Market Size (2017)
2017
$5.87B
ICT
Predictive Maintenance PdM Market
By Segment, By Region, And Segment Forecasts, 2017 – 2024
Vertical: ICTBase Year: 20189 Sections
Executive Summary
Predictive Maintenance PdM Market — Snapshot
Projected (2024)
2024
$23.05B
CAGR (2017–2024)
21.6%
21.6%Key Players
111+
Predictive Maintenance (PdM) is used for detecting fault in equipment before equipment failure occur. Equipment is monitored using traditional and advanced techniques which allows maintenance of equipment of be planned before failure occurs. Both these techniques carry out various testing or monitoring tools that include vibration monitoring, electrical insulation, infrared thermography, temperature monitoring, ultrasonic leak detector, and oil analysis. Most of economies adopts predictive maintenance as condition-monitoring equipment to evaluate an asset’s performance in real-time. However, advanced techniques are significantly used in developed economies that include the US, and Western European, and few developed economies of Asia-Pacific and the Middle East countries. The key element in advanced process include Internet of Things (IoT) that allows for different assets and systems to connect, work together, and share, analyze and action data. IoT relies on predictive maintenance sensors to capture information, make sense of it and identify any areas that need attention. According to MRFR Analysis, the predictive maintenance market is expected to witness high growth during the forecast period. Increasing demand for real-time streaming analytics, growing adoption of industrial robots in the manufacturing sector, and advancement in sensor technology are some of the factors driving the growth of the market. However, interoperability problems could hinder the growth of this market in the future.
The predictive maintenance market has been segmented based on component, deployment, technique, end users and region. Based on component, the market has been segmented into hardware, solution and services. The services segment is further segmented into consulting, support and maintenance, and system integration. The hardware segment accounted for the largest market share in 2018, whereas the services segment is expected to register the highest CAGR. By deployment, the PdM market has been segmented into cloud and on-premise. The on-premise segment accounted for the larger market share in 2018, whereas the cloud segment is expected to register the higher CAGR. By technique, the market has been categorized as traditional and advanced techniques. The advanced techniques segment is further bifurcated into the IoT/big data technique, and machine learning based technique. The traditional techniques segment accounted for the larger market share in 2018, whereas the advanced techniques segment is expected to register the higher CAGR. By vertical, the market has been segmented into manufacturing, healthcare, energy & utilities, automotive, aerospace & defense, transportation, and others. The manufacturing segment accounted for the largest market share in 2018, whereas the energy & utilities segment is expected to register the highest CAGR.
By region, the market has been categorized as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America accounted for the largest share in the predictive maintenance market in 2018, and Asia-Pacific is expected to register the highest CAGR during the forecast period.
MRFR study identifies some of the prominent key players in the predictive maintenance market, including Axiomtek Co. Ltd (Taiwan), Oracle Corporation (US), Microsoft Corporation (US), XMPro (US), IBM Corporation (US), RapidMiner (US), Hitachi, Ltd (Japan), SAP SE (Germany), Comtrade (Ireland), C3 IoT (US), and Software AG (Germany). These players adopt strategies such as partnerships, agreements, and collaborations to improve their position and excel in the global predictive maintenance market.
Key Insight
The Predictive Maintenance PdM Market market is projected to grow at a CAGR of 21.6% from 2017 to 2024.
Market Performance Trend
Historical performance and future projections (2020–2030, USD Billion)
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View Subscription PlansMarket Scope & Coverage
What this report covers
- Geographic Coverage: This analysis covers 5 regions: South America, North America, Europe, Asia Pacific, Middle East and Africa.
- Market Segmentation: The market is analyzed across 3 segments: Solution, Services, Hardware. Forecasts are provided for each segment from 2017 to 2024.
- Competitive Landscape: 111 leading companies are profiled, covering market positioning, strategies, and recent developments.
