Design_World_-_Internet_of_Things_Handbook_April_2020

26 DESIGN WORLD — EE NETWORK 4 • 2020 eeworldonline.com | designworldonline.com

Once headlined as the ‘killer app’ for IIoT, predictive maintenance has

taken a while to fi nd its feet, but progress has in fact been sure and

steady, with some standout examples of successful niches.

In 2016predictive maintenance was touted as one of

the key applications for IIoT. Even in 2018, analysts such

as Gartner made strong predictions of future success.

Gartner predicts that by 2022, spend on IoT-enabled

predictive maintenance would increase to $12.9

billion, up from $3.4 billion in 2018, with

improved operational effi ciencies through

predictive asset maintenance leading to

substantial savings of up to 40%.

However, the market has not exploded quite

yet. Indeed, a new survey of more than 600

high-tech executives from Bain found that

industrial customers were less bullish about

predictive maintenance in 2018 than they had

been in 2016. This was mainly due, according

to the analyst fi rm, to challenges in effectively

gaining insight from IIoT data once gleaned,

and at the other end of the equation, diffi culties

in implementing systems in the fi rst place.

According to Bain, another key barrier could

be summarized as: “Device makers and other

vendors of industrial and operational technology need

to dramatically improve their software capabilities—not

a historical strength for most of them.” In spite of this,

the analyst fi rm still predicted rapid growth for IIoT, with the

market doubling in size to more than $200 billion by 2021.

Is predictive maintenance

the ‘killer app’

of Industrial IoT?

INTERNET OF THINGS HANDBOOK

In 2016predictive maintenance

the key applications for IIoT. Even in 2018, analysts such

as Gartner made strong predictions of future success.

Gartner predicts that by 2022, spend on IoT-enabled

predictive maintenance would increase to $12.9

billion, up from $3.4 billion in 2018, with

improved operational effi ciencies through

and at the other end of the equation, diffi culties

in implementing systems in the fi rst place.

be summarized as: “Device makers and other

vendors of industrial and operational technology need

to dramatically improve their software capabilities—not

a historical strength for most of them.” In spite of this,

the analyst fi rm still predicted rapid growth for IIoT, with the

market doubling in size to more than $200 billion by 2021.