ABI Research estimates that revenues from maintenance analytics will total $9.1 billion in 2014, indicating much larger growth than initially anticipated.
Following a CAGR of 22%, the market’s size will reach $24.7 billion in 2019, driven largely by adoption of predictive analytics and M2M connectivity.
While the more advanced forms of maintenance, predictive and prescriptive, still account for just 23% of this year’s market, at the end of the forecasting period they will collectively represent 60% of all revenues.
“Today, predictive maintenance is one of the commercially readiest forms of M2M and IoT analytics, possibly second only to usage-based insurance,” says ABI senior analyst Aapo Markkanen. “It helps asset-intensive organizations transform their maintenance operations and eliminate waste, reducing costly downtime. Infrastructure, vehicles, and industrial equipment can all benefit from it.”
According to the same report, predictive maintenance is being championed by likes of GE, Bosch, plus other large and increasingly software-centric manufacturers, “but its key enablers are the technology suppliers that allow customers to employ similar approaches regardless of their OEMs.”
