Global Predictive Maintenance Market Assessment, By Component [Solution, Services], By Technique [Vibration Analysis, Infrared Thermography, Acoustic Monitoring, Oil Analysis, Motor Circuit Analysis, Others], By Company Size [Large Enterprises, Small and Medium Enterprises], By End-User Industry [Manufacturing, Energy and Utilities, Aerospace and Defense, Healthcare, Automotive, Transportation and Logistics, IT and Telecommunication, Others], By Region, Opportunities and Forecast, 2018-2032F

Global predictive maintenance market is projected to witness a CAGR of 31.95% during the forecast period 2025-2032, growing from USD 10.90 billion in 2024 to USD 100.16 billion in 2032.

The integration of IoT technology is profoundly reshaping the predictive maintenance market owing to the proliferation of IoT devices. According to Ericsson AB, in 2022, broadband IoT, particularly through 4G and 5G networks, reached an impressive 1.3 billion connections establishing itself as the primary technology linking the largest share of cellular IoT devices. This extensive connectivity empowers businesses to collect and analyze vast amounts of data in real time, facilitating accurate monitoring of equipment and machinery. Thus, organizations can make timely interventions to prevent potential failures with the integration of IoT, which offers benefits more than simple data collection. The company can optimize its maintenance schedules, reduce downtimes, and operate the system at the lowest operational costs possible with the capabilities offered by IoT. It can be condition-based only to maintain, when necessary, rather than following a time-based maintenance schedule. This means it enhances operational efficiency but prolongs the life of critical assets.

Real-time data from IoT devices also helps improve the decision-making process as the maintenance team can analyze the exact health of equipment and determine the proper time for maintenance. Such proactive actions avoid sudden breakdowns that can significantly cost money and even paralyze the process. The predictive maintenance market is set for significant growth as the adoption of broadband IoT continues to accelerate. The combination of advanced connectivity and data analytics enables organizations to adopt more intelligent maintenance strategies. Additionally, the integration of IoT is improving maintenance practices and revolutionizing business operations, resulting in increased productivity and better service delivery.

For example, in August 2024, Asahi Kasei Engineering Co., Ltd. introduced V-MO, developed with joint efforts by Mitsui O.S.K. Lines (MOL), a cloud-based predictive maintenance service for ocean vessel motors that enhances operational efficiency through timely repairs before vessels reach port.

Increased Demand for Operational Efficiency Drives Growth in the Market

The growing demand for operational efficiency has significantly driven the growth of predictive maintenance. The need to achieve higher productivity with lower cost enables organizations to make a significant realization about the switch from a reactive to a proactive approach for maintenance. Predictive maintenance utilizes advanced technologies, like IoT sensors and data analytics, that enable real-time monitoring of equipment health. Hence, businesses can predict failures before they happen, minimizing unplanned downtime, which can be costly and disruptive to operations.

The flexibility of optimizing maintenance schedules according to actual equipment conditions instead of fixed intervals allows resources to be better allocated. Companies can focus on maintenance activities that are directly linked to productivity and, thus, improve asset utilization. Therefore, increasing awareness of these advantages is fueling more investment in predictive maintenance solutions as organizations can save costs, resulting in improved operational performance and further accelerating predictive maintenance market growth as companies drive for an increasingly competitive edge in a demanding marketplace.

For example, in June 2024, Hitachi Industrial Equipment Systems Co., Ltd. launched a predictive diagnosis service for air compressors that utilizes machine learning and maintenance expertise to enhance efficiency, prevent equipment stoppages, and reduce environmental impact on factory operations.

Shift Towards Condition-Based Maintenance Boosting the Predictive Maintenance Market

The shift toward condition-based maintenance models significantly fuels the growth of the predictive maintenance market. Condition-based maintenance focuses on the actual condition of equipment and is performed only when necessary, unlike traditional time-based maintenance. Predictive maintenance offers these benefits through the integration of advanced technologies such as IoT sensors, machine learning, and data analytics for continuous monitoring of equipment performance and health, fueling the predictive maintenance market growth in the forecasted period.

