M2M, predictive analytics to fuel strong growth in maintenance analytics market
Machine-to-machine connectivity and predictive analytics will fuel a 22 percent compound annual growth rate in maintenance analytics revenues, which are forecast by ABI Research to total $24.7 billion in 2019.
Predictive and prescriptive maintenance, which currently account for 23 percent of the market, will account for 60 percent of market revenues by 2019, according to ABI stats.
Predictive maintenance "employs predictive analytics over real-time data collected (streamed) from parts of the machine to a centralized processor that detects variations in the functional parameters and detects anomalies that can potentially lead to breakdowns," explains Gopalakrishna Palem, senior architect at Symphony Teleca, explains in a white paper (.pdf).
ABI senior analyst Aapo Markkanen comments that "predictive maintenance is one of the commercially readiest forms of M2M and IoT analytics, possibly second only to usage-based insurance. 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."
While predictive maintenance is being supported by large manufacturer such as GE and Bosch, smaller firms like Predikto and Mtell specialize in predictive maintenance in certain verticals, says ABI.
Eric Spiegel, president and CEO of Siemens USA, predicts that analytics will "play an important role in what we call the digital factory." In a Wall Street Journal blog, Spiegel predicts that "software and technology will be used to virtually simulate the entire manufacturing process--from design to testing to production. By simulating these processes virtually, manufacturers can use data to better understand both the product and the process."
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