Predictive Maintenance Market Expected to Reach $31.97 Billion by 2027

According to a recent report published by Allied Market Research, titled, "Predictive maintenance market by component, technique, deployment type, stakeholder, and industry vertical: opportunity analysis and industry forecast, 2020–2027,"the global predictive maintenance market size was valued at $4,331.56 million in 2019, and is projected to reach $31,965.49 million by 2027, growing at a CAGR of 28.8% from 2020 to 2027.

Predictive maintenance is a plan used for tracking equipment performance and condition to minimize the likelihood of failure under normal operating conditions. The goal is to predict failure and then use corrective maintenance to prevent it. To predict the need for maintenance, traditional systems relied on historical data about efficiency of equipment and previous breakdowns, or simply defined periodic maintenance schedules whether or not they were necessary. Further, modern predictive maintenance systems, on the other hand, continuously track equipment activity to gather data in real time and use advanced neural network and artificial intelligence techniques to determine and lift an alarm when a potential equipment failure is imminent.

Rise in demand to increase asset uptime and lower maintenance costs of crucial equipment and machineries, as well as increased investment in predictive maintenance as a result of IoT adoption and need to prolong lifetime of aging equipment have significant impacts on predictive maintenance market growth. Furthermore, the market for predictive maintenance is on the rise as the need for insights from implementation of new technologies increases. However, implementation issues and data security concerns hinder the market growth. Moreover, owing to the outbreak of the COVID-19 pandemic, emerging technologies such as machine learning, predictive maintenance integration with IIoT, and need for remote monitoring and asset management are expected to propel growth of the predictive maintenance market.

On the basis of deployment model, the on-premise segment dominated the overall predictive maintenance market size in 2019, and is expected to maintain this dominance during the forecast period, owing to versatile sensors and ease of installation on pre-existing hardware However, cloud-based predictive maintenance solutions are expected to grow at the fastest rate during the forecast period, owing to direct IT control, remote accessibility, internal data distribution & handling, faster data processing using advanced predictive analytics, efficient resource usage, and cost-effectiveness.

On the basis of industry vertical, the manufacturing segment dominated the global predictive maintenance market share in 2019, owing to rise in challenges in manufacturing equipment maintenance, such as machinery, pumps, elevators, and industrial robots, which is has led to rise in use of predictive maintenance solutions. However, the healthcare sector is expected to grow at the fastest rate in the future as predictive maintenance of medical systems such as X-ray, MR, tomography, and mammography is becoming one of the most important considerations for hospitals looking to improve decision-making capabilities and operational efficiencies have also increased, owing to the COVID-19 pandemic testing their limits.  

During the COVID-19 pandemic, businesses were encouraged to take special care of their production equipment and machinery to maximize productivity, owing to a shortage of staff, global supply chain instability, and high demand for various products. This, in turn, led to rise in demand for predictive maintenance solutions across the globe, boosting predictive maintenance industry.

Moreover, to avoid expensive production downtimes, several businesses have started to use smart sensors, advanced artificial intelligence systems, and other Industry Internet of Things (IIoT) solutions to monitor health and efficiency of critical machinery used in their manufacturing processes. Since predictive maintenance solutions can manage frequent tracking, basic machinery troubleshooting, and other activities, companies have been able to compensate for reduced availability of staff during the COVID-19 pandemic.

Key Findings Of The Study

• By component, the solution segment led the predictive maintenance industry in terms of revenue in 2019. 
• By technique, the vibration monitoring segment accounted for the highest predictive maintenance market in 2019.
• Region wise, North America generated the highest revenue in 2019.
• By stakeholder, the technology integrators segment is expected to exhibit highest growth rate during the predictive maintenance market forecast period.
• Depending on industry vertical, the healthcare segment is anticipated to exhibit substantial growth during the forecast period.

The global predictive maintenance market analysis includes some of the key market players such as IBM Corporations; Microsoft; SAP SE; General Electric; Schneider Electric; Hitachi; PTC; Software AG; SAS; Engineering Consultants Group, Inc.; Expert Microsystems, Inc.; SparkCognition; C3.Ai; Uptake Technologies Inc.; Fiix Inc.; Operational Excellence (Opex) Group Ltd, TIBCO Software Inc.; Asystom; Reliability Solutions Sp. zo.o. and Sigma Industrial Precision.