Predictive Maintenance Market Geographic Segmentation, Analysis by Types, Regions and Forecast to 2030
The global predictive maintenance market size was valued at USD 7.85 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 29.5% from 2023 to 2030. Integrating AI and ML into predictive maintenance prevents unplanned downtime and asset failures. AI-based preventive maintenance solutions include IoT hardware components that connect physical assets and an advanced analytics platform that helps predict failures and avoid unplanned downtime. IoT sensors, which are embedded in the equipment, collect various data, including environmental and manufacturing operations data, to determine component failure before breakdown. AI models can also predict patterns for failure modes of certain components. AI's major benefits in predictive maintenance include preventing production losses owing to faulty equipment, eliminating manual inspection, and enhancing workplace safety by automatically collecting data from machines in hard-to-reach places. Digital ...