Artificial Intelligence (AI)-Driven Predictive Maintenance Market Size
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Artificial Intelligence (AI)-Driven Predictive Maintenance Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of predictive maintenance driven by artificial intelligence (AI) has seen a fast-paced expansion in recent years. It is expected to escalate from $0.88 billion in 2024 to $1.02 billion in 2025, maintaining a compound annual growth rate (CAGR) of 15.7%. This surge during the historical period is due to an increased need amongst large corporations, the rising apprehension about asset maintenance, expanding technological awareness, and an upswing in preferences among Small and Medium Enterprises (SMEs).
Artificial Intelligence (AI)-Driven Predictive Maintenance Market Size Forecast: What’s the Projected Valuation by 2029?
In the years to come, the market size for predictive maintenance driven by artificial intelligence (AI) is predicted to experience a swift expansion. The market is projected to balloon to a figure of $1.8 billion in 2029, boasting an impressive compound annual growth rate (CAGR) of 15.4%. Several factors are contributing to this growth over the forecast period, such as increased demand for predictive maintenance solutions, the enhancement of customer-centric operations, outdated infrastructure, and growing complexities in numerous sectors. Key trends shaping this period include improved collaboration between humans and AI, assimilation with 5G networks, implementation of AI-enhanced predictive maintenance in supply chains, and the integration with the principles of circular economy.
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What Are the Drivers Transforming the Artificial Intelligence (AI)-Driven Predictive Maintenance Market?
The expansion of the artificial intelligence (AI)-driven predictive maintenance market is slated to be boosted by the increasing acceptance of cloud-based solutions. Cloud-based solutions are cost-effective software or services hosted in the cloud that equip businesses with scalable, efficient, and reachable tools without hefty upfront infrastructure costs. These solutions gain popularity from their ability to minimize primary expenses via a subscription model and provide remote access, thus allowing operations to enlarge and function effectively from any location. In the context of AI-driven predictive maintenance, cloud-based solutions provide scalable computational capacity and storage for instantaneous processing of enormous volume of sensor data, which facilitates accurate anticipation of equipment failures. For instance, Eurostat, a European Union official website based in Luxembourg, reported in December 2023 that cloud-based solutions saw an increase of 4.2% in adoption throughout 2023, with 45.2% of businesses leveraging cloud computing services, a noteworthy rise from 2021. Consequently, the demand for cost-efficient cloud-based solutions is escalating, stimulating the growth of the artificial intelligence (AI)-driven predictive maintenance market.
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What Long-Term Trends Will Define the Future of the Artificial Intelligence (AI)-Driven Predictive Maintenance Market?
Major participants in the AI-driven predictive maintenance sector are working to create highly advanced solutions such as affordable AI-powered predictive maintenance systems to increase operational efficiency and reduce maintenance expenses. These cost-effective solutions are cutting-edge platforms that rely on AI to anticipate equipment breakdowns, optimize maintenance timetables and remain efficient and inexpensive, thereby cutting overall operating costs. For instance, in July 2024, US-based software firm, Guidewheel launched an AI-supported FactoryOps platform called Scout, designed to boost manufacturing processes through the integration of AI technologies. This revolutionary tool, which can function on any machine linked with the Guidewheel platform, is affordable and doesn’t require any additional hardware. Scout can easily integrate with pre-existing systems, using sophisticated AI models to keep track of machine performance data for early identification of inconsistencies. Its perpetual learning ability allows it to register events and enhance its predictive accuracy over time.
Which Segments in the Artificial Intelligence (AI)-Driven Predictive Maintenance Market Offer the Most Profit Potential?
The artificial intelligence (AI)-driven predictive maintenance market covered in this report is segmented –
1) By Solution: Integrated Solution, Standalone Solution
2) By Deployment: Cloud, On-Premise
3) By Industry: Automotive And Transportation, Aerospace And Defense, Manufacturing, Healthcare, Telecommunications, Other Industries
Subsegments:
1) By Integrated Solution: AI-Powered Asset Management Systems, Enterprise Resource Planning (ERP) Integration, IoT-Enabled Predictive Maintenance Platforms, Condition Monitoring Systems
2) By Standalone Solution: Predictive Analytics Software, Machine Learning Models For Maintenance, Diagnostic Tools And Sensors, Reporting And Visualization Tools
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Which Firms Dominate the Artificial Intelligence (AI)-Driven Predictive Maintenance Market by Market Share and Revenue in 2025?
Major companies operating in the artificial intelligence (AI)-driven predictive maintenance market are Microsoft Corporation, Hitachi Ltd., General Electric Company, International Business Machines Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Emerson Electric Co., HCL Technologies, Rockwell Automation Inc., Flowserve Corporation, SAS Institute Inc., Fluke Corporation, Cloudera Inc., TIBCO Software Inc., RoviSys Company, Aspen Technology Inc., C3.ai Inc., SparkCognition Inc., Uptake Technologies Inc., Gastops Ltd., Senseye Ltd., MachineMetrics Inc., Presenso, MachineStalk Inc., LNS Research Inc., Pivotal Software Inc., Guidewheel
Which Regions Offer the Highest Growth Potential in the Artificial Intelligence (AI)-Driven Predictive Maintenance Market?
North America was the largest region in the artificial intelligence (AI)-driven predictive maintenance market in 2024. The regions covered in the artificial intelligence (AI)-driven predictive maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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