Machine Condition Monitoring Market to grow by USD 1.14 billion from 2022 to 2027

The machine condition monitoring market is to grow by USD 1.14 billion between 2023 and 2027 and register a CAGR of 7.17%, according to Technavio's latest market research report estimates. Wireless communication gaining momentum in industries is a key factor driving the market growth.

This spurred the creation of wireless devices for extracting and swiftly transmitting data from machinery, particularly in situations where installing cables is impractical or expensive. Suppliers promote wireless communication adoption through advancements and cost-effectiveness.

The on-premises segment will account for a major share of the market's growth during the forecast period. With on-premise solutions, organizations gain greater control over their data and ensure that it remains within physical boundaries. Furthermore, local data processing is possible with On-premises solutions without the need to depend on outside connections.