AI-driven Predictive Maintenance Market Size was valued at USD 761.04 Mn in 2023 and is predicted to reach USD 1,868.51 Mn by 2031 at a 11.8% CAGR during the forecast period for 2024-2031.
AI-based predictive maintenance solutions can simplify obtaining useful knowledge from data on device functioning and health, which can improve overall manufacturing operations for reliability and maintenance professionals. The rising need for AI-driven predictive maintenance proves that proactive maintenance techniques, which may anticipate equipment problems and optimize maintenance schedules, are gaining popularity. The need for predictive maintenance solutions powered by artificial intelligence is growing rapidly as industries strive to improve asset reliability, boost productivity, and reduce operational expenses.
Furthermore, the rise of innovative AI algorithms tailored to specific industry needs, increased public understanding of predictive maintenance's benefits, and other technological advancements are all factors propelling this expansion.
However, the market growth is hampered by the lack of awareness criteria for the safety and health of AI-driven Predictive Maintenance Market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high low code technology in insurance, because applying AI-driven predictive maintenance requires trained personnel with understanding of maintenance domains as well as data analytics and machine learning, which is currently in short supply. This shortage is a major barrier to the widespread use of predictive maintenance systems. Due to the COVID-19 pandemic, which has affected the worldwide market and forced the closure of numerous factories in an effort to protect their personnel from contracting the virus, the expansion of the industry may be hindered.
Competitive Landscape
Some of the Major Key Players in the AI-driven Predictive Maintenance Market are
- DB E.C.O. Group
- Radix Engineering and Software
- Machinestalk
- KCF Technologies, Inc.
- Infinite Uptime
- OCP Maintenance Solutions
- Emprise Corporation
- ONYX Insight
- Gastops
- PROGNOST Systems GmbH
Market Segmentation:
The AI-driven predictive maintenance market is segmented based on solution and industry. Based on solution, the market is segmented into integrated solution and standalone solution. By industry, the market is segmented into automotive & transportation, aerospace & defense, manufacturing, healthcare, telecommunications, and others.
Based on the Solution, the Integrated Solution Segment is Accounted as a Major Contributor to the AI-driven Predictive Maintenance Market
The integrated solution AI-driven predictive maintenance market is expected to hold a major global market share in 2022. Through system integration, increased automation, easier processes, and team member agency are made possible. In real-time, business executives have access to data and can make decisions on validated metrics. Using this method, businesses can increase output while decreasing expenditure.
Manufacturing Segment to Witness Growth at a Rapid Rate
The manufacturing industry makes up the bulk of acrylic acid ester usage due to the increasing need for repairs to industrial robots, pumps, elevators, and other gear in order to decrease total downtimes. With the help of manufacturing, raw resources may be transformed into completed things on a big scale. This process helps create a profit because finished goods are more expensive than raw materials, especially in countries like the US, Germany, the UK, China, and India.
In the Region, the North American AI-driven Predictive Maintenance Market Holds a Significant Revenue Share
The North American AI-driven predictive maintenance market is expected to register the highest market share in revenue in the near future. It can be attributed to the increasing popularity of predictive maintenance solutions that utilize cutting-edge technologies such as the Internet of Things (IoT), data centers, neural networks, and artificial intelligence (AI). In addition, Asia Pacific is projected to grow rapidly in the global AI-driven predictive maintenance market due to the growing recognition and investment in predictive maintenance technology by organizations as a means to achieve a competitive edge.
Recent Developments:
- In January 2024, OCP Maintenance Solutions announced a new collaboration with Nexans, an industry-leading provider of cutting-edge cabling and connection solutions. This partnership is a watershed moment in the integration of mechanical and electrical knowledge, paving the way for pioneering solutions to be co-developed and used by both parties.
- In September 2023, Gastops is delighted to announce that ChipCHECK has been chosen on Bell Textron Canada's program to support the 85 CH146 Griffon helicopters of the Royal Canadian Air Force (RCAF). These helicopters are a multi-role military derivative of the extensively used Bell-412EP. Seven ChipCHECK devices have been acquired to enhance equipment readiness, streamline maintenance processes, and save costs.
AI-driven Predictive Maintenance Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 761.04 Mn |
|
Revenue Forecast In 2031 |
USD 1,868.51 Mn |
|
Growth Rate CAGR |
CAGR of 11.8% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Solution, By Industry and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
DB E.C.O. Group, Radix Engineering and Software, Machinestalk, KCF Technologies, Inc., Infinite Uptime OCP Maintenance Solutions, Emprise Corporation, ONYX Insight, Gastops, and PROGNOST Systems GmbH. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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