Organizations are becoming aware of the inadequacies of time-based strategies, resulting in organizations applying condition-based maintenance to raise efficiency and minimize unnecessary maintenance expenses. Companies also aim to minimize their unplanned downtime by the predictive approach while implementing maintenance, thereby enabling them to prolong their lifetime assets. This condition-based maintenance makes possible optimal resource deployment, ensuring that efforts go where maintenance is most urgently required. This transition optimizes operational performance and aligns with the growing emphasis on sustainability and resource efficiency. Thus, the demand for predictive maintenance market is witnessing the rise in the adoption of these solutions as businesses seek more effective maintenance strategies.

For example, in August 2024, Equinor ASA enhanced asset performance by implementing condition-based maintenance through SAP Asset Performance Management, transitioning from manual processes to a data-driven approach that optimizes asset health and performance, enabling more efficient resource allocation and decision-making. 

Government Initiatives Fueling Predictive Maintenance Market Growth

Government initiatives are significant in the predictive maintenance market as they further push for advanced technologies and channel innovation in this field. There are programs like Manufacturing USA promoted by the Advanced Manufacturing National Program Office (AMNPO) in the United States. The AMNPO gives funding and resources for such research and development to go into the integration of manufacturers using IoT and data analytics. This improves efficiency while cutting operational costs, which makes companies competitive in a predictive maintenance market, creating a huge demand for these solutions. Similarly, the European Union's Horizon Europe pushes for digital transformation and sustainable transition across industries such as the manufacturing and transportation sectors, thereby supporting predictive maintenance technology as part of funding projects in developed advanced analytics and machine learning applications. This encourages enterprises to invest in predictive maintenance practices, enhancing operational effectiveness and reducing environmental impacts. This creates a strong market climate that fosters revenue growth for solution providers as these government programs energize innovation and adoption of predictive maintenance practices, thereby beneficially impacting industries that desire improved performance and sustainability.

For example, in November 2024, Manufacturing USA unveiled its 2024 Strategic Plan, which outlines its vision, mission, and goals to enhance the United States' manufacturing competitiveness. The plan emphasizes technology investment, workforce development, and collaboration to foster innovative, scalable manufacturing capabilities across the nation.

IT and Telecommunications Industry Dominates in Predictive Maintenance Market

The manufacturing industry is dominating the lead in predictive maintenance, using advanced technologies to boost efficiency and cut down operational costs. Predictive maintenance becomes critical in anticipation of equipment failures before they occur as manufacturers rely on more complex machinery. Companies can optimize maintenance schedules, thereby minimizing unplanned downtime and extending asset lifespan, by using IoT, data analytics, and machine learning. Predictive maintenance helps manufacturers to make data-driven decisions and enhance overall operational strategies. It is a proactive approach that enhances productivity and offers a competitive edge in the rapidly evolving predictive maintenance market. The manufacturing sector's adoption of such innovative solutions drives significant growth in the predictive maintenance market and makes it a key player in technological advancement and operational excellence.

North America Leads Predictive Maintenance Market Share

North America is leading the predictive maintenance market with specific government actions and key industry players. Implementing various initiatives in the United States government, such as the Advanced Manufacturing Partnership and the National Institute of Standards and Technology's Smart Manufacturing Program, aimed to promote advanced manufacturing technologies. Furthermore, the federal and state governments' huge investments in the infrastructure have focused on upgrading obsolete assets, which has resulted in a significant increase in the demand for predictive maintenance solutions. Industry majors in North America are emphasizing the building of complex analytics platforms and IoT sensors capable of real-time monitoring equipment. Furthermore, collaborations between companies and research institutions boost innovation and lead to sector-specific tailored predictive maintenance solutions in aerospace, automotive, energy, etc. North America has taken the lead position through supportive policies and an innovation ecosystem that will drive widespread adoption and technological advancements in the predictive maintenance market.

