Predictive Maintenance Market Size

Predictive Maintenance Market size was valued at USD 11.24 billion in 2024 and is expected to cross USD 416.79 billion by the end of 2037, registering more than 31.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of predictive maintenance is estimated at USD 14.11 billion.

The growth of the market can be attributed to the growing need to reduce downtime and maintenance costs. Predictive maintenance predicts the best time for the maintenance of the equipment which also makes the maintenance procedure cost-effective, therefore it reduces the wastage of time and resources on the occasion of machine breakdown. Large factories lose 323 productivity hours annually on average. The average cost of lost sales, fines, downtime for employees, and restarting production lines is USD 532,000 per hour, or USD 172 million per facility yearly.

In addition to these, factors that are believed to fuel the market growth of the predictive maintenance market include digital transformation taking place in the organization is boosting the company’s progress along with the data consumption and production. The digital transformation of industries into industry 4.0, has introduced new predictive maintenance methods which are creating a new concept known as Maintenance 4.0. Organizations that have undergone digital transformation are anticipated to generate more than half of the global GDP by 2023. Moreover, every day, it is estimated that 1.145 trillion MB of data are produced. Around 300 billion emails were sent daily in 2022. Users sent about 650 million Tweets daily in 2022.