Predictive Maintenance Technologies Are Driving New Business Models That Promise to Eliminate Capex, Improve Uptime, and Cut Costs, Lux Research Says
BOSTON, MA--(Marketwired - Jun 14, 2016) - The rapid development of the Industrial Internet of Things (IIoT) is ushering in the next generation of predictive maintenance (PdM) solutions for the world's industrial equipment. Along the way, it is driving new business models and creating massive opportunities for vendors and operators, according to Lux Research.
With advances in sensors, connectivity and analytics, PdM -- one of the coveted use cases of IIoT -- is poised for a massive overhaul that will improve asset uptimes and decrease costs, forcing many industrial organizations 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," said Isaac Brown, Lux Research Analyst and lead author of the report titled, "Predictive Maintenance: The Art of Uptime."
"To fully benefit from the new technology, industrial organizations need to rapidly move away from the current practice of fixing equipment only after failure, or at pre-determined intervals," he added.
Lux Research analysts surveyed operations managers across a variety of industries and geographies to evaluate adoption, obstacles and benefits. Among their findings:
The report, titled "Predictive Maintenance: The Art of Uptime," is part of the Lux Research Industrial Internet of Things Intelligence service.
About Lux Research
Lux Research provides strategic advice and ongoing intelligence for emerging technologies. Leaders in business, finance and government rely on us to help them make informed strategic decisions. Through our unique research approach focused on primary research and our extensive global network, we deliver insight, connections and competitive advantage to our clients. Visit www.luxresearchinc.com for more information.
Lux Research, Inc.