The IoT sensors market was valued at USD 4.62 billion in 2017 and is projected to reach USD 22.48 billion by 2023, at a CAGR of 33.60 % as per a report by MarketsandMarkets.
Why benefits of implementation of a predictive maintenance program for IoT applications continue to provide newer opportunities?
Nowadays, organizations use sensor-based devices and intelligent systems that connect things with people and processes to drive operational efficiencies and unlock new opportunities. Predictive maintenance (PdM) is one of the key opportunity areas for the IoT market. It is an important tool for industrial, transportation, and healthcare verticals. In terms of industrial IoT (IIoT), it helps in reducing the operating and capital costs by facilitating proactive servicing and repair of assets while allowing the more efficient use of repair resources, both human labor and replacement products. PdM gives companies the ability to accurately diagnose and prevent failures in real-time, which is vital for critical infrastructure applications. Any failure of high-tech machinery and equipment can prove to be highly expensive, in terms of repair costs, in addition to the lost productivity from the resulting downtime.
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Typically, technicians are sent to carry out routine diagnostic inspections and preventive maintenance according to fixed schedules, which can be a costly and labor-intensive process, besides providing little assurance that failure would not occur between inspections. By deploying the predictive maintenance program, potential failures can be identified well in advance, and corrective measures can be initiated accordingly. Sensors can be used to detect when a critical piece of machinery is close to failing. Data generated by the sensors indicates if the bearing is about to fail and predicts how long it will last before failure. Hence, the awareness about the benefits of predictive maintenance would bring a lucrative opportunity for the growth of the market for smart and intelligent sensors, which can be used to detect forthcoming failure much in advance.
Why the shortage of technical know-how to use IoT devices pose a key challenge?
Operational decision-making of businesses these days depends on data generated by IoT devices. However, the IoT technology is comparatively new. Specific skills and expertise are required to employ IoT technology. People who are experts in big data analytics, cloud, and business intelligence are not easily available in the IoT market. Hence, the shortage of operational, technological, and IT skills hampers the adoption of IoT in organizations. As more and more IoT devices are added to networks, network management is likely to become more difficult for IT teams, and they will have to deal with the increased complexity. The skills required to manage connected devices are entirely different from those required to manage on-premises infrastructure. Sufficient knowledge is also needed for processes such as data collection, interoperability, integration, and data analysis. Therefore, getting the best talent to idealize, conceptualize, and innovate on concrete solutions is the need of the hour in this market.
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