Predictive Maintenance Market to Record CAGR of 26.5% Over 2025-2032; Operational Optimization Drives Demand for Cost-Effective Predictive Maintenance Solutions

The global predictive maintenance market size was valued at USD 10.93 billion in 2024 and is predicted to reach USD 13.65 billion in 2025. The market is anticipated to touch USD 70.73 billion by 2032, recording a CAGR of 26.5% over 2025-2032.

Fortune Business Insights™ presents this information in its latest report titled “Predictive Maintenance Market Size, Share & Industry Analysis, By Component (Hardware and Software), By Deployment (On-premise and Cloud-based), By Enterprise Type (Large Enterprises and Small and Mid-sized Enterprises (SMEs)), By Technology (IoT, Artificial Intelligence and Machine Learning, Digital Twin, Advance Analytics, and Others), By Application (Condition Monitoring, Predictive Analytics, Remote Monitoring, Asset Tracking, and Maintenance Scheduling), By End-Use (Military and Defense, Energy and Utilities, Manufacturing, Healthcare, IT and Telecom, Logistics and Transportation, and Others), and Regional Forecast, 2025 – 2032”.

Predictive Maintenance (PdM) is a key element of Industry 4.0, designed to monitor machinery conditions and predict potential failures. It utilizes a mix of hardware and software to assess the health of mechanical assets. Advancements in technology and the rising adoption of Industry 4.0 methodologies is expected to fuel market growth.

The COVID-19 pandemic positively influenced the market by accelerating digital transformation efforts. With travel restrictions and remote work policies in place, enterprises turned to digital tools for remote equipment monitoring. This shift made predictive maintenance, supported by IoT, AI, and cloud computing, essential for maintaining smooth operations without the need for on-site personnel.

Implementation of Generative AI in Manufacturing to Enhance Predictive Maintenance for Potential Failures 

In the manufacturing industry, generative AI is increasingly deployed to oversee machinery and predict potential failures. For example, a major automotive manufacturer adopted a PdM system driven by generative AI, which led to a 30% reduction in downtime and a 20% decrease in maintenance expenses.

Augury Partnered With DSV to Create Innovative Parts As A Service (PaaS) Solution

Augury formed a partnership with DSV, a prominent provider of transport and logistics services, to create an innovative Parts As a Service (PaaS) solution. This solution utilizes machine health analytics to foresee potential faults before they arise, automating the process of identifying replacement parts.

Operational Optimization Drives Demand for Cost-Effective Predictive Maintenance Solutions

Operational optimization is driving the demand for cost-effective predictive maintenance solutions as businesses seek to enhance efficiency and lower operational costs. PdM utilizes advanced technologies, such as IoT sensors and AI algorithms, to collect real-time data, allowing for accurate maintenance predictions. This efficient resource allocation leads to significant cost savings and reduces unplanned downtime, which disrupts productivity and profitability. All these factors together contribute to the market growth.

However, companies face challenges in leveraging IoT data for forecasting, error prevention, operational optimization, and product innovation. Proficiency in advanced analytics, including AI and machine learning, is crucial for maximizing the full potential of IoT data. The lack of such expertise poses a barrier to predictive maintenance market growth.

Top Companies to Pursue Acquisitions and Collaborations with Regional Firms to Maintain Competitive Advantage

The top companies are concentrating on expanding their global presence by offering tailored industry-specific services. These companies are strategically pursuing acquisitions and collaborations with regional firms to maintain their competitive advantage across different markets. Leading companies are rapidly implementing these strategies to enhance their market position.

Notable Industry Development:

• September 2024: Siemens formed a strategic partnership with Merck, a company specializing in science and technology. This collaboration aims to propel digital transformation and elevate smart manufacturing practices to new heights.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/predictive-maintenance-market-102104

List of the Companies Profiled in the Report:

• IBM Corporation (U.S.)


• General Electric (U.S.)


• Siemens (Germany)


• C3.ai, Inc. (U.S.)


• Rockwell Automation (U.S.)


• PTC (U.S.)


• Hitachi Ltd. (Japan)


• UpKeep (U.S.)


• Augury Ltd. (U.S.)


• The Soothsayer (P-Dictor) (Thailand)


• Fujitsu (Japan)


• SAP SE (Germany)


• Software AG (Germany)


• Oracle Corporation (U.S.)


• Microsoft Corporation (U.S.)


• Schneider Electric SE (France)


• ABB (Switzerland)


• Honeywell International Inc. (U.S.)


• SparkCognition (U.S.)


• MaintainX (U.S.)


• …and more

Further Report Findings

• North America is anticipated to maintain the largest predictive maintenance market share in 2024. This growth is fueled by a growing demand for advanced AI and cloud computing-based platforms, along with the rapid integration of AI technologies across various nations in the region.


• The market in Europe is expanding at a notable rate, with AI-driven PdM solutions becoming increasingly popular due to their beneficial economic effects on businesses.


• Based on application, the condition monitoring segment holds the largest share of the market in 2024. This approach reduces the need for scheduled preventive maintenance tasks, resulting in lower labor costs and decreased expenses for spare parts, thereby fueling the segment’s market growth.

Table of Segmentation