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The predictive maintenance market size has witnessed exponential growth, escalating from $7.36 billion in 2023 to $9.49 billion in 2024, with a compound annual growth rate (CAGR) of 28.8%. The growth in the historical period can be attributed to the reduction of equipment downtime, cost savings, and compliance with regulatory standards and safety measures. Moving forward to 2028, the market is expected to continue its exponential growth, projecting a size of $25.68 billion at a CAGR of 28.3%. Factors contributing to this growth in the forecast period include integration with enterprise systems, the application of predictive analytics for complex systems, and a focus on proactive maintenance strategies. Significant trends during this period include the adoption of digital twin technology, cross-industry collaboration, advancements in sensor technologies, the utilization of advanced analytics and machine learning, and the increasing prevalence of cloud-based solutions.

The predictive maintenance market is witnessing significant growth driven by the increasing demand to mitigate maintenance costs, equipment failures, and downtime in industrial settings. Equipment downtime poses substantial challenges, leading to interruptions in production activities, idle staff time, and financial penalties. A study by Senseye Ltd. revealed that each production plant incurs an annual loss of $172 million due to unplanned downtime, highlighting the critical need for advanced technologies to mitigate equipment failures. As manufacturing units seek to enhance operational efficiency and reduce downtime, the demand for predictive maintenance solutions is expected to surge, driving market growth during the forecast period.

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What Are The Key Trends That Influence Predictive Maintenance Market Share Analysis?

The adoption of advanced technology is a key trend gaining popularity in the predictive maintenance market. Major companies operating in the predictive maintenance market are focused on providing technologically advanced predictive maintenance solutions to meet the technical demands of end customers and strengthen their market position. These companies are implementing next-generation technologies into their services such as IoT, AI (artificial intelligence), ML (machine learning), thermography, cloud computing, and others to match the market demand for better maintenance. For instance, in December 2021, Avanseus, a Singapore-based predictive maintenance, and intelligent monitoring solutions company introduced an AI-based predictive maintenance solution across the operations of Bharti Airtel, an Indian premier communications company. The predictive maintenance solution uses machine learning algorithms and artificial intelligence (AI) to support the move towards zero-fault, zero-touch networks by proactively predicting and preventing incidents in the network.

Which Market Players Are Driving Growth In The Predictive Maintenance Market?

Major companies operating in the predictive maintenance market report are Google LLC, Microsoft Corporation, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, OPEX Group Ltd., SAP SE, Hewlett Packard Enterprise Company, SAS Institute Inc., Splunk Inc., Larsen & Toubro Infotech Limited, PTC Inc., TIBCO Software Inc., Fluke Corporation, Software AG, Banner Engineering Corporation, Altair Engineering Inc., C3.ai Inc., Axiomtek Co Ltd., SparkCognition Inc., Uptake Technologies Inc., RapidMiner Inc., Dingo Inc., Factory Five Racing Inc., Senseye Ltd., Aspen Technology Inc., Dassault Systèmes SE, Rockwell Automation Inc., Honeywell International Inc.

How Is The Global Predictive Maintenance Market Segmented?

The predictive maintenance market covered in this report is segmented –

1) By Component: Solutions, Service

2) By Deployment Mode: On-premises, Cloud

3) By Stakeholder: MRO, OEM/ODM, Technology Integrators

4) By Application: Heavy Machinery, Small Machinery, Other Applications

5) By End User: Aerospace & Defense, Automotive & Transportation, Energy & Utilities, Healthcare, IT & Telecommunication, Manufacturing, Oil & Gas, Other End Users

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The Predictive Maintenance Global Market Report 2024 provides an overview of the predictive maintenancemarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The predictive maintenance market forecast analyzes predictive maintenance market size, predictive maintenance market share, leading competitor and their market positions.

The Table Of Content For The Predictive Maintenance Market Include

1. Predictive Maintenance Market Executive Summary

2. Predictive Maintenance Market Segments

3. Predictive Maintenance Market Size And Template Market Growth Rate

4. Key Predictive Maintenance Market Trends

5. Major Predictive Maintenance Market Drivers

……

25. Key Mergers And Acquisitions In The Predictive Maintenance Market

26. Top Predictive Maintenance Companies

27. Predictive Maintenance Market Opportunities And Strategies

28. Predictive Maintenance Market, Conclusions And Recommendations

29. Appendix

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