Market Size (USD Mn)
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View Subscription PlansMarket Overview
Predictive Maintenance PdM Market — Growth Trajectory
Predictive Maintenance (PdM) is used for detecting fault in equipment before equipment failure occur. Equipment is monitored using traditional and advanced techniques which allows maintenance of equipment of be planned before failure occurs. Both these techniques carry out various testing or monitoring tools that include vibration monitoring, electrical insulation, infrared thermography, temperature monitoring, ultrasonic leak detector, and oil analysis. Most of economies adopts predictive maintenance as condition-monitoring equipment to evaluate an asset’s performance in real-time. However, advanced techniques are significantly used in developed economies that include the US, and Western European, and few developed economies of Asia-Pacific and the Middle East countries. The key element in advanced process include Internet of Things (IoT) that allows for different assets and systems to connect, work together, and share, analyze and action data. IoT relies on predictive maintenance sensors to capture information, make sense of it and identify any areas that need attention.
Predictive Maintenance PdM Market — Growth Trajectory
Solution
Services
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View Subscription PlansMarket Dimensions
How this market is segmented
- Component Component is broken down into: Hardware, Solution, Services.
- Testing Type Testing Type is broken down into: Vibration Monitoring, Electrical Insulation, Infrared Thermography, Temperature Monitoring, Ultrasonic Leak Detector, Oil Analysis.
- Deployment Mode Deployment Mode is broken down into: Cloud, On-Premise.
- Technique Technique is broken down into: Traditional Technique, Advanced Technique.
- Vertical Vertical is broken down into: Manufacturing, Energy and Utilities, Healthcare, Automotive, Aerospace and Defense, Transportation, Others.
Geographic Analysis
Regional market breakdown
- South America South America market size reached $355.80M in 2017 and is projected to reach $1.21B by 2024, growing at a CAGR of 19.1%.
- North America North America market size reached $2.15B in 2017 and is projected to reach $8.58B by 2024, growing at a CAGR of 21.9%.
- Europe Europe market size reached $1.55B in 2017 and is projected to reach $5.98B by 2024, growing at a CAGR of 21.3%.
- Asia Pacific Asia Pacific market size reached $1.12B in 2017 and is projected to reach $4.65B by 2024, growing at a CAGR of 22.5%.
- Middle East and Africa Middle East and Africa market size reached $694.90M in 2017 and is projected to reach $2.64B by 2024, growing at a CAGR of 21.0%.
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View Subscription PlansResearch Methodology
Predictive Maintenance PdM Market — How We Researched This Market
This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2018
Historical Period
2017 – 2018
Forecast Period
2018 – 2024
Primary Interviews
150+
Research Process
Historical data (2017–2018) and forecast period (2018–2024)
1
Problem Definition
- Market scoping
- Objective setting
- Framework design
2
Secondary Research
- Literature review
- Data mining
- Trend analysis
3
Primary Research
- Expert interviews
- Field visits
- Surveys
4
Data Analysis
- Quantitative modeling
- Statistical testing
- Validation
5
Insights & Reporting
- Synthesis
- Recommendations
- Visualization
Research Depth
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
Historical vs. Forecast Data
Historical (observed)
Forecast (modelled)
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View Subscription PlansCompetitive Landscape & Porter's Five Forces
Predictive Maintenance PdM Market — Competitive Analysis
The predictive maintenance market is at the growth stage and driven by various factors such as the need for greater asset productivity and uptime and reduction in asset downtime. The market is fragmented between software vendors such as IBM Corporation and solution vendors such as Schneider Electric.
In this regard, Porter’s five forces model gives a comprehensive outlook for the predictive maintenance market that helps vendors to determine the factors that could impact the business environment. The five factors that are included in Porter’s model are the threat of new vendors, bargaining power of suppliers, bargaining power of buyers, threat of substitutes in the market, and competitive rivalry.
Quantitative Analysis
Regional Breakdown
Regional market breakdown for Predictive Maintenance PdM Market.
