Bain – Global Machinery & Equipment Report, 2024

The Bain Global Machinery & Equipment Report for 2024 highlights the value of managing installed machinery to improve product performance and predict maintenance needs. Leading companies are utilizing digital technologies like digital twins to create new services and generate revenue. The market for digital twins is expected to grow significantly by 2028. By focusing on remote monitoring and diagnostics, companies can gain a competitive edge and offer predictive maintenance services to customers. Managing an installed base remotely allows for more efficient product life cycle management and offers customers access to valuable services based on data sharing. Developing a centralized industrial cloud platform and using advanced analytics can help companies derive commercial benefits from the data collected throughout the product life cycle.