Predictive maintenance forecast to drive operational efficiency

Technology and IT services provider FPT Software says in its 2023 forecast that a paradigm shift from traditional to smart factories will continue at pace, with predictive maintenance becoming an essential driver for operational efficiency. 

FPT’s Frank Bignone, Global Director of FPT Software Digital Transformation, said:”The potential of predictive maintenance is enormous when 82% of businesses suffered unplanned downtime in the last three years, losing up to $260K per hour. Digital transformation, with a focus on predictive maintenance, will enable the adoption of advanced computing technologies to enhance efficiency, reliability, output and sustainability in manufacturing operations that inevitably have both new and legacy plant, equipment and systems. This will boost availability, reliability, and safety.”

Prediction analytics will also help businesses make informed decisions with a positive impact on long-term goals, says FPT. FPT quotes Zion Market Research figures suggesting that the global market for predictive maintenance generated $3.93 billion revenue in 2020, and is projected to reach $13.83 billion by 2028, expanding at a compound annual growth rate (CAGR) of 23.4% between 2022 and 2028.

Sectors such as manufacturing are said to be already benefiting from cloud technologies, including automating and optimising processes and responding to unexpected events or client requests. In 2023 logistics will be a major beneficiary through applying cloud computing to reductions in maintenance costs and elimination of the need to support and upgrade hardware.