What are the latest figures on the predictive maintenance market’s size and projected CAGR?_x000D_
_x000D_
The predictive maintenance market size has grown exponentially in recent years. It will grow from $9.3 billion in 2024 to $11.88 billion in 2025 at a compound annual growth rate (CAGR) of 27.6%. The growth in the historic period can be attributed to equipment downtime reduction, cost savings, regulatory compliance and safety standards._x000D_
_x000D_
The predictive maintenance market size is expected to see exponential growth in the next few years. It will grow to $33.36 billion in 2029 at a compound annual growth rate (CAGR) of 29.5%. The growth in the forecast period can be attributed to integration with enterprise systems, predictive analytics for complex systems, focus on proactive maintenance strategies. Major trends in the forecast period include digital twin technology, cross-industry collaboration, advancements in sensor technologies, advanced analytics and machine learning, cloud-based solutions._x000D_
_x000D_
Get Your Free Sample of The Global Predictive Maintenance Market Report:_x000D_
https://www.thebusinessresearchcompany.com/sample.aspx?id=6687&type=smp_x000D_
_x000D_
Which major factors have contributed to the expansion of the predictive maintenance market?_x000D_
_x000D_
The growing demand to reduce maintenance costs, equipment failure and downtime is significantly contributing to the growth of the predictive maintenance market. Equipment downtime refers to the duration in which particular equipment is not in operation due to unplanned equipment failure. Frequent equipment failure and unplanned downtime of large equipment are hampering the business operations due to a temporary halt of production activities, idle staff time, financial penalties, and others. For instance, in February 2023, according to the National Center for Biotechnology Information, a US-based government-funded organization, manufacturing machinery maintenance costs are estimated to vary between 15% and 70% of the production costs. Therefore, growing demand to reduce maintenance costs, equipment failure, and downtime is expected to boost demand for predictive maintenance during the forecast period._x000D_
_x000D_
How is the predictive maintenance market segmented?_x000D_
The predictive maintenance market covered in this report is segmented –_x000D_
_x000D_
1) By Component: Solutions, Service_x000D_
2) By Deployment Mode: On-premises, Cloud_x000D_
3) By Stakeholder: MRO, OEM/ODM, Technology Integrators_x000D_
4) By Application: Heavy Machinery, Small Machinery, Other Applications_x000D_
5) By End User: Aerospace & Defense, Automotive & Transportation, Energy & Utilities, Healthcare, IT & Telecommunication, Manufacturing, Oil & Gas, Other End Users_x000D_
_x000D_
Subsegments:_x000D_
1) By Solutions: Software Platforms, Predictive Analytics Tools, Machine Learning Models, IoT Sensors And Devices_x000D_
2) By Service: Consulting Services, Integration And Implementation, Support And Maintenance, Training And Education_x000D_
_x000D_
Order your report now for swift delivery_x000D_
https://www.thebusinessresearchcompany.com/report/predictive-maintenance-global-market-report_x000D_
_x000D_
Who are the top competitors in the predictive maintenance market?_x000D_
_x000D_
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._x000D_
_x000D_
Which key trends are expected to influence the predictive maintenance market in the coming years?_x000D_
_x000D_
Major companies operating in the predictive maintenance market are developing strategic partnerships to enhance their service offerings, leverage complementary technologies, and improve customer outcomes. Strategic partnerships in the predictive maintenance market facilitate the integration of advanced technologies and expertise, enabling companies to enhance their solutions, optimize asset performance, and reduce downtime through improved data analytics and innovative approaches. For instance, in July 2023, NTPC, an India-based power generation company, partnered with the International Institute of Information Technology-Naya Raipur, an India-based state funded institute to establish the IIITNR-COE on Predictive Maintenance. This center of excellence focuses on research and development in predictive maintenance tools and systems, benefiting from field data provided by NTPC while offering academic insights into modern technologies._x000D_
_x000D_
Which regional trends are influencing the predictive maintenance market, and which area dominates the industry?_x000D_
_x000D_
The countries covered in the predictive maintenance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain._x000D_
_x000D_
What Does The Predictive Maintenance Market Report 2025 Offer?_x000D_
_x000D_
The predictive maintenance market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities._x000D_
_x000D_
Predictive maintenance refers to data-driven condition monitoring tools and techniques designed to analyze equipment conditions and predict maintenance requirements. It uses testing methods such as data acquisition, data transformation, asset health evaluation, prognostics, a decision support system, and a human interface layer that helps various industries to reduce maintenance and protect their machinery by connecting all the data sources combined with data analytics. The key element used in the process is the Internet of things (IoT), allowing systems to work together to translate and analyze the recorded data._x000D_
_x000D_
Purchase the exclusive report now to unlock valuable market insights:_x000D_
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=6687_x000D_
_x000D_
About The Business Research Company_x000D_
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead._x000D_
_x000D_
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making._x000D_
_x000D_
Contact Us:_x000D_
The Business Research Company_x000D_
Europe: +44 207 1930 708_x000D_
Asia: +91 88972 63534_x000D_
Americas: +1 315 623 0293_x000D_
Email: info@tbrc.info_x000D_
_x000D_
Follow Us On:_x000D_
LinkedIn: https://in.linkedin.com/company/the-business-research-company_x000D_
Twitter: https://twitter.com/tbrc_info_x000D_
Facebook: https://www.facebook.com/TheBusinessResearchCompany_x000D_
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ_x000D_
Blog: https://blog.tbrc.info/_x000D_
Healthcare Blog: https://healthcareresearchreports.com/_x000D_
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
