SE
12.5.12. SAS Institute
12.5.13. Schneider Electric SE
12.5.14. Siemens
12.5.15. Software AG
For more information about this report visit https://www.researchandmarkets.com/r/fgccdu
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