Predictive Maintenance Proving Out as Successful AI Use Case - AI Trends

More companies are successfully exploiting predictive maintenance systems that combine AI and IoT sensors to collect data that anticipates breakdowns and recommends preventive action before break or machines fail, in a demonstration of an AI use case with proven value. This growth is reflected in optimistic market forecasts. The predictive maintenance market is sized at $6.9 billion today and is projected to grow to $28.2 billion by 2026, according to a report from IoT Analytics of Hamburg, Germany. The firm counts over 280 vendors offering solutions in the market today, projected to grow to over 500 by 2026. "This research is a wake-up call to those that claim IoT is failing," stated analyst Fernando Bruegge, author of the report, adding, "For companies that own industrial assets or sell equipment, now is the time to invest in predictive maintenance-type solutions."