The global predictive maintenance market size is expected to be valued at USD 28.24 billion by 2025, expanding at a CAGR of 37.9% over the forecast period, according to a study conducted by Grand View Research, Inc. Growing demand for IoT and big data along with rising concerns in the organizations regarding asset maintenance and operational costs is expected to drive the growth. Moreover, deployment of predictive maintenance solutions can help organizations in reducing the downtime costs by accurately predicting asset failures.
The deployment of predictive maintenance solutions is not limited to the manufacturing sector. These solutions are now increasingly being deployed in energy and utilities, IT and telecommunication, and automotive and transportation, among others. Growing adoption of these solution in various sectors is anticipated to support the market growth over the forecast period.
Companies operating in the predictive maintenance market are also integrating sensor-based technologies with the predictive maintenance solutions to deliver an efficient solution to users. Additionally, the venders are also investing in R&D of remote maintenance solutions. The remote predictive maintenance solution is anticipated to support the maintenance activities in remote locations and also for unsafe working conditions.
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Further key findings from the report suggest:
- A rise in deployment of customized predictive maintenance solutions is the key trend driving the growth of the integrated segment
- Training and consulting services segment is expected to reach USD 1,991.8 million by 2025 owing to the growing need for skilled workforce for operating predictive maintenance solutions
- Demand for cloud-based predictive maintenance solutions is likely to witness a rise owing to cost-effectiveness and easy maintenance of produced data through these solutions
- Small and medium enterprise segment is projected to witness remarkable growth over the forecast period owing to reduce the operational costs associated with downtimes
- Growth of the aerospace and defense segment is being driven by the growing demand for effective flight operation and avoidance of mishaps or accidents due to failure of any component within the airplane
- Asia Pacific predictive maintenance market is anticipated to witness the highest growth owing to rising adoption of deep learning and artificial intelligence technologies in the region
- Key players operating in the market include IBM Corporation; Microsoft Corporation; SAP ERP; General Electric Company; Siemens AG; Schneider Electric SE; Software AG; Accenture plc; Honeywell International Inc.; and Cisco Systems, Inc.