The global predictive maintenance market size is projected to reach USD 60.13 billion by 2030, registering a CAGR of 29.5% from 2023 to 2030, according to a new study by Grand View Research, Inc. 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 analyzing 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.

Gather more insights about the market drivers, restrains and growth of the Global predictive maintenance market

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.

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Predictive Maintenance Market Segmentation

Grand View Research has segmented the global predictive maintenance market on the basis of component, solution, service, deployment, enterprise size, monitoring technique, end use and region:

Predictive Maintenance Component Outlook (Revenue, USD Billion; 2018 - 2030)

• Solution
• Service

Predictive Maintenance Solution Outlook (Revenue, USD Billion; 2018 - 2030)

• Integrated
• Standalone

Predictive Maintenance Service Outlook (Revenue, USD Billion; 2018 - 2030)

• Integration and Deployment
• Support & Maintenance
• Training & Consulting

Predictive Maintenance Deployment Model Outlook (Revenue, USD Billion; 2018 - 2030)

• Cloud
• On-premise

Predictive Maintenance Enterprise Size Outlook (Revenue, USD Billion; 2018 - 2030)

• Small & Medium Enterprises
• Large Enterprises

Predictive Maintenance Monitoring Technique Outlook (Revenue, USD Billion; 2018 - 2030)

• Torque Monitoring
• Vibration Monitoring
• Oil Analysis
• Thermography
• Corrosion Monitoring
• Others

Predictive Maintenance End Use Outlook (Revenue, USD Billion; 2018 - 2030)

• Aerospace & Defense
• Automotive & Transportation
• Energy & Utilities
• Healthcare
• IT & Telecommunications
• Manufacturing
• Oil & Gas
• Others

Predictive Maintenance Regional Outlook (Revenue, USD Billion; 2018 - 2030)

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina

• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa

Order a free sample PDF of the Predictive Maintenance Market Intelligence Study, published by Grand View Research.