Maintenance analytics is already a billion dollar industry. But if the trends continue, the use of maintenance technology, such as predictive analytics and M2M connectivity, will allow market size to grow to nearly $25 billion within five years.
According to technology market intelligence company ABI Research, there will be $9.1 billion in revenues from maintenance analytics in 2014. More interestingly, the use of advanced forms of maintenance, such as predictive and prescriptive methods, will expand from 23 percent of the market share up to 60 percent of all revenues by 2019.
The findings, from ABI Research’s “Predictive Maintenance Solutions and Strategies” study, show just how much fleet companies and the entire transportation industry is turning to the use of maintenance analytics.
By using preventative maintenance, fleets are able to find huge savings from reduced vehicle downtime and increased fuel economy to overall overhead costs. The emphasis on preventative care has enhanced business operations for fleet companies and enabled drivers to stay on the road.
Fleet managers and owners who ignore the benefits of preventative maintenance are leaving piles of money on the table and will surely feel the pinch as other competitors start to use the technology.
The biggest problem for many companies is that they simply do not have the knowledge to breakdown and understand the data. Working with a telematics provider that recognizes these concerns is the first step identifying troubling trends and developing a course of action to address the widespread maintenance issues that affect fleet vehicles.