IMARC Group, a leading market research company, has recently releases report titled “Predictive Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global predictive maintenance market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Predictive Maintenance Market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 8.0 Billion |
| Market Forecast in 2028 | US$ 35.9 Billion |
| Growth rate (2023 to 2028) | CAGR of 27.54% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is Predictive Maintenance?
Predictive maintenance is a maintenance strategy that uses data analysis and machine learning (ML) techniques to predict equipment failure and maintenance requirements. It aids in reducing unplanned downtime and extending equipment life. It also assists in improving equipment reliability by reducing the frequency and duration of equipment downtime. As a result, predictive maintenance is widely employed in numerous industries, including manufacturing, energy and utilities, aerospace and defense, transportation and logistics, government, and healthcare, across the globe.
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What are the growth prospects and trends in the Predictive Maintenance Industry?
The market is primarily driven by the increasing utilization of machine-to-machine (M2M) communication and cloud technology to investigate the information derived from industrial assets. In addition, the rising adoption of the Internet of things (IoT), artificial intelligence (AI), cloud computing, and machine learning (ML) for analyzing crucial data represents another growth-inducing factor.
Furthermore, the growing applications of predictive maintenance in tomography, mammography, and X-ray, to enhance operational efficiencies and decision-making capabilities are propelling the market growth.
Moreover, the rising investments in predictive maintenance, owning to its ability to predict equipment failure and extend the lifespan of industrial machinery, are also creating a positive market outlook across the globe.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Solution
- Service
Breakup by Technique:
- Vibration Monitoring
- Electrical Testing
- Oil Analysis
- Ultrasonic Leak Detectors
- Shock Pulse
- Infrared
- Others
Breakup by Deployment Type:
- Cloud-based
- On-premises
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Industry Vertical:
- Manufacturing
- Energy and Utilities
- Aerospace and Defense
- Transportation and Logistics
- Government
- Healthcare
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Asystom, C3.ai Inc., General Electric Company, Google LLC (Alphabet Inc.), Hitachi Ltd., International Business Machines Corporation, Microsoft Corporation, PTC Inc., SAP SE, Software AG, Tibco Software Inc., Uptake Technologies Inc.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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