What Has Been The Evolution of the Artificial Intelligence AI Driven Predictive Maintenance Market in Recent Years?
The artificial intelligence ai driven predictive maintenance market has seen considerable growth due to a variety of factors.
• The market size of predictive maintenance powered by artificial intelligence (AI) has experienced swift growth in the recent past. The market is projected to expand from $0.88 billion in 2024 to $1.02 billion in 2025, indicating a compound annual growth rate (CAGR) of 15.7%.
The surge in the past is a result of increasing requirements from large corporations, escalated worries about asset maintenance, heightened awareness of technology, and a boost in preference within small and medium-sized enterprises (SMEs).
What Is the Forecasted Market Size and Growth Rate for The Artificial Intelligence AI Driven Predictive Maintenance Market?
The artificial intelligence ai driven predictive maintenance market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming few years, the market size for predictive maintenance powered by artificial intelligence (AI) is forecasted to experience fast-paced growth. It is projected to reach $1.8 billion by 2029, with a compound annual growth rate (CAGR) of 15.4%.
This anticipated growth can be credited to the increasing preference for predictive maintenance solutions, the improvement of customer-centric processes, the aging infrastructure, and the escalating intricacies in various sectors. Key trends for this period include improved collaboration between humans and AI, 5G network integration, the application of AI in predictive maintenance in supply chains, and merging with circular economy principles.
What Are The Essential Drivers Behind The Growth Of The Artificial Intelligence AI Driven Predictive Maintenance Market?
The increasing uptake of cloud-based solutions is anticipated to boost the expansion of the artificial intelligence (AI) driven predictive maintenance market. These solutions, hosted on the cloud, provide businesses with cost-effective, scalable, and accessible resources without significant initial infrastructure investments. The popularity of these solutions arises from their ability to mitigate preliminary costs with a subscription model and allow remote access, facilitating businesses to grow and run efficiently from any location. They are advantageous for AI-based predictive maintenance as they provide scalable computing power and storage to process a considerable volume of sensor data in real time, which enables precise forecasting of equipment malfunctions. For instance, as reported by Eurostat, an official Luxembourg-based website of the European Union, in December 2023, there was a 4.2% growth in the adoption of cloud-based solutions throughout the year, with 45.2% of businesses utilizing cloud computing services, a marked increase compared to 2021. Consequently, there is a mounting demand for economical cloud-based solutions, which is fuelling the growth of the artificial intelligence (AI)-driven predictive maintenance market.
What Are The Main Segments Of The Global Artificial Intelligence AI Driven Predictive Maintenance Market?
The artificial intelligence (AI)-driven predictive maintenance market covered in this report is segmented –
1) By Solution: Integrated Solution, Standalone Solution
2) By Deployment: Cloud, On-Premise
3) By Industry: Automotive And Transportation, Aerospace And Defense, Manufacturing, Healthcare, Telecommunications, Other Industries
Subsegments:
1) By Integrated Solution: AI-Powered Asset Management Systems, Enterprise Resource Planning (ERP) Integration, IoT-Enabled Predictive Maintenance Platforms, Condition Monitoring Systems
2) By Standalone Solution: Predictive Analytics Software, Machine Learning Models For Maintenance, Diagnostic Tools And Sensors, Reporting And Visualization Tools
Pre-Book The Artificial Intelligence AI Driven Predictive Maintenance Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Emerging Trends Are Influencing The Growth Of The Artificial Intelligence AI Driven Predictive Maintenance Market?
Major corporations in the AI-powered predictive maintenance industry are prioritizing the creation of technologically sophisticated tools such as cost-effective AI-based predictive maintenance systems. These are specifically designed to improve operational productivity and decrease maintenance-related expenses. Such solutions use artificial intelligence for anticipating equipment breakdowns and for creating efficient maintenance timetables, all while being economical and proficient, consequently bringing down the total operational costs. In the context of an example, in July 2024, Guidewheel, an American software firm, introduced Scout, an AI-driven FactoryOps platform for improving manufacturing procedures by including artificial intelligence technologies. This pioneering instrument, which works on every machine linked to the Guidewheel platform, is budget-friendly and does not require any additional hardware. Scout is able to seamlessly coordinate with existing systems and uses cutting-edge AI models to track machine performance data to detect irregularities early. It has an ongoing learning feature which lets it record events and enhance its prediction accuracy in due course.
Who Are the Key Players In The Artificial Intelligence AI Driven Predictive Maintenance Market?
Major companies operating in the artificial intelligence (AI)-driven predictive maintenance market are:
• Microsoft Corporation
• Hitachi Ltd.
• General Electric Company
• International Business Machines Corporation
• Schneider Electric SE
• Honeywell International Inc.
• ABB Ltd.
• Emerson Electric Co.
• HCL Technologies
• Rockwell Automation Inc.
• Flowserve Corporation
• SAS Institute Inc.
• Fluke Corporation
• Cloudera Inc.
• TIBCO Software Inc.
• RoviSys Company
• Aspen Technology Inc.
• C3.ai Inc.
• SparkCognition Inc.
• Uptake Technologies Inc.
• Gastops Ltd.
• Senseye Ltd.
• MachineMetrics Inc.
• Presenso
• MachineStalk Inc.
• LNS Research Inc.
• Pivotal Software Inc.
• Guidewheel
What Is The Most Dominant Region In The Artificial Intelligence AI Driven Predictive Maintenance Market?
North America was the largest region in the artificial intelligence (AI)-driven predictive maintenance market in 2024. The regions covered in the artificial intelligence (AI)-driven predictive maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
