Abstract This research investigates growth inhibitors for smart services driven by condition‐based maintenance (CBM). Despite the fast rise of Industry 4.0 technologies, such as smart sensoring, internet of things, and machine learning (ML), smart services have failed to keep pace. Combined, these technologies enable CBM to achieve the lean goal of high reliability and low waste for industrial equipment. Equipment located at customers throughout the world can be monitored and maintained by manufacturers and servic…