Predictive maintenance tech grows rapidly into B2C
Often with machines (and with humans, but that's for a different node) we don’t notice that something is going wrong until it has gone seriously wrong. For example, we may not recognize that our car’s transmission is going until it won’t change gears and we find ourselves stuck in the slow lane: that’s unplanned maintenance. Yet other times you get your oil changed simply because it’s been 3000 miles, despite the fact your oil is fine: that's planned maintenance. It’s not optimal but is predictable.
Predictive maintenance uses sensors and other data collection to tell you the status of your machine, and optimize when you perform the maintenance. It’s goal is to eliminate unplanned maintenance and reduce the cost of it.
Predictive maintenance is currently focused on internal and B2B relationships and is rapidly becoming a leading KPI for many businesses. Combining it with advances in machine learning, predictive maintenance will become a powerful tool across all industries. Currently growing at a CAGR of ~40% each year, it’s anticipated to be a ~$25bn market by 2025. It will become a key discriminator for high-cost consumer products, like auto maintenance, and a driver in the green economy.