Predictive Maintenance Market Worth $47.8 billion by 2029, Growing At a CAGR of 35.1% Report by MarketsandMarkets™
/EIN News/ -- Chicago, April 10, 2024 (GLOBE NEWSWIRE) -- The global Predictive Maintenance Market size is projected to grow from grow from USD 10.6 billion in 2024 to USD 47.8 billion by 2029, at a CAGR of 35.1% during the forecast period, according to a new report by MarketsandMarkets™. The predictive maintenance market is driven by various factors such as increasing use of emerging technologies to gain valuable insights, advent of ML and AI and the growing need to reduce maintenance cost, equipment failure, and downtime.
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Predictive Maintenance Market Dynamics:
Drivers:
- Advent of ML and AI.
- Encouraging predictive maintenance vendors and service providers to adopt digitized systems for in-store activities
Restraints:
- Lack of skilled workforce.
Opportunities:
- Real-time condition monitoring to assist in taking rapid actions.
- Enhanced asset management is increasingly essential across diverse industries
List of Key Players in Predictive Maintenance Market:
- IBM (US)
- ABB (Switzerland)
- Schneider Electric (France)
- AWS (US)
- Google (US)
- Microsoft (US)
- Hitachi (Japan)
- SAP (Germany)
- SAS Institute (US)
- Software AG (Germany)
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In 2024, predictive maintenance is experiencing a surge of innovative trends that are reshaping industrial landscapes. These advancements encompass cutting-edge technologies and data-driven methodologies designed to optimize asset management and maintenance practices. Key trends include the integration of advanced analytics, Internet of Things (IoT) sensors, digital twins, and immersive technologies. These technologies enable maintenance teams to make data-driven decisions, proactively address equipment issues, and optimize asset performance throughout their lifecycle. Additionally, the adoption of predictive maintenance trends holds great significance for businesses aiming to maintain competitiveness by enabling proactive adaptation to evolving industry standards, optimizing resource allocation, and deploying state-of-the-art technologies that foster operational resilience. This proactive approach to understanding and implementing emerging trends is crucial for sustaining competitive advantage, unlocking new opportunities for optimization and innovation, and ultimately enhancing productivity, profitability, and competitiveness in the dynamic landscape of 2024 and beyond.
The support & maintenance segment of the market is projected to grow at the highest CAGR during the forecast period. Support and maintenance services encompass a range of assistance provided to installed software, including 24x7 troubleshooting, software upgrades, problem-solving, repair, replacement of faulty components, emergency response management, software maintenance, proactive services, technical support by trained technicians, and test scenario management. These services are typically offered by third-party service providers and vendors, enabling clients to upgrade and maintain their operational ecosystem post-implementation. Support and maintenance also involve providing upgrades to predictive maintenance solutions and assisting with issue resolution in products, among other functions.
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By cloud, hybrid cloud to grow at the highest CAGR during the forecast period. The hybrid cloud, a fusion of public and private cloud computing environments, is gaining popularity in the global predictive maintenance market as it enables organizations to leverage the benefits of both cloud models. By deploying data on a multi-cloud platform, organizations can enhance their data centers, benefiting from increased agility, scalability, and cost optimization. Additionally, the hybrid cloud offers advantages like cost-effectiveness, enhanced security, and flexibility with reduced complexity, driving its adoption. Vendors like Microsoft and AWS have recognized the significance of hybrid cloud and are introducing hybrid solutions that enable seamless integration between on-premises infrastructure and cloud services, allowing businesses to leverage cloud benefits without abandoning their existing investments. For example, Microsoft has cloud-enabled many of its on-premises server solutions and integrated cloud services with on-premises solutions, while AWS has partnered with VMware to enter the hybrid cloud space with offerings like Amazon Outposts, expanding their cloud capabilities to hybrid environments.
Predictive maintenance offers numerous opportunities across various industries by leveraging advanced technologies such as machine learning, IoT sensors, and data analytics. It enables businesses to transition from reactive to proactive maintenance strategies, reducing downtime and optimizing asset performance. By continuously monitoring equipment health through real-time data collection, predictive maintenance helps predict potential failures before they occur, allowing for timely repairs or replacements, thereby minimizing costly downtime and maximizing productivity. Furthermore, it facilitates better resource allocation by prioritizing maintenance tasks based on criticality and predicted failure probabilities, leading to efficient use of manpower and resources.
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