During the forecast period from 2022 to 2032, the global predictive maintenance market is anticipated to reach a market size of US$ 45.5 billion while exhibiting a CAGR of 21.9 percent. The market’s growth can be ascribed to the quick digitization and expanding urbanization.
Continuous improvements in artificial intelligence, machine-to-machine communication, and big data have created new ways to safeguard data derived from AI techniques. Enterprises now have the tools to analyse real-time data and select the best IoT use cases thanks to advanced methodologies.
Why are Large Enterprises Gaining the Maximum Traction in the Predictive Maintenance Market?
Large Businesses to Capture the Largest Share of the Market during the Forecast Period
According to organization size, the big businesses segment is anticipated to dominate the market from 2022 to 2032, growing at a CAGR of 21.4 percent. Access to precise information on product and application usage habits is made simple by predictive maintenance. Additionally, it reduces costs and provides spending-restraint strategies.
Key Takeaways from the Market Study
- With a CAGR of 21.1% during the forecast period, the cloud deployment mode is anticipated to lead the predictive maintenance market.
- According to organisation size, the predictive maintenance market is expected to be led by large businesses and see a CAGR of 21.4% by 2032.
- By 2032, the predictive maintenance market in the United States is expected to generate US$15.8 billion.
In the United Kingdom, the predictive maintenance market is projected to reach a market value of US$ 2 billion during the forecast period. In Japan, the predictive maintenance market is projected to reach a market value of US$ 2.6 billion by 2032.
- From 2022 to 2032, South Korea’s predictive maintenance is anticipated to grow at a CAGR of 19.5%.
Key players in the global predictive maintenance market include Microsoft Corporation, IBM, Schneider Electric SE, General Electric Company, and Hitachi, Ltd. Recent developments in the industry are:
- In May 2022, Hitachi Ltd. announced the launch of Lumada Inspection Insights. Pioneered by Hitachi Energy and Hitachi Vantara, Lumada Inspection Insights allows customers to mechanize asset inspection, and support sustainability goals. The new solution addresses various causes of failures by implementing AI and Machine Learning to assess assets, risks, and the spectrum of image types.
- In July 2021, Schneider Electric rolled out EcoStruxure ™ TriconexTM Safet View. It is assiduity’s first binary safety-and-cybersecurity-certified bypass and alarm operation software that enables drivers to see both the bypass status that affects the position of threat reduction in place, and the critical admonitions demanded to operate the factory safely when pitfalls are high.
- In May 2022, Schneider Electric announced the launch of its new SureSeT MV switchgear offering for the market in North America. The new solution offers various benefits. The newly integrated characteristics offer insights into day-to-day operations for remote access and control of equipment health, predictive maintenance, and operational efficiency.