What Has Been the Growth Trajectory for the Predictive Maintenance Market in Recent Years?
The predictive maintenance market has seen considerable growth due to a variety of factors.
• The market size of predictive maintenance has seen an impressive surge of late. A jump from $9.3 billion in 2024 to $11.88 billion in 2025, underlines a robust compound annual growth rate (CAGR) of 27.6%.
Factors leading to this increase during the historic period include a reduction in equipment downtime, cost-cutting, adhering to regulations, and effective implementation of safety standards.
What are the Market Size and Expected Growth Rates for the Predictive Maintenance Market?
The predictive maintenance market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the predictive maintenance market is projected to undergo considerable growth, escalating to a value of $33.36 billion in 2029 with a compound annual growth rate (CAGR) of 29.5%.
The substantial growth during the forecast period can be attributed to the integration with enterprise systems, predictive analytics employed on complex systems, and an emphasis on proactive maintenance strategies. The forecast period will also witness major trends like the application of digital twin technology, collaborations across different industries, improvements in sensor technologies, advancements in advanced analytics and machine learning, as well as the introduction of cloud-based solutions.
Which Drivers Are Accelerating Growth In The Predictive Maintenance Market?
The escalating need to lessen maintenance costs, equipment malfunctions, and downtime is playing a major role in driving the growth of the predictive maintenance market. Downtime in equipment operation is the period during which a certain piece of equipment remains out of service due to unforeseen failures. The frequent malfunctioning and unplanned downtime of high-scale equipment are adversely impacting business operations due to a temporary cessation of production activities, idling of personnel hours, financial charges, among other factors. For instance, in February 2023, the National Center for Biotechnology Information (a US government-funded organization) stated that the maintenance expenses of manufacturing machinery are projected to fluctuate from 15% and 70% of the production costs. Hence, the increasing need to reduce maintenance costs, equipment malfunctions, and downtime is likely to enhance the demand for predictive maintenance in the upcoming years.
What Are The Key Segments Within The Global Predictive Maintenance Market?
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
Subsegments:
1) By Solutions: Software Platforms, Predictive Analytics Tools, Machine Learning Models, IoT Sensors And Devices
2) By Service: Consulting Services, Integration And Implementation, Support And Maintenance, Training And Education
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How Are New Trends Impacting The Size Of The Predictive Maintenance
Leading businesses operating in the predictive maintenance market are forging strategic alliances to boost their services, capitalize on synergistic technologies, and enhance client results. These strategic partnerships in the predictive maintenance industry help incorporate sophisticated technologies and skills, allowing businesses to improve their solutions, maximize asset performance, and minimize downtime via superior data analysis and forward-thinking tactics. For instance, in July 2023, NTPC, an Indian power generation firm, collaborated with the International Institute of Information Technology-Naya Raipur, a state-funded institute in India, to launch the IIITNR-COE on Predictive Maintenance. This excellence center concentrates on conceiving and developing predictive maintenance devices and systems, gaining from data received from NTPC's field while providing scholarly perception on contemporary technologies.
Who Are the Key Players in the Predictive Maintenance Market?
Major companies operating in the predictive maintenance market include:
• 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.
• Senseye Ltd.
• Aspen Technology Inc.
• Dassault Systèmes SE
• Rockwell Automation Inc.
• Honeywell International Inc.
What are the Regional Insights into the Predictive Maintenance Market?
North America was the largest region in the predictive maintenance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the predictive maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
