What is the Market Demand for Predictive Maintenance?

The global predictive maintenance market is on a robust growth trajectory, with an anticipated expansion from US$8.6 billion in 2023 to US$34.1 billion by 2030, driven by a compound annual growth rate (CAGR) of 21.6%. This advanced maintenance methodology leverages sensor technologies, machine learning, and data analytics to predict equipment failures before they occur, thereby minimizing downtime and reducing maintenance costs. As industries across healthcare, transportation, and manufacturing increasingly adopt predictive maintenance solutions, the market is set to grow significantly, fueled by advancements in IoT, artificial intelligence, and real-time monitoring technologies.