Latest News- Predictive Maintenance (PdM) Market: Solutions is expected to lead the Component segment during 2025-2029

The Predictive Maintenance (PdM) Market is being driven by Increased adoption of advanced analytics by SMEs owing to rise in cloud computing

The Predictive Maintenance (PdM) Market is expected to grow at a CAGR of 33.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 33720.5 million. Predictive maintenance (PdM) is a proactive approach to equipment maintenance that leverages data analysis and advanced technologies, such as artificial intelligence (AI), machine learning (ML), blockchain, cloud computing, advanced analytics, big data, Internet of Things (IoT), virtual assistants, automated vehicles, and augmented/virtual reality, to predict potential failures before they occur. The increasing adoption of these innovative technologies in various industries and sectors, with substantial investments in research and development, is driving the demand for PdM solutions. By analyzing historical data and identifying patterns, PdM systems can develop predictive models to anticipate future equipment failures, enabling businesses to take preventive measures and minimize downtime. 

Get more information on Predictive Maintenance (PdM) Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Solutions
  • Service
• Deployment
  • On-premises
  • Cloud
• Technology
  • IoT
  • AI and machine learning
  • Others
• Application
  • Condition monitoring
  • Predictive analytics
  • Remote monitoring
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased adoption of advanced analytics by SMEs owing to rise in cloud computing
• Increase in need for lifespan of aging industrial machinery
• Increase in need to obtain insights from implementation of new technologies

However, the market also witnesses some limitations, which are as follows:

• Lack of expertise and technical knowledge
• Data security and privacy issues
• Implementation challenges and data protection issues

Benefits of Buying Global Predictive Maintenance (PdM) Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Predictive Maintenance (PdM) Market Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Predictive Maintenance (PdM) market leverages technologies like NFC chips and electromagnetic radio fields to collect real-time data from sensor devices on machinery, such as centrifugal pump motors in coal preparation plants. This data helps in condition-based maintenance, reducing human error and reactive maintenance. NFC technology enables machine operators to use smart posters and NFC chips for accessing maintenance software, minimizing pocket dial incidents. Equipment failure is predicted and addressed proactively, moving away from time-based maintenance.

Market Research Overview

The Predictive Maintenance (PdM) market is a segment of the larger IT software industry, focusing on application software designed to predict and prevent equipment failures. This market encompasses companies utilizing advanced technologies such as electromagnetic radio fields and NFC chips to analyze machine performance and detect potential issues. Human error, including pocket dial incidents, can also be mitigated through PdM solutions. Technavio's market analysis includes revenue calculations for businesses offering these specialized software applications, excluding those primarily engaged in interactive home entertainment or systems software development.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/