Condition-Based Monitoring sensors to reach 277 million connections by 2026

Enterprises are increasingly looking to add connectivity to a wide variety of assets. Greater variety of connectivity types, more sensor features and form factors, and greater software intelligence is enabling the Condition-Based Monitoring (CBM) market to expand into new use cases and to generate greater value for customers. According to a new global technology intelligence firm ABI Research report, condition-based monitoring sensors will reach 277 million connections by 2026.

“The CBM market has so far been the preserve of Short-Range Wireless (SRW) technologies,” states Tancred Taylor, IoT Markets Industry Analyst at ABI Research. “Increasingly, however, we are seeing a more neutral stance toward connectivity as adopters approach use cases not from a technology perspective but from an outcome perspective. More investment in software and analytics platforms pushes the focus further toward generating value from sensor fusion and edge data execution. SRW, WAN, and wired technologies play different roles in growing the market into new types of assets that can be monitored. These technologies sometimes compete, but they often address distinct use cases. They contribute to expanding what is possible from CBM solutions rather than purely competing on the same turf.”

To date, the market is dominated by data collection on utilities and processes and monitoring motor-powered equipment. Much of this activity is happening in the industrial market, where companies are looking to reduce downtime by switching to more proactive maintenance strategies and reduce costs through more efficient use of machine and human resources.

Many companies are addressing the CBM market with a specialist focus on solving specific use cases. Independent solution vendors such as Fluke Reliability, VersaSense, Worldsensing, Everactive, and many others are a core part of this ecosystem. Sensor vendors such as Wika or SICK Sensors are increasingly making a mark in their target industries, particularly through evolved software offerings. Solution aggregators, such as Cisco or Advantech, also play an essential role in packaging solutions to help reach scale. Many other vendor types exist in this market, from pure-play software vendors or service providers to machine builders and large industrial companies. As the market matures, more partnerships between these to bring specialisms under a single roof will facilitate the adoption of all CBM solutions.

“The CBM market is important to follow because of the breadth of use cases and the size of the total addressable market, much of which is completely unserved today,” says Taylor. “Hardware and software will continue to evolve, and there is much work to do in the ecosystem to streamline how solutions are sold. However, the growing maturity of IoT technology is increasingly leading to a situation where solution providers and adopters can focus on value first and technology second.”

These findings are from ABI Research’s Condition-Based Monitoring: IoT Market Segments and Technology Accelerators application analysis report. This report is part of the company’s IoT Markets research service, which includes research, data, and analyst insights. Based on extensive primary interviews, Application Analysis reports present an in-depth analysis of key market trends and factors for a specific technology. Focus on Business