India Predictive Maintenance Market Size & Outlook
India predictive maintenance market, 2018-2030 (US$M)
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India predictive maintenance market highlights
- The India predictive maintenance market generated a revenue of USD 427.8 million in 2023 and is expected to reach USD 3,398.5 million by 2030.
- The India market is expected to grow at a CAGR of 34.5% from 2024 to 2030.
- In terms of segment, solution was the largest revenue generating component in 2023.
- Services is the most lucrative component segment registering the fastest growth during the forecast period.
Predictive maintenance market data book summary
| Market revenue in 2023 | USD 427.8 million |
| Market revenue in 2030 | USD 3,398.5 million |
| Growth rate | 34.5% (CAGR from 2023 to 2030) |
| Largest segment | Solution |
| Fastest growing segment | Services |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Solution, Services |
| Key market players worldwide | Accenture PLC Class A, Cisco Systems Inc, GE Aerospace, Honeywell International Inc, Hitachi Ltd, International Business Machines Corp, Microsoft Corp, PTC, Robert Bosch Engineering & Business Solutions, Rockwell Automation Inc, SAP SE ADR, SAS AB, Schneider Electric SE, Siemens Healthineers AG ADR, Siemens AG, Software AG Registered Shares |
Other key industry trends
- In terms of revenue, India accounted for 4.3% of the global predictive maintenance market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan predictive maintenance market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 3,398.5 million by 2030.
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Predictive Maintenance Market Scope
Predictive Maintenance Market Companies
| Name | Profile | # Employees | HQ | Website |
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India predictive maintenance market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to predictive maintenance market will help companies and investors design strategic landscapes.
Solution was the largest segment with a revenue share of 84.03% in 2023. Horizon Databook has segmented the India predictive maintenance market based on solution, services covering the revenue growth of each sub-segment from 2018 to 2030.
The Indian predictive maintenance market is expected to witness significant growth over the forecast period. The popularity of predictive maintenance solutions among several industries is increasing owing to their ability to reduce downtime, optimize maintenance schedules, and increase asset lifespan. Furthermore, Artificial intelligence (AI), Machine Learning (ML), the Internet of Things (IoT).
Cloud computing, and big data are among the advanced industry 4.0 technologies that have altered enterprises' equipment maintenance and product line management approaches. Moreover, IoT sensors collect massive amounts of data and convert it into relevant insights.
With this, companies can eliminate the guesswork that characterizes scheduled maintenance by leveraging insights based on real-time measurements. This collected data is then processed and evaluated using AI algorithms to find abnormalities, establish patterns, estimate future maintenance needs, and recommend the best course of action.
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Our clientele includes a mix of predictive maintenance market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the India predictive maintenance market , including forecasts for subscribers. This country databook contains high-level insights into India predictive maintenance market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India predictive maintenance market size, by component, 2018-2030 (US$M)
India Predictive Maintenance Market Outlook Share, 2023 & 2030 (US$M)
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