Regional Market Size (USD Mn)
Market estimates by geography (2024)
USD Mn
InsightNorth America leads with $8.58B by 2024, while Asia Pacific is projected to grow fastest at a 22.5% CAGR.
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View Subscription PlansRegional Market Data
| REGION | 2017 | 2018 | 2024 | CAGR | SHARE |
|---|---|---|---|---|---|
| South America | $355.80M | $575.40M | $1.21B | 19.1% | 5% |
| North America | $2.15B | $3.78B | $8.58B | 21.9% | 37% |
| Europe | $1.55B | $2.68B | $5.98B | 21.3% | 26% |
| Asia Pacific | $1.12B | $2.02B | $4.65B | 22.5% | 20% |
| Middle East and Africa | $694.90M | $1.19B | $2.64B | 21.0% | 11% |
| Total | $5.87B | $10.24B | $23.05B | 21.6% | 100% |
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View Subscription PlansSegment Revenue (2024)
Solution
Services
Hardware
027435486822910972
Segment Market Share
- Solution43%
- Services40%
- Hardware17%
Total Market Size
$23.05B
Market by Segment (2024)
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Solution | $9.97B | 21.6% | 89% |
| Services | $9.12B | 21.6% | 89% |
| Hardware | $3.95B | 21.6% | 89% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytics
Predictive Maintenance PdM Market — Key Findings
Analytical insights on Predictive Maintenance PdM Market covering market dynamics, competitive landscape, and strategic outlook.
Key Analytical Findings
The Predictive Maintenance PdM Market market is projected to reach $23.05B by 2024, growing at 21.6% CAGR. The Solution segment holds the largest share.
Market Drivers
Real-time streaming analytics involves analytical computations of real-time data streamed from applications, sensors, devices, and others. It provides quick and appropriate time-sensitive information and language integration for specialized applications. Streaming analytics is one of the pillars of predictive maintenance as it provides real-time data to automated monitoring systems to maintain asset health or to humans employed to perform maintenance operations when required.
Market Opportunities
Since the inception of Industry 4.0, enterprises across industries have been moving towards connected ecosystems. As the number of connected devices increase, the amount of data they share, and use is growing exponentially. In such a scenario, leveraging the connected ecosystem for predictive maintenance is a valuable proposition for best results. For example, a connected predictive maintenance system through sensor data can alert the remote maintenance team at an offshore location of the imminent breakdown of assets, who can then carry out maintenance procedures.
Market Restraints
Predictive maintenance solutions have been slow to gain widespread adoption. The reason has mostly been the difficulty in integration of said systems with the existing IT infrastructure. Most organizations still run legacy systems which do not offer integration capabilities across devices. This is because predictive maintenance tools are typically deployed as standalone tools, which means users have to switch from their primary business application over to the predictive analytics solution in order to use it. Traditional predictive tools are hard to scale and deploy, which makes updating them a tedious process.
Market Challenges
Implementation and operation of predictive maintenance systems require expertise in analytics for data interpretation. One of the biggest challenges for enterprises is the lack of domain expertise required to build or analyze any type of predictive model. Building such models using technologies such as artificial intelligence, machine learning, and algorithms is a complex task. To remedy this, dedicated domain experts with knowledge of asset management need to be deployed.
Strategic Outlook and Future Directions
Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.
Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Market Value by Segment (2024)
Value (USD Mn)
Solution
Services
Hardware
Companies
Key companies profiled in Predictive Maintenance PdM Market
Profiles of 111 companies operating in the Predictive Maintenance PdM Market market, including revenue, employee count, and market positioning where available.
Showing 111 of 111 companies
C3 IoT
C3 IoT
ICT
Company Headquarters: US Founded: 1998 Workforce: ~NA Company Working: C3 IoT is a leading software provider for predictive analytics, AI, and IoT applications. The company delivers enterprise applications that aid organizations to use predictive analytics and real-time performance monitoring software to enhance the business process. The company offers its products and services to manufacturing, oil & gas, utilities, BFSI, aerospace, defense, government, retail, IT & telecommunication, and transportation markets. C3 IoT has a presence in North America and Europe.
