In a recently released report, market research firm Fact.MR shows that the global predictive maintenance market is expected to reach a value of USD $45.5 billion, sporting a Compound Annual Growth Rate (CAGR) of 21.9% from 2022 to 2032. This significant growth can be attributed to the rapid digitisation of industries and growing urbanisation trends worldwide.
The predictive maintenance market is increasingly influenced by advancements in machine-to-machine communication, artificial intelligence and big data analytics. These technological strides enable businesses to extract significant insights from AI-driven analyses and thus use real-time data analytics for versatile Internet of Things (IoT) applications.
Major players in this market are actively ramping up strategies to fortify their market positions. For example, in May 2022, US-based Sensata Technologies launched an innovative asset monitoring solution customised for predictive maintenance of rotary assets. Such cutting-edge and practical launches are expected to catalyse market expansion during the next ten years.
Despite these optimistic projections, there are hurdles which may slow down market growth. A perceived lack of expertise, requirement for frequent maintenance, and necessary system upgrades all pose prospective challenges for the expansion of the predictive maintenance market. However, Fact.MR believes that the proliferation of customer touchpoints and the evolving customer intelligence landscape could mitigate these negatives and support the anticipated market growth.
Additional analyses from the Fact.MR report reveals that the cloud segment is predicted to dominate the market in terms of deployment, growing at a CAGR of 21.1%. Additionally, large enterprises are foreseen to lead the market with a CAGR of 21.4% by 2032, based on the organisation's size. Geographically, the US market could reach USD $15.8 billion by 2032, while the UK and Japan markets are expected to reach USD $2 billion and USD $2.6 billion, respectively.
Competition is ripe in the global predictive maintenance market, with key players including Microsoft Corporation, IBM, Schneider Electric SE, General Electric Company, and Hitachi. These organisations have been influential in pioneering new developments in the industry. For example, Hitachi recently launched Lumada Inspection Insights, a solution aimed at mechanising asset inspection with the help of AI. Similarly, Schneider Electric unveiled EcoStruxure Triconex Safety View, a software for bypass and alarm operation, in July 2021.
The global predictive maintenance market is on a trajectory of substantial growth, driven by technological advancements and innovative solutions introduced by key players like Sensata Technologies, Microsoft, and Hitachi. Despite potential challenges, such as skill shortages and maintenance requirements, these innovations are expected to fuel market expansion. With cloud deployment and large enterprises leading the charge, regions like the US, UK, and Japan are anticipated to grow significantly. The competitive landscape remains dynamic, promising a vibrant future for the predictive maintenance market as it continues to evolve and adapt to emerging trends and challenges.