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Global Predictive Maintenance Market to Reach US$ 28.44 Billion by 2027, Propelled by Increasing Utilization of M2M Communication

Published on Nov 25, 2022

The latest report by IMARC Group, titled “Predictive Maintenance Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global predictive maintenance market reached a value of US$ 5.95 Billion in 2021. Predictive maintenance is used to track the functioning of equipment during an operation. It relies on condition-monitoring tools and devices and has sensors for recording data, such as temperature, vibrations, and conductivity. It enables professionals to predict the failure of an asset and repair or replace it in advance. It also helps maximize the life of an asset and reduce equipment downtime and maintenance costs. Owing to these properties, predictive maintenance is widely adopted across energy and utilities, manufacturing, aerospace, defense, transportation and logistics, and healthcare industries.

Global Predictive Maintenance Market Trends:

The market is primarily driven by the increasing utilization of machine-to-machine (M2M) communication and cloud technology to assess the information derived from industrial assets. In addition, the rising applications of predictive maintenance in medical imaging, such as X-ray, tomography, and mammography, to improve decision-making capabilities represent another major growth-inducing factor.  Besides this, the market is also propelled by the increasing investments in predictive maintenance solutions to extend the lifespan of aging industrial machinery. Moreover, the increasing adoption of real-time streaming analytics to process and analyze data records continuously, the rising product adoption to track remote working and asset management, and the growing integration of artificial intelligence (AI) to transform a significant volume of data in organizations are some of the other factors creating a favorable market outlook across the globe. Looking forward, IMARC Group expects the market to reach a value of US$ 28.44 Billion by 2027, exhibiting a CAGR of 27.60% during the forecast period (2022-2027).

Market Summary:

  • Based on the component, the market has been categorized into solutions and services.
  • On the basis of the technique, the market has been segregated into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others.
  • Based on the deployment type, the market has been bifurcated into cloud-based and on-premises.
  • On the basis of the organization size, the market has been segmented into small and medium-sized, and large enterprises.
  • Based on the industry vertical, the market has been classified into manufacturing, energy and utilities, aerospace and defense, transportation and logistics, government, healthcare, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Asystom, C3.ai Inc., General Electric Company, Google LLC (Alphabet Inc.), Hitachi Ltd., International Business Machines Corporation, Microsoft Corporation, PTC Inc., SAP SE, Software AG, Tibco Software Inc., and Uptake Technologies Inc.
     

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