Pune, India | October 07, 2025 — The global Predictive Maintenance Market is projected to reach US$ 59.81 billion by 2031, up from US$ 6.76 billion in 2023, according to a new report published by The Insight Partners. The market is expected to register a remarkable CAGR of 27.4% during 2023–2031. The growing adoption of AI, IoT, and cloud-based predictive analytics to minimize equipment downtime and maintenance costs continues to shape the market’s evolution.

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Predictive Maintenance Market Overview

Predictive maintenance combines Internet of Things (IoT) sensors, artificial intelligence (AI), and data analytics to monitor asset health and predict potential equipment failures. By using condition-based monitoring and real-time data evaluation, companies can perform maintenance only when needed—reducing unplanned downtimes and extending equipment lifespan.

Industries such as manufacturing, energy & utilities, oil & gas, aerospace & defense, and transportation & logistics are rapidly deploying predictive maintenance systems to enhance efficiency, productivity, and sustainability.

Market Drivers

• Minimizing Maintenance Costs and Downtime:
  Predictive maintenance systems allow companies to detect anomalies early and schedule repairs during planned downtime—helping avoid production interruptions and optimize asset utilization.

• Growing Use of AI and Machine Learning (ML):
  Machine learning algorithms analyze historical data and detect deviations from normal machine behavior, offering real-time alerts before potential breakdowns. These AI-based insights are transforming industrial operations and enabling predictive decision-making.

Key Market Segments

• By Component: Solutions and Services

• By Deployment Type: Cloud and On-premises

• By Technique: Vibration Monitoring, Electrical Testing, Oil Analysis, Ultrasonic Leak Detection, Shock Pulse, Infrared, and Others

• By Industry: Manufacturing, Energy & Utilities, Aerospace & Defense, Transportation & Logistics, Oil & Gas

The cloud-based deployment segment accounted for the largest market share in 2023, owing to its scalability and lower maintenance requirements. The manufacturing sector also led the market, driven by the need for smart factories and continuous process optimization.

Regional Insights

North America dominated the predictive maintenance market in 2023, driven by the widespread adoption of IoT-enabled industrial equipment, AI-driven monitoring solutions, and strong digital infrastructure. The presence of major technology companies and increasing integration of M2M (machine-to-machine) communication are further strengthening market growth in the region.

Asia Pacific is expected to register the fastest growth rate during the forecast period, supported by industrial digitalization, growing manufacturing activity in China and India, and supportive government initiatives toward smart industry transformation.

Key Players

Prominent players in the global Predictive Maintenance Market include:
General Electric Company, Hitachi Ltd., IBM Corporation, Microsoft Corporation, PTC Inc., SAS Institute Inc., Schneider Electric SE, Software AG, and Syncron AB.

Recent strategic developments include Accenture’s acquisition of Nextira to enhance AWS-powered predictive analytics solutions and GE Vernova’s multi-year agreement in Kuwait for digital predictive maintenance services in the power sector.

Market Scope and Forecast

About The Insight Partners

The Insight Partners is a one-stop industry research provider offering actionable intelligence and consulting services. We help clients make informed business decisions through comprehensive market analysis and forward-looking insights.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients get solutions to their research requirements through our syndicated and consulting research services. We specialize in semiconductor and electronics, aerospace and defense, automotive and transportation, biotechnology, healthcare IT, manufacturing and construction, medical devices, technology, media and telecommunications, and chemicals and materials.

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Contact Person: Ankit Mathur
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