The Global Market for Big Data Technologies and Services is Projected to Reach $60 Billion by 2022

The global market for Predictive Maintenance is projected to reach US$10 billion by 2025, driven by the growing value of predictive intelligence in asset management. Given that effective plant asset management and maintenance is the cornerstone for achieving excellence in manufacturing productivity, there is significant focus shed on technologies that help in more smart and efficient asset monitoring and maintenance. Legacy maintenance programs which are primarily static in nature and characterized by time-based manual inspection are growing out of favor and are being replaced by newer concepts such as predictive maintenance (PdM).

Defined as a strategy where maintenance is scheduled at a future date based on analysis of sensor data measurements, PdM is proactive and is designed to increase reliability of machine and decrease their downtime.  PdM is an advanced form of maintenance that offers benefits over and above condition-based maintenance (CbM) which utilizes real-time sensor measurements to identify if a machine or its components have reached a point of failure and then schedule maintenance. Benefits of PdM include advanced prediction of maintenance need; reduces unexpected downtime by over 50%; enables automation of maintenance tasks and reduces repair and overhaul time by 60%; helps in cost savings to the tune of 30% to 40%; timely verification/inspection of equipment; reduction in machine failures; reduction in maintenance costs; over 30% reduced need to maintain inventory of spare parts; extended service life of machines and components and higher equipment ROI; increase in production productivity by over 25% and uptime by 30%; improved operator safety; and over 50% increase in revenues achieved via faster time-to-market. Higher revenues and profits are also associated with improved product quality and reduced risk of manufacturing faults which pushes up the cost of reprocessing. Read More…