The market of predictive maintenance will record an annual growth rate by 39% between 2017 and 2022, according to IoT Analytics. The Report presented by IoT Analytics indicates that the predictive maintenance market will reach 10,96 billion USD by 2022. The emerging market for predictive maintenance shows increasing growth as maintenance strategies move from traditional condition-based maintenance to analytics and IoT enabled maintenance models.
New IoT platforms, low-cost secure cloud storage as well as analytics vendors that offer dynamic data models will play an increasing role in the technology transition. Predictive maintenance will not only bring benefits inside factories, increasingly used to optimize internal operations typically resulting in 20-30% efficiency gains, but also outside the factory. Several equipment OEMs have already started to introduce new predictive maintenance services, so compelling that they are expected to likely change the industry dynamics forever.