- In September 2024, Siemens entered into a strategic partnership with Merck, a leading science and technology company, to accelerate digital transformation and elevate smart manufacturing practices; this collaboration is expected to significantly enhance industrial efficiency and innovation
- In June 2024, IBM Corporation launched version 9.0 of its Maximo Application Suite (MAS), featuring an enhanced AI-driven predictive maintenance (PdM) interface and expanded IoT integration for real-time analytics. This release is anticipated to improve user experience and asset reliability across sectors
- In June 2024, C3.ai, Inc. implemented its C3 AI Reliability solution at Holcim, a global leader in sustainable building materials, to support digital transformation and sustainability goals. The deployment is set to reduce operational risks and help the company work towards a net-zero future
- In March 2024, General Electric Vernova announced its partnership with Saudi Arabia–based TASNEE to deliver advanced predictive analytics software for critical equipment monitoring. This solution is designed to prevent downtime and improve operational resilience in petrochemical operations
- In January 2024, Rockwell Automation partnered with MakinaRocks to integrate AI-powered predictive maintenance solutions in industrial automation systems; the initiative aims to minimize unplanned downtimes and drive productivity improvements across manufacturing operations
Frequently Asked Questions
Asia-Pacific region is expected to witness the highest growth rate in the predictive maintenance market, driven by rapid industrialization, growing investments in smart manufacturing, and government-led initiatives such as “Make in India” and “Made in China 2025”.
U.S. is expected to dominate the predictive maintenance market, due to presence of major solution providers and robust infrastructure across industries such as manufacturing, aerospace, and automotive.
North America is expected to dominate the predictive maintenance market with the largest market share of 35.71%, driven by strong industrial digitization and early adoption of advanced technologies such as IoT, AI, and machine learning
The primary challenges include high initial investment and data integration complexity.
The solution segment is expected to dominate the predictive maintenance market, due to its ability to provide advanced analytics, real-time monitoring, and actionable insights that help organizations reduce unplanned downtime, lower maintenance costs, and extend equipment lifespan.
