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Predictive Maintenance Market is projected to grow at a CAGR of 26.5% during the forecast period 2021-2027

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The global predictive maintenance market held a market value of USD 4,029.4 Million in 2020 and is projected to reach USD 18,653.2 Million by the year 2027. The market is anticipated to grow at a CAGR of 26.5% from 2021 to 2027.

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Predictive maintenances uses the data driven, proactive maintenance methods which are designed for analysing the condition of an equipment and helps to predict when maintenance should be performed. The market is expected to be driven by the rising urbanization coupled with rampant digitalization. Furthermore, growing demand to decrease operation and maintenance cost are also estimated to fuel the market growth.


Despite the driving factors, lack of skilled workforce are anticipated to hinder the market growth. During the COVID-19 pandemic, the supply of hardware slowed down and manufacturing capacity also reduced. Furthermore, the growth of IT infrastructure also slowed down. Therefore, the COVID-19 pandemic negatively impacted the market growth.

Growth Influencers:

Increasing demand to decrease operation and maintenance cost
Various companies are making use of machine learning as well as artificial intelligence technologies for achieving utmost accuracy, speed, and precision for analysing internet of things data. They are choosing these over conventional business intelligence tools. By using predictive maintenance tools, companies can speed up the operations by 20 times and with higher accuracy. Furthermore, in various industries such as offshore oil & gas and industrial manufacturing, unplanned downtime due to breakdown of equipment can increase the operation as well as maintenance cost. Therefore, use of predictive maintenance can increase the demand to decrease operation and maintenance cost, hence boosting the market growth.

Segments Overview:
The global predictive maintenance market is segmented into component, deployment mode, technology, organization size, and industry.

By Component
• Solutions
o Integrated
o Standalone
• Services
o Managed Services
o Professional Services
The solutions segment is expected to hold the largest market share of around 70% owing to wide spectrum of solutions offered to various industries, such as healthcare and government sectors. Within this segment, the standalone sub segment is estimated to surpass a market size of USD 2,200 million by 2024. The services segment is anticipated to witness the fastest growth rate of 29.3%.

By Deployment Mode
• Cloud
o Public Cloud
o Private Cloud
o Hybrid Cloud
• On-Premises
The on-premises segment is expected to hold the largest market share owing to its high adoption globally. Within the cloud segment, the private cloud segment is expected to witness a growth rate of 32.4%.

By Technology
• Vibration Monitoring
• Electrical Testing
• Oil Analysis
• Ultrasonic Detectors
• Shock Pulse
• Thermal/Infrared Monitoring
• Optical (Cameras) Monitoring
• ML Database
• Others
The vibration monitoring segment is estimated to hold the largest market share owing to growing demand for this technology in the predictive maintenance field. The shock pulse segment is expected to witness the fastest growth rate of 28.9% owing to various advancements in this segment. The ML database segment is anticipated to cross a market size of USD 350 million by 2024.

By Organization Size
• Large Enterprises
• Small and Medium-Sized Enterprises
The large enterprises segment is anticipated to hold the largest market share owing to increasing adoption of predictive maintenance in these enterprises as they have high operational load and they mostly have large amounts of fund for installing such technologically advanced tools.

By Industry,
• Aerospace and Defence
• Manufacturing
• Energy and Utilities
• Oil and Gas
• Transportation
• Warehouse and Logistics
• Healthcare and Lifesciences
• Automotive
• Marine/Shipping
• Others
The energy and utilities segment is anticipated to witness the fastest growth rate owing to growing investments by government to upgrade and expand the production and distribution networks energy resources, such as electricity and gas & oil. The transportation segment is estimated to surpass a market size of around USD 800 million by 2026.
Regional Overview

By region, the global predictive maintenance market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.

The North America region accounted for the largest market share of more than 40% owing to the presence of major players in the region and increasing prevalence of skin cancer in the region.

The Asia Pacific region is expected to witness the fastest growth rate of about 30% owing to growing adoption of technologically advanced products in the region. Europe and South America regions are also anticipated to witness significant growth rated during the projected period.

Competitive Landscape

Major players in the global predictive maintenance market include Altair, AWS, Fiix Software, GE, Google, Hitachi, IBM, Micro Focus, Microsoft, OPEX Group, Oracle, PTC, SAP, SAS Institute, Schneider Electric, Siemens, SEEBO, Sigma Industrial Precision, Software AG, Splunk, and Other Prominent Players. The cumulative market share of the ten major players is near about 58%.


These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in August 2021, Micro Focus launched Digital Safe managed services for assisting regulated organizations to reduce operational as well as legal risk costs.

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Table Of Content

Chapter 1. Research Framework
1.1 Research Objective
1.2 Product Overview
1.3 Market Segmentation

Chapter 2. Research Methodology
2.1 Qualitative Research
2.1.1 Primary & Secondary Sources
2.2 Quantitative Research
2.2.1 Primary & Secondary Sources
2.3 Breakdown of Primary Research Respondents, By Region
2.4 Assumption for the Study
2.5 Market Size Estimation
2.6. Data Triangulation

