According to a recent report by Meticulous Research®, the predictive maintenance market is expected to reach $79.1 billion by 2031, growing at a compound annual growth rate (CAGR) of 30.9% from 2024 to 2031. This rapid expansion is driven by the increasing need to reduce maintenance costs, enhance asset performance, and the rising adoption of predictive maintenance in complex infrastructure systems. The integration of predictive maintenance into healthcare devices and navigation systems presents new growth opportunities, although challenges like data privacy concerns and the shortage of skilled workers hinder market growth. Key market trends include the use of digital twins and augmented reality (AR), with the market being segmented by offering (software, hardware, services), deployment mode (cloud-based and on-premise), organization size, technology (IoT, AI, cloud connectivity, and advanced analytics), application (vibration analysis, oil analysis, temperature monitoring), and end-use industry (manufacturing, energy, automotive, healthcare, and others). The report also evaluates regional and country-level market dynamics and competitors.
