Predictive Maintenance Market Trends, Analysis, and Growth Forecast (2024-2032) | IBM Corporation, Microsoft Corporation, Schneider Electric SE, Hitachi, Ltd

Global Predictive Maintenance Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.

The global predictive maintenance market size was US$ 5.1 billion in 2021. The global predictive maintenance market is forecast to grow to US$ 53.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 28.1% during the forecast period from 2022 to 2030. 

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Predictive Maintenance (PdM) is implemented to detect and monitor anomalies or breakdowns in equipment. Predictive maintenance improves supply chain and quality procedures, maximizes device uptime, and makes efficient use of scarce resources. Artificial intelligence and machine learning in predictive maintenance assist organizations gather information on the machine’s parts, which enables them to assess the equipment’s level of usability, take preventive action, and schedule maintenance procedures in advance.

Factors Influencing the Market
Businesses are using AI and ML technology to analyse data more quickly and accurately than they could with conventional business intelligence tools. Businesses may generate operational predictions 20 times faster and more accurately with the use of predictive maintenance. Moreover, the market for predictive maintenance is expanding as a result of the growing use of real-time streaming analytics technology. Real-time data streaming from apps, sensors, devices, and other sources are analysed in this process. It enables language integration and timely information for customized applications. Thus, such benefits are forecast to fuel the growth of the
Steadily declining maintenance costs and downtime will also fuel the growth of the predictive maintenance market during the study period.
On the flip side, a shortage of skilled workforce may limit the growth of the market during the study period.

COVID-19 Impact Analysis
During the COVID-19 pandemic, the manufacturing & industrial sectors witnessed a steep decline in revenue generation. IT expenditure also declined across various nations, which ultimately affected the global predictive maintenance market. However, the situation forced the healthcare sector to rely on technologies, which surged the adoption of Pd.M. solutions during the forecast period. In addition, the market for predictive maintenance is anticipated to be further driven by the implementation of cutting-edge technologies like machine learning, predictive maintenance integration with IIoT, and the demand for remote monitoring and asset management in the wake of the COVID-19 epidemic.

Regional Analysis
North America is forecast to dominate the predictive maintenance market during the study period, owing to the presence of well-established end-user industries and rising knowledge about the latest technologies in the region. The early adoption of advanced technologies among organizations will also contribute to the growth of the predictive maintenance market. Apart from that, the benefits of predictive maintenance, such as improved efficiency and lower operational costs, will drive the market forward.
The Asia-Pacific predictive maintenance market will also record steady growth due to growing digitalization, urbanization, and the presence of prominent end-use industries like healthcare, manufacturing, etc.

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Competitors in the Market
• IBM Corporation
• Microsoft Corporation
• Schneider Electric SE
• Hitachi, Ltd
• TIBCO Software, Inc.
• Uptake Technologies, Inc
• Sigma Industrial Precision
• Google
• PTC, Inc.
• SAP SE
• Other Prominent Players

The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.

As of the end of 2022, the Predictive Maintenance industry experienced notable growth in its workforce. Starting in January, employment within the Predictive Maintenance sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Predictive Maintenance output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.

Forecasts indicate that the global Predictive Maintenance output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Predictive Maintenance market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Predictive Maintenance market.

Market Segmentation
By Component
• Software
• Service
By Deployment Type
• Cloud
• On-premise

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By Organization Size
• Large Enterprises
• Small & Medium-sized Enterprises (SMEs)
By Application
• Manufacturing
• Energy and Utility
• Healthcare
• Government
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
 Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
 Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

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Table of Contents:

Chapter 1: Introduction to the Global Predictive Maintenance Industry

Chapter 3: Dynamics of the Market

Chapter 4: Profiles of Leading Companies

Chapter 5: Competition in the Global Predictive Maintenance Market among Players

Chapter 6: Market Size across Global Regions

Chapter 7: Application Segments in the Global Market

Chapter 8: Segment Analysis of the Global Predictive Maintenance Industry

Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers

Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders

Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors

Chapter 12: Evaluation of Market Impact Factors

Chapter 13: Forecasted Global Predictive Maintenance Market Size (2024-2032)

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Key Questions Market Research and Analysis Report

• What is the current market size, both in terms of value and volume?
• What is the historical growth rate of the market, and what are the projected growth rates for the future?
• Who are the major players in the market, and what is their market share?
• What are the market trends and dynamics influencing the industry?
• What are the key drivers of market growth?
• What are the challenges and barriers faced by market participants?
• What are the emerging opportunities in the market?
• What is the competitive landscape of the market?
• What are the consumer preferences, behaviors, and buying patterns within the market?
• What is the market segmentation, and how are different market segments performing?
• What are the pricing trends and strategies in the market?
• What are the distribution channels and their effectiveness in reaching the target audience?
• What are the regulatory and legal factors impacting the market?

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