Industrial IoT ushering in changes in predictive maintenance

The rapid development of the industrial Internet of Things (IoT) is ushering in the next generation of predictive maintenance (PdM) solutions for the world’s industrial equipment, according to Lux Research. Along the way, it is driving new business models and creating massive opportunities for vendors and operators, it added.

With advances in sensors, connectivity and analytics, PdM - one of the coveted use cases of industrial IoT - is poised for a massive overhaul that will improve asset uptimes and decrease costs, forcing many industrial organisations still living in the maintenance ‘dark ages’ to rapidly embrace change. 

“Remote diagnostics and maintenance solutions are a key factor in enabling OEMs to offer equipment-as-a-service (XaaS) models. To fully benefit from the new technology, industrial organisations need to rapidly move away from the current practice of fixing equipment only after failure, or at pre-determined intervals,” said Isaac Brown, Lux Research analyst and lead author of the report titled, ‘Predictive maintenance: The art of uptime’.