Maintenance analytics technologies are set to generate $24.7 billion in revenue in 2019, up from $9.1 billion this year, driven by the adoption of predictive analytics and M2M connectivity, according to a new study from ABI Research.
The market-research company also believes that more advanced forms of maintenance – including predictive and prescriptive – will account for more than 60% of all revenues by the end of the forecast period, up from just 23% today.
“Today, predictive maintenance is one of the commercially readiest forms of M2M and IoT analytics, possibly second only to usage-based insurance,” said Aapo Markkanen, a senior analyst with ABI Research. “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,” added Markkanen.
Predictive maintenance is currently being championed by companies including GE (Fairfield, CT, USA) and Bosch (Stuttgart, Germany), as well as increasingly software-centric manufacturers, says ABI Research.
Nevertheless, the key enablers appear to be the technology suppliers that allow customers to employ similar approaches regardless of their OEMs.
Among those are business-intelligence giants like SAP (Walldorf, Germany) and IBM (Armonk, NY, USA) as well as agile and fast-moving start-ups, such as RapidMiner (Boston, MA, USA) and Blue Yonder (Karlsruhe, Germany).
ABI Research also identifies vendors that are specializing in predictive maintenance for specific verticals, including Predikto (Atlanta, GA, USA) and Mtell (San Diego, CA, USA).
“Analytics is where much of the money in IoT will be ultimately made,” said Dan Shey, a practice director with ABI Research. “This means that application platforms like Axeda [Foxboro, MA, USA], ILS Technology [Boca Raton, FL, USA], ThingWorx [Exton, PA, USA] and Xively [London, UK] need to facilitate big data if they want to gain a competitive edge.”
“Mnubo and MachineShop, two recent designed-for-analytics start-ups, will make an interesting comparison on that front,” he added. “Besides the platforms, some of the IoT-savvier telcos – AT&T [Dallas, TX, USA) and Telefonica (Madrid, Spain), for example – could possibly leverage analytics to move up the stack.”