Lack of Expertise Makes Predictive Maintenance a Challenge for Manufacturers despite Promise of IIoT

Predictive maintenance is one element of the industrial Internet of Things (IIoT) that can help manufacturers increase productivity, streamline operations, improve efficiency and reduce costs - but global manufacturing companies are finding it a struggle to implement production-level IIoT projects, according to research from Bain & Company. The majority say it has been more difficult to reach scale with the IIoT than they had anticipated - particularly in terms of predictive maintenance - and their expectations have dropped slightly, Bain suggests (via Forbes).

While Bain expects the IIoT market to grow into a $200 billion market by 2021, a number of factors are creating barriers for manufacturers. Lack of technical expertise and integration struggles are slowing adoption.

Predictive maintenance is an area that has been attractive to manufacturers for several years, but that attractiveness has dropped since 2016 given the adoption barriers that exist. While vendors remain ready to deploy solutions for predictive maintenance, manufacturers are struggling with technical expertise in this area. This dynamic underscores how important software expertise is on the vendor side, Bain says. In fact, the speed at which industrial/operational technology providers and device makers can gain greater software expertise will determine how fast the market grows, according to the research.

Still, for the most part manufacturers remain optimistic about the IIoT's long-term contributions, says Bain.

Separate research from Transparency Market Research indicates the IIoT market will grow by a massive 24.3% CAGR between now and 2026 Companies are deploying IIoT software and services to boost growth opportunities through increasing production and creating new hybrid business models, the report says. Top players in the market include Siemens AG, IBM, Intel, Schneider Electric SE, General Electric Company, Emerson Electric, and ABB.