RevenueN/A
EmployeesN/A
Market CapN/A
Founded1997
US
Comtrade
Comtrade
ICT
Company Headquarters: US Founded: 1996 Workforce: ~1,200 Company Working: Comtrade is a software company engaged in the development of software solutions and system integration. The company is also involved in the distribution of computer software & hardware and digital offset printing devices. The company delivers IT solutions for the public sector and provides consulting, technical support & maintenance services to its customers. Comtrade offers its products and services to various industries including BFSI, energy & utilities, and healthcare. The company has businesses in North America and Europe.
RevenueN/A
Employees1,200
Market CapN/A
Founded1995
US
RapidMiner
RapidMiner
ICT
Company Headquarters: US Founded: 2001 Workforce: ~100 Company Working: RapidMiner provides a code-free analytics platform for data mining, machine learning, and predictive analytics. The company relies on a template-based approach that speeds up delivery and reduces errors by nearly eliminating the need to write code. The platform is in use across various industries such as automotive, communications, energy, financial services, logistics, manufacturing, insurance, and others. It is used in demand forecasting, customer segmentation, fraud detection, quality assurance, and many more. The products offered provide data preparation, model creation, process automation, team collaboration, and others. The company operates worldwide.
RevenueN/A
Employees100
Market CapN/A
Founded2000
US
XMPro
XMPro
ICT
Company Headquarters: India Founded: 2009 Workforce: ~200 Company Working: XMPro is a provider of IoT application platform for various use cases. The platform is specially made for asset-intensive industries such as oil & gas, mining, utilities, and manufacturing. Its IoT platform offers capabilities such as intelligent integration, event stream processing, analytics, visual design environment, business process management, alarm management, user management, business rules, device management, and others. Applications include condition monitoring, predictive maintenance, asset performance management, continuous intelligence, smart contracts, and digital twins. The company operates globally.
RevenueN/A
Employees200
Market CapN/A
Founded2008
India
Axiomtek C
Axiomtek Co Ltd
ICT
Company Headquarters: Taiwan Founded: 1990 Workforce: ~729 Company Working: Axiomtek Co, Ltd is a Taiwan-based manufacturer of electronic and logic equipment. It manufactures logic boards and modules, systems and platforms, industrial panel PCs, and IoT solutions. Its product line includes industrial and embedded motherboards, Intel Smart Display modules, PICMG Single Board Computers, Systems on Modules, fanless touch panel PCs, transportation computing, medical computing, machine vision, digital signage, data acquisition, medical panel PCs, and others. It operates in various segments such as industrial automation, transportation, medical solutions, retail solutions, power & energy, Internet of Things (IoT), network security, and gaming solutions. Predictive maintenance solutions is a part of industrial automation solutions. These solutions are tailored towards CNC machine operations, robotic arm management, steel plant operations, and others. It offers products and services in North America, Asia-Pacific, and others.
Revenue$0.1B
Employees729
Market CapN/A
Founded1989
Taiwan
Software A
Software AG
ICT
Company Headquarters: Germany Founded: 1969 Workforce: ~4,596 Company Working: Software AG is a German multinational company, engaged in the development of technology solutions for digitalization. The company operates through the following segments: Adabas and Natural (A&N), Digital Business Platform (DBP), and consulting. The company’s DBP segment includes the business process management, big data with the ARIS, Alfabet, Apama, webMethods, and Terracotta product families. The company’s A&N segment includes Adabas database management system, application modernization, and natural application development. The company’s consulting segment focuses on the services and projects related to the company’s own software products. The company offers its services to various industries including BFSI, media & communication, energy & natural resources, government, manufacturing, retail, transportation, and utilities. Geographically, the company has presence in North America, Europe, and Asia-Pacific.
Revenue$0.4B
Employees4,596
Market CapN/A
Founded1968
Germany
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I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Predictive Maintenance PdM Market
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