The predictive maintenance market was valued at US$ 3.55 billion in 2019 and is projected to reach US$ 10.84 billion by 2027; it is expected to grow at a CAGR of 15.1% during the forecast period.

Predictive maintenance solutions are installed to monitor and detect faults or anomalies in equipment. This helps in deploying limited resources, maximize the uptime of the device or equipment, enhance quality and supply chain processes, and improve overall satisfaction for all involved stakeholders. The equipment is monitored using traditional and advanced techniques that allow the machinery to be planned for maintenance before a failure occurs. Both of these techniques are equipped with vibration monitoring, electrical insulation, infrared thermography, temperature monitoring, ultrasonic leak detection, and oil analysis tools. Most countries adopt condition-monitoring predictive maintenance to assess the performance of an asset in real time. Advanced techniques are used significantly in developed economies such as the US, a few Western European countries, and some developed economies in Asia Pacific and the Middle East. The critical element of an advanced process is the Internet of Things (IoT) technology, which enables various assets and systems to connect, work together, share, and analyze the data.

The predictive maintenance market is segmented into component, deployment type, technique, industry, and region. Based on component, the predictive maintenance market is further segmented into solution and services. Based on deployment, the predictive maintenance market is classified into cloud and on premise. Based on technique, the predictive maintenance market is segmented into vibration monitoring, electrical testing, oil analysis, ultrasonic leak detectors, shock pulse, infrared, and others. Based on industry, the predictive maintenance market is categorized into manufacturing, energy & utilities, aerospace & defense, transportation & logistics, and others. IBM, GE, SAS and a few others are among the key players that are profiled during this market study. Additionally, several other essential market players were studied and analyzed during this market research study to get a holistic view of the global predictive maintenance market and its ecosystem.

The overall predictive maintenance market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the predictive maintenance market. The process also serves the purpose of obtaining overview and forecast for the predictive maintenance market with respects to all the segments. It also provides the overview and forecast for the global predictive maintenance market based on all the segmentation provided with respect to five major regions?North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who take part this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the predictive maintenance market.