“Two years ago, predictive maintenance was forecast to be one of the most promising uses of the industrial Internet of Things (IoT).” That’s the lead of report based on a recent Bain & Company survey of more than 600 high-tech executives.
The report goes on to note that identifying precisely when equipment might fail “seemed like a no-brainer.” And yet, the report concludes, “predictive maintenance has failed to take off as broadly as expected.” In fact, industrial leaders were not as excited about predictive maintenance as they were back in a 2016 survey.
According to Bain, there have been problems on the both sides of the ball: First, implementing predictive maintenance has been harder than expected, and second, deriving valuable insights from the data gathered has also turned out to be unexpectedly challenging.
While investment in proof-of-concept projects continues, the Bain report said, actually turning that into successful mainstream implementations hasn’t been able to keep up. Long-term enthusiasm for the technology remains strong, the survey showed, but many industrial organizations now foresee implementation taking longer than initially predicted.
Bain still predicts the industrial IoT market to double by 2021, topping $200 billion.