For instance, in June 2024, C3 AI, Inc. and Holcim Group AG deployed C3 AI Reliability for predictive maintenance across Holcim's global network that enhances operational efficiency and sustainability in cement manufacturing as part of Holcim's Plants of Tomorrow digital transformation initiative.

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Future Market Scenario (2025-2032F)

• Advanced artificial intelligence and machine learning algorithms may offer more accurate predictions of equipment failures, optimizing maintenance schedules and minimizing downtime.
• The widespread adoption of digital twin technology will enable organizations to develop asset real-time virtual replicas, thereby enabling sophisticated monitoring and proactive maintenance strategies.
• Predictive maintenance will grow beyond manufacturing and energy, penetrating sectors such as agriculture, healthcare, and transportation with continuous innovation to save on costs and improve safety.
• The proliferation of IoT devices will drive edge computing, enabling real-time data processing and quicker decision-making, further enhancing the effectiveness of predictive maintenance solutions.

Report Scope

“Predictive Maintenance Market Assessment, Opportunities and Forecast, 2018-2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global predictive maintenance market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2024
Historical Period	2018-2023
Forecast Period	2025-2032
Projected Growth Rate	CAGR of 31.95% between 2025 and 2032
Revenue Forecast in 2032	USD 100.16 billion
Segments Covered	Component, Technique, Company Size, End-User Industry
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profile	Amazon Web Services, Inc., Google LLC (Alphabet Inc.), Hitachi, Ltd., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Schneider Electric SE, Siemens AG
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, global predictive maintenance market has been segmented into the following categories: 

• By Component
  • Solution
    • Integrated
    • Standalone
  • Services
    • Professional Services
    • Managed Services
  • By Technique
    • Vibration Analysis
    • Infrared Thermography
    • Acoustic Monitoring
    • Oil Analysis
    • Motor Circuit Analysis
    • Others
  • By Company Size
    • Large Enterprises (>1000 Employees)
    • Small and Medium Enterprises (SMEs) (<1000 Employees)
  • By End-User Industry
    • Manufacturing
    • Energy and Utilities
    • Aerospace and Defense
    • Healthcare
    • Automotive
    • Transportation and Logistics
    • IT and Telecommunication
    • Others
  • By Region
    • North America
    • Europe
    • Asia-Pacific
    • South America
    • Middle East and Africa

Key Players Landscape and Outlook

The predictive maintenance market exhibits a diverse landscape of key players consisting of technology providers, software developers, and companies focused on IoT solutions, where these entities are in continuous collaboration to integrate advanced analytics, machine learning, and IoT capabilities into their services. The predictive maintenance market is expanding and is maintained by the growing demand for operational efficiency and cost reduction across industries. Organizations are recognizing the importance of data-based decision-making and will further invest in predictive maintenance technology. Integration with artificial intelligence and edge computing for predictive maintenance is a major trend, thereby providing real-time analytics and quicker responses. It will enable easy connectivity among devices and facilitate a good effect of predictive maintenance strategy as 5G networks become widespread. Hence, the predictive maintenance market is forecasted to grow strongly, with immense technology and application advancements across different sectors.

In October 2024, Cognizant Technology Solutions Corporation entered into a strategic collaboration agreement with Amazon Web Services, Inc. to enhance smart manufacturing capabilities, leveraging generative AI and IoT solutions for global enterprises in automotive, life sciences, and consumer goods.

In June 2024, Hitachi Ltd. and Microsoft Corp. partnered on a multibillion-dollar project to integrate Microsoft cloud services and generative AI into Hitachi's Lumada Solutions, enhancing productivity and innovation across industries over three years.

Key Players Operating in Global Predictive Maintenance Market are:

• Amazon Web Services, Inc.
• Google LLC (Alphabet Inc.)
• Hitachi, Ltd.
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• Schneider Electric SE
• Siemens AG

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