Chapter 3. Executive Summary: Global Predictive Maintenance Market

Chapter 4. Global Predictive Maintenance Market Overview
4.1.1. Device Layer
4.1.2. Connectivity Layer
4.1.3. Data Layer
4.1.4. App Layer
4.1.5. Service Layer
4.2. Industry Outlook
4.3. PESTLE Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of Substitutes
4.4.4. Threat of New Entrants
4.4.5. Degree of Competition
4.5. Market Dynamics and Trends
4.5.1. Growth Drivers
4.5.2. Restraints
4.5.3. Challenges
4.5.4. Key Trends
4.6. Covid-19 Impact Assessment on Market Growth Trend
4.7. Technology Analysis
4.8. Market Growth and Outlook
4.8.1. Market Revenue Estimates and Forecast (US$ Mn), 2017 – 2027
4.8.2. Pricing Analysis
4.9. Competition Dashboard
4.9.1. Market Concentration Rate
4.9.2. Company Market Share Analysis (Value %), 2020
4.9.3. Competitor Mapping

Chapter 5. Predictive Maintenance Market Analysis, By Component
5.1. Key Insights
5.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
5.2.1. Solutions
5.2.1.1. Integrated
5.2.1.2. Standalone
5.2.2. Services
5.2.2.1. Managed Services
5.2.2.2. Professional Services

Chapter 6. Predictive Maintenance Market Analysis, By Deployment Mode
6.1. Key Insights
6.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
6.2.1. Cloud
6.2.1.1. Public Cloud
6.2.1.2. Private Cloud
6.2.1.3. Hybrid Cloud
6.2.2. On-Premises

Chapter 7. Predictive Maintenance Market Analysis, By Technology
7.1. Key Insights
7.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
7.2.1. Vibration Monitoring
7.2.2. Electrical Testing
7.2.3. Oil Analysis
7.2.4. Ultrasonic Detectors
7.2.5. Shock Pulse
7.2.6. Thermal/Infrared Monitoring
7.2.7. Optical (cameras) Monitoring
7.2.8. ML Database
7.2.9. Others

Chapter 8. Predictive Maintenance Market Analysis, By Organization Size
8.1. Key Insights
8.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
8.2.1. Large Enterprises
8.2.2. Small and Medium-Sized Enterprises

Chapter 9. Predictive Maintenance Market Analysis, By Industry
9.1. Key Insights
9.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
9.2.1. Aerospace and Defense
9.2.2. Manufacturing
9.2.3. Energy and Utilities
9.2.4. Oil & Gas
9.2.5. Transportation
9.2.6. Warehouse & Logistics
9.2.7. Healthcare and Lifesciences
9.2.8. Automotive
9.2.9. Marine/ Shipping
9.2.10. Others

Chapter 10. Predictive Maintenance Market Analysis, By Region/ Country
10.1. Key Insights
10.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
10.2.1. North America
10.2.1.1. The U.S.
10.2.1.2. Canada
10.2.1.3. Mexico
10.2.2. Europe
10.2.2.1. The UK
10.2.2.2. Germany
10.2.2.3. France
10.2.2.4. Spain
10.2.2.5. Italy
10.2.2.6. Russia
10.2.2.7. Poland
10.2.2.8. Rest of Europe
10.2.3. Asia Pacific
10.2.3.1. China
10.2.3.2. India
10.2.3.3. Japan
10.2.3.4. Australia & New Zealand
10.2.3.5. ASEAN
10.2.3.6. Rest of Asia Pacific
10.2.4. Middle East & Africa (MEA)
10.2.4.1. UAE
10.2.4.2. Saudi Arabia
10.2.4.3. South Africa
10.2.4.4. Rest of MEA
10.2.5. South America
10.2.5.1. Argentina
10.2.5.2. Brazil
10.2.5.3. Rest of South America

Chapter 11. North America Predictive Maintenance Market Analysis
11.1. Key Insights
11.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
11.2.1. By Component
11.2.2. By Deployment Mode
11.2.3. By Technology
11.2.4. By Organization Size
11.2.5. By Industry
11.2.6. By Country

Chapter 12. Europe Predictive Maintenance Market Analysis
12.1. Key Insights
12.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
12.2.1. By Component
12.2.2. By Deployment Mode
12.2.3. By Technology
12.2.4. By Organization Size
12.2.5. By Industry
12.2.6. By Country

Chapter 13. Asia Pacific Predictive Maintenance Market Analysis
13.1. Key Insights
13.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
13.2.1. By Component
13.2.2. By Deployment Mode
13.2.3. By Technology
13.2.4. By Organization Size
13.2.5. By Industry
13.2.6. By Country

Chapter 14. Middle East & Africa Predictive Maintenance Market Analysis
14.1. Key Insights
14.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
14.2.1. By Component
14.2.2. By Deployment Mode
14.2.3. By Technology
14.2.4. By Organization Size
14.2.5. By Industry
14.2.6. By Country

Chapter 15. South America Predictive Maintenance Market Analysis
15.1. Key Insights
15.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
15.2.1. By Component
15.2.2. By Deployment Mode
15.2.3. By Technology
15.2.4. By Organization Size
15.2.5. By Industry
15.2.6. By Country

Chapter 16. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
16.1. Altair
16.2. AWS
16.3. FIIX Software
16.4. GE
16.5. Google
16.6. Hitachi
16.7. IBM
16.8. Micro Focus
16.9. Microsoft
16.10. OPEX Group
16.11. Oracle
16.12. PTC
16.13. SAP
16.14. SAS Institute
16.15. Schneider Electric
16.16. Siemens
16.17. SEEBO
16.18. Sigma Industrial Precision
16.19. Software AG
16.20. Splunk
16.21. Other Prominent Players

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Updated : 2022-05-24 19:33 GMT+08:00