Predictive Maintenance Market to Rise at 29.8% CAGR till 2026; Increasing Use of IoT and AI Will Provide Impetus to Market Growth

The global Predictive Maintenance Market size is projected to reach USD 18,551.0 million by 2026. The adoption of concepts such as IoT and AI have allowed improved product performances, subsequently aiding market growth. According to a report titled “Predictive Maintenance Market Size, Share & Industry Analysis, By Component (Solution, Services), By Techniques (Power System Assessments, Infrared thermography, Temperature Monitoring, Fluid Analysis, Circuit Monitor Analysis, Vibration Monitoring, and Others), By Deployment (On-Premises and Cloud), By Organization Size (Small and Middle Enterprises (SMEs) and Large Enterprises), By End-User (Manufacturing, Government, Energy and Utilities, Transportation, Healthcare, Aerospace and Defence, and Others) and Regional Forecast, 2019-2026,” the market was worth USD 2,387.6 million in 2018 and will exhibit a CAGR of 29.8% during the forecast period, 2019-2026.

Predictive maintenance is a method that is used to examine and maintain the performance of and equipment. The technique is used to enhance the overall productivity of the machine. It can be used to track the performance of the equipment and study its operations for future uses. The properties of predictive maintenance have led to a widespread product adoption for the product across the world. It helps reduce the downtime of the machine, thereby reducing the total costs of the product. The increasing demand for the concept will have a direct impact on the growth of the market in the forthcoming years.

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IBM’s Acquisition of Oniqua Holdings; A Pivoting Factor for Market Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers has made a huge impact on market growth. With a bid to establishing a stronghold in the market, several companies are looking to acquire SMEs. In June 2018, IBM Corporation completed the acquisition of Oniqua Holdings, a company that provides maintenance and repair for several products. Through this acquisition, the company plans to expand its portfolio and subsequently establish a stronghold in the market. The report highlights a few of the major company mergers and acquisitions of recent times and gauges their impact on the global market.

Adoption of IoT and AI will Lead to Wider Product Adoption

The increasing use of concepts such as artificial intelligence and the internet of things (IoT) has, in turn, contributed to a wider product adoption. The use of advanced concepts has improved the overall product efficacies. Moreover, the use of cloud computation has simplified the operations, which in turn eliminates the need for physical storage. The implementation of real-time sensors has fuelled the demand for the product in recent years.

Major Companies Are Looking to Adopt Newer Strategies with a Bid to Establishing a Stronghold

Leading companies in the predictive maintenance market are looking to adopt a few standout strategies in a bid to establishing a stronghold in the market. Due to the huge market competition, companies are investing more in the development of newer products. A few of the leading companies that are operating in the global predictive maintenance market are:

• IBM Corporation


• Microsoft Corporation


• SAP SE


• Schneider Electric SE


• Hitachi, Ltd.


• SAS Institute, Inc.


• Oracle Corporation


• Siemens AG


• SparkCognition


• Axiomtek Co., Ltd.


• Banner Engineering Corp.


• Sigma IT


• RFMicron, Inc. d/b/a Axzon


• Larsen & Toubro Infotech Ltd.


• Predictive Maintenance Solutions, LLC


• Fujitsu Ltd.


• Software AG


• Engineering Consultants Group, Inc.

Further Report Findings:

• The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.

• Market in North America Projected to Emerge Dominant; Will Reach USD 5,454.0 Million by 2026


• Asia Pacific Will Exhibit the Highest CAGR


• Europe Will Emerge as the Second Largest Position

• Cisco’s acquisition of Cloudcherry in 2019 was one of the major industry developments of recent times.

The global predictive maintenance market is segmented on the basis of: