From 2016 to 2022, the worldwide market for predictive maintenance will grow by 20 to 40 percent per year, reaching about USD 11 billion by 2022. Predictive maintenance offers companies the chance to fundamentally transform their service and business model. However, they must start seeing predictive maintenance not just as a means of collecting data, but as a tool for creating additional value for its customers.

Even though the worldwide market for predictive maintenance has a revenue potential of about USD 11 billion by 2022, we believe that more than 50 percent of companies are not yet pushing their own predictive maintenance business model. Very often, predictive maintenance is misinterpreted as a technical advancement only.

But it is far more than that. It is a company and mindset revolution, putting the end-customers in the center and thus transforming industries from hardware sellers into service-driven partners. It is about creating customer benefits right along the whole value chain.

Service is an essential part of a profitable, long-term business model – company cultures need to transform towards "Smart Service 4.0". Therefore companies need to adjust their offering from the perspective of each single customer and develop services extending across the entire product lifecycle and implement a fundamental paradigm-change in service models – from "after-sales" to "pre-sales". The final challenge of predictive maintenance lies in transforming companies' culture towards "Smart Service 4.0".