The global predictive maintenance market is poised to reach a market value of US$ 45.5 Billion, with a projected Compound Annual Growth Rate (CAGR) of 21.9% from 2022 to 2032. This growth is primarily fueled by rapid digitization and increasing urbanization trends.
Technological advancements in machine-to-machine communication, artificial intelligence, and big data analytics have opened up new avenues for extracting valuable insights from AI-driven analysis.
Major players in the market are actively pursuing strategies to bolster their market position. For instance, in May 2022, Sensata Technologies, a US-based company, introduced a cutting-edge asset monitoring solution tailored for predictive maintenance of rotary assets, providing actionable insights to plant managers.
Key Takeaways from the Market Study
· By deployment mode, the cloud segment is expected to dominate the predictive maintenance market while exhibiting a CAGR of 21.1% during the forecast period.
· Based on organization size, the large enterprises segment is predicted to lead the predictive maintenance market and exhibit a CAGR of 21.4% by 2032
· The predictive maintenance market in the U.S is projected to garner US$ 15.8 Billion by 2032
· The predictive maintenance market in the U.K is anticipated to garner a market value of US$ 2 Billion during the forecast period.
