Predictive Maintenance Market Outlook 2026 Global Industry Size, Share, Trends, Competition, Opportunity
According to TechSci Research, The global predictive maintenance market was valued at USD4.270 billion in 2020 and is projected to grow around USD22.429 billion by 2026 due to the proliferation of industry 4.0, wireless communication, rising artificial intelligence, machine learning, and IoT are expected to drive industry growth in the forecast period. However, growth in the industry was hampered in the year 2020, owing primarily to global lockdowns that resulted in a halt in economic activity, but the demand recovered after the second quarter. Predictive maintenance is the application of data-driven, proactive repair approaches to analyze equipment status and anticipate when maintenance should be conducted. Predictive maintenance software employs artificial intelligence and machine learning techniques, as well as predictive analytics, to forecast when a piece of equipment will malfunction, enabling preemptive maintenance to be scheduled before the failure occurs. The goal is to ...