[Latest] Global Predictive Maintenance Market Size/Share

Austin, TX, USA, June 24, 2024 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Predictive Maintenance Market Size, Trends and Insights By Component (Solution, Service), By Deployment Mode (Cloud, On-Premise), By Enterprise Size (Large Enterprise, Small & Medium Enterprise), By Industry Vertical (IT & Telecom, BFSI, Retail, Public Sector, Manufacturing, Healthcare, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” in its research database.

“According to the latest research study, the demand of global Predictive Maintenance Market size & share was valued at approximately USD 10.4 Billion in 2023 and is expected to reach USD 12.3 Billion in 2024 and is expected to reach a value of around USD 68.8 Billion by 2033, at a compound annual growth rate (CAGR) of about 29.7% during the forecast period 2024 to 2033.”

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Predictive Maintenance Market: Overview

Predictive maintenance has various advantages over traditional maintenance methods, notably less downtime, cheaper repair expenses, enhanced equipment dependability, and increased security. Organizations that discover possible concerns early can schedule maintenance tasks during planned downtime, preventing unexpected failures and productivity losses.

A major development in predictive maintenance is the growing use of sophisticated analytics, artificial intelligence (AI), and Internet of Things (IoT) technologies. Corporations throughout the globe are using automated predictive maintenance solutions to migrate from reactive to proactive upkeep techniques, to prevent equipment breakdowns and optimize asset performance.

This pattern is driven by several causes, notably the increasing complexity of industrial equipment, the need to reduce downtime alongside upkeep costs, and the proliferation of networked smart devices that enable real-time monitoring and decision-making based on data.

Additionally, the advent of cloud computing and the capacity of edge computing has increased the flexibility and affordability of predictive maintenance solutions across a variety of industries, including manufacturing, transportation, energy, and utilities.

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By component, the solution segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. The combination of sophisticated analytics, artificial intelligence, and Internet of Things technologies is a popular trend in predictive maintenance systems, allowing for real-time monitoring, predictive insights, and proactive maintenance methods to improve asset performance.

By deployment mode, the on-premise segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. A major trend in on-premise solutions is the shift to hybrid cloud installations, which combine the advantages of on-premise infrastructure with the agility and adaptability of services provided by the cloud.

By enterprise size, large enterprise held the highest market share in 2023 and are expected to keep their dominance during the forecast period 2024-2033. Large companies are increasingly adopting cloud-based data management systems, tools for teamwork, and digital transformation efforts to improve agility, scalability, and profitability.

By industry vertical, the manufacturing segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Industry 4.0 technologies, such as automation, Artificial Intelligence, and data analytics, are being used to increase productivity, cut costs, and allow dynamic manufacturing procedures.

In North America, a major trend is the growing incorporation of artificial intelligence (AI) and machine learning technology into predictive maintenance platforms to improve plant surveillance and effectively optimize service intervals.

Siemens AG is a German international technology firm. Its operations include digitalization and automation in the process and production sectors, smart technologies for buildings along with decentralized energy systems, rail transportation solutions, and health technology as well as digital medical services.

Report Scope

Feature of the Report	Details
Market Size in 2024	USD 12.3 Billion
Projected Market Size in 2033	USD 68.8 Billion
Market Size in 2023	USD 10.4 Billion
CAGR Growth Rate	29.7% CAGR
Base Year	2023
Forecast Period	2024-2033
Key Segment	By Component, Deployment Mode, Enterprise Size, Industry Vertical and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Predictive Maintenance report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2024 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2024
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Predictive Maintenance report has been modified to include the COVID-19 impact study prior to delivery.)

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CMI has comprehensively analyzed the Global Predictive Maintenance market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict the in-depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Predictive Maintenance industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

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Key questions answered in this report:

What is the size of the Predictive Maintenance market and what is its expected growth rate?
What are the primary driving factors that push the Predictive Maintenance market forward?
What are the Predictive Maintenance Industry's top companies?
What are the different categories that the Predictive Maintenance Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Predictive Maintenance market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2024−2033
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Predictive Maintenance Market: Regional Analysis

By region, Predictive Maintenance market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominated the global Predictive Maintenance market in 2023 with a market share of 38.5% and is expected to keep its dominance during the forecast period 2024-2033.

North America has a sophisticated technology infrastructure and a strong focus on innovation, which encourages the development and implementation of predictive maintenance solutions. Furthermore, North American sectors such as producing goods, aviation, and automotive have been early adopters of predictive maintenance solutions to improve asset performance, decrease downtime, and save maintenance costs.

Moreover, severe rules and requirements for equipment safety and dependability require businesses to engage in predictive maintenance solutions to assure compliance. Additionally, the presence of important industry companies and research institutes dedicated to predictive analytics accelerates market growth in North America.

Also, the region’s emphasis on data-driven decision-making, as well as the incorporation of IoT (Internet of Things) and AI (Artificial Intelligence) technology into predictive maintenance plans, assist it to lead in this market sector.

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List of the prominent players in the Predictive Maintenance Market:

Uptake Technologies Inc.
Microsoft Corporation
ABB Ltd.
Rockwell Automation Inc.
Siemens AG
Emerson Electric Co.
Oracle Corporation
IBM Corporation
SAP SE
General Electric
Schneider Electric
Hitachi Ltd.
PTC Inc.
Software AG
SAS Institute Inc.
C3 .ai Inc.
Bosch Software Innovations GmbH
Senseye Ltd.
Fluke Corporation
SKF AB
Honeywell International Inc.
Infor Inc.
Others

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The Predictive Maintenance Market is segmented as follows:

By Component

Solution
Service

By Deployment Mode

Cloud
On-Premise

By Enterprise Size

Large Enterprise
Small & Medium Enterprise

By Industry Vertical

IT & Telecom
BFSI
Retail
Public Sector
Manufacturing
Healthcare
Others

Click Here to Get a Free Sample Report of the Global Predictive Maintenance Market @ https://www.custommarketinsights.com/report/predictive-maintenance-market/

Regional Coverage:

North America

U.S.
Canada
Mexico
Rest of North America

Europe

Germany
France
U.K.
Russia
Italy
Spain
Netherlands
Rest of Europe

Asia Pacific

China
Japan
India
New Zealand
Australia
South Korea
Taiwan
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Predictive Maintenance Market Research/Analysis Report Contains Answers to the following Questions.

What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Predictive Maintenance Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Predictive Maintenance Market? What Was the Capacity, Production Value, Cost and PROFIT of the Predictive Maintenance Market?
What Is the Current Market Status of the Predictive Maintenance Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Predictive Maintenance Market by Considering Applications and Types?
What Are Projections of the Global Predictive Maintenance Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Predictive Maintenance Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Predictive Maintenance Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Predictive Maintenance Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Predictive Maintenance Industry?

Click Here to Access a Free Sample Report of the Global Predictive Maintenance Market @ https://www.custommarketinsights.com/report/predictive-maintenance-market/

Reasons to Purchase Predictive Maintenance Market Report

Predictive Maintenance Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Predictive Maintenance Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Predictive Maintenance Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Predictive Maintenance Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Predictive Maintenance market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

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What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Predictive Maintenance market analysis.

The competitive environment of current and potential participants in the Predictive Maintenance market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Predictive Maintenance market should find this report useful. The research will be useful to all market participants in the Predictive Maintenance industry.
Managers in the Predictive Maintenance sector are interested in publishing up-to-date and projected data about the worldwide Predictive Maintenance market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Predictive Maintenance products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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