Press Release

Predictive Maintenance Market to Grow at CAGR 31% till 2022

Growing industrialisation, increasing use of technologically advanced machines and equipment, and rising focus towards reducing the operational costs to aid global predictive maintenance market through 2022

According to a recently released TechSci Research report, Global Predictive Maintenance Market By Component, By Deployment Type, By End User, Competition Forecast & Opportunities, 2012 – 2022”, the global predictive maintenance market is projected to grow at a CAGR of over 31% during 2017 – 2022. Predictive maintenance is a maintenance strategy in which the overall condition of the equipment is detected well in before the time so as to reduce the risk of failure or downtime of the equipment. Predictive maintenance platform gives real time information about the equipment’s condition by evaluating the different data points received from the machine or equipment. Growing awareness among the consumers about the benefits of using predictive maintenance coupled with growing deployment of Industrial Internet of Things is aiding the global predictive maintenance market.

Reduction in operational costs related to repair or replacement of the machine or equipment is one of the major factor responsible for robust growth in global predictive maintenance market. In addition, companies which are operating with very heavy and hazardous machineries use predictive maintenance to ensure employees’ safety.  Training courses on safety measures for employees is an essential part of an organization where the use of heavy machinery is involved. However, human error is always a factor which needs to be considered. Predictive maintenance gives the technical teams the data they need about the equipment or machine’s health status in advance so that they can plan the maintenance, and prevent accidents.

“Global predictive maintenance market was dominated by the solutions segment in 2016. Predictive maintenance solutions use Internet of Things, which mainly focuses on capturing the data points through connected machines & products and monitors the overall condition of the equipment or machine, and then predicts the time of maintenance. During 2012 – 2016, majority of the consumers across the world opted for on premise deployment of predictive maintenance solutions as on-premise solutions can be customized easily, and are more secure as the data is on the customer’s servers.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Predictive Maintenance Market By Component, By Deployment Type, By End User, Competition Forecast & Opportunities, 2012 – 2022has evaluated the future growth potential of global predictive maintenance market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global predictive maintenance market.


About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.


Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York – 10017


Tel: +1-646-360-1656


Email: [email protected]


Relevant Reports

Predictive Maintenance Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Component (Solution and Service), By Organization Size (Large Enterprises and Small & Medium Enterprises), By Deployment Model (Cloud and On-premise), By Region, and By Competition

ICT | Feb, 2024

Availability of large volumes of data and advancements in analytics capabilities is one of the factors driving the Global Predictive Maintenance Market in the forecast period 2025-2029

Relevant News