Operational Predictive Maintenance Market to Generate US$ 32.92 Billion with 22.9% CAGR by 2034: Fact.MR Study

Rockville , March 08, 2024 (GLOBE NEWSWIRE) -- According to a new study by Fact.MR, a market research and competitive intelligence provider, the global Operational Predictive Maintenance Market is estimated at US$ 4.2 billion in 2024 and is forecasted to expand at a double-digit CAGR of 22.9% from 2024 to 2034. Growing adoption of innovative technologies across industries has led to market expansion. Predictive maintenance is an increasingly important approach used by companies looking to improve asset dependability, reduce downtime, and maximize operational effectiveness.

The market for operational predictive maintenance is predicted to grow significantly as long as companies continue to place a high priority on affordable maintenance solutions. Proactive asset management and real-time monitoring are now possible owing to the revolutionary advancement of predictive maintenance through the integration of AI, machine learning, IoT sensors, and big data analytics.

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Key Segments of Operational Predictive Maintenance Market Research Report

Key Takeaways from Market Study

• The global operational predictive maintenance market is forecasted to expand at a high-value CAGR of 22.9% from 2024 to 2034.
• Demand for operational predictive maintenance solutions is projected to reach a market value of US$ 32.92 billion by the end of 2034.
• North America is set to account for 25.8% of the global market share in 2024.
• The market in East Asia is predicted to expand at a CAGR of 24% through 2034.
• The cloud deployment segment is projected to expand significantly over the forecast period at a CAGR of 27.5%.

“Operational predictive maintenance solutions are in high demand as a result of their ability to detect equipment faults before they occur, preventing unexpected downtime. As industries transition from conventional reactive and preventive maintenance models to predictive and prescriptive maintenance methods, they are gradually implementing predictive maintenance solutions,” says a Fact.MR analyst.

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Key Role of Predictive Maintenance Solutions in Extending Operational Life of Assets

Businesses can prevent future malfunctions or inefficiencies by gaining important insights about the state of their infrastructure and machines by using predictive maintenance. With this proactive strategy, companies can plan maintenance tasks exactly when they are needed, saving money on downtime and reducing operational interruptions.

Predictive maintenance systems use cutting-edge technology such as artificial intelligence (AI), machine learning, and Internet of Things (IoT) sensors to not only anticipate possible breakdowns but also recommend the best courses of action. This creates an atmosphere in which resources function at their best, maximizing their useful life and lifetime.

Maintenance plans and resource allocation can be improved through the detection of patterns or trends made possible by the ongoing monitoring and analysis of asset data. Predictive maintenance ultimately improves asset performance by reducing downtime, increasing reliability, and improving operational efficiency. This allows businesses in a variety of industries to derive the most value possible from their assets while lowering the risk of unplanned malfunctions or downtime.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the operational predictive maintenance market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on deployment model (cloud, on-premise), type (software, services), technology (machine learning, deep learning, big data & analytics), and end user (public sector, automotive, manufacturing, healthcare, energy & utility, transportation, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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