New analysis from Frost & Sullivan, Services 2.0: The New Business Frontier for Profitability, finds that the paradigm of service strategies will shift from corrective to preventive and predictive maintenance services over the next five years. Effective utilisation of predictive analytics can optimise costs and eliminate unplanned downtime, which are highly attractive benefits for manufacturers.

For complimentary access to more information on this research, please visit: http://ow.ly/Rh77U 

Big data analytics is poised to change the maintenance services models across the manufacturing sector. The investments for establishment of robust maintenance and support service model by leveraging the big data analytic concepts is the critical factor for the high growth rate (CAGR 9.1%, 2014-2021). “In line with the emerging trend of IoIT, manufacturing services are also evolving into a connected ecosystem supported by a single control centre,” said Frost & Sullivan Industrial Automation and Process Control Senior Research Analyst Srikanth Shivaswamy. “The demand for interoperability and maximum transparency across multiple products and processes is lending credence to the concept of connected operations.”

Such extensive integration will entail high costs for manufacturing units. The convergence of ICT with conventional services will require sophisticated platforms, further raising initial capital expenditure. However, the deployment of advanced process controls and smart communication systems will boost efficiency and compensate for the steep investments.

Strengthening cyber security infrastructure, a recent addition to the framework of industrial services, will be vital for the uptake of IoIT-based modules. Innovations in investigation, threat detection and self-aware platforms will be critical.“Overall, solution providers will be rated on one of two factors,” stated Shivaswamy. “Customisation of service models to match the needs of end users or the capability to migrate to a different service model in alignment with a new end-user process, product or solution.”

Delivering these competencies will allow services providers to mine lucrative prospects in underpenetrated resource-based production industries. The availability of cost-effective solutions will lure small- and medium-scale manufacturers to implement IoIT-based systems, thus completing the shift from traditional to managed services.

Services 2.0: The New Business Frontier for Profitability is part of the Industrial Automation & Process Control Growth Partnership Service program. As part of the IoIT research portfolio from the industrial automation and process control practice, this study offers a detailed assessment of key manufacturing service opportunities from an application, technology and market standpoint. The study strategically examines the transition of service models and explores the different applications of IoIT technologies, including niche segments such as plant, industrial data, security and asset/process optimisation.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.

The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Upcoming Events

August 9 - August 11 2022

MaximoWorld 2022

View all Events
banner
80% of Reliabilityweb.com newsletter subscribers report finding something used to improve their jobs on a regular basis.
Subscribers get exclusive content. Just released...MRO Best Practices Special Report - a $399 value!
DOWNLOAD NOW
Optimizing Value From Physical Assets

There are ever-increasing opportunities to create new and sustainable value in asset-intensive organizations through enhanced use of technology.

Conducting Asset Criticality Assessment for Better Maintenance Strategy and Techniques

Conducting an asset criticality assessment (ACA) is the first step in maintaining the assets properly. This article addresses the best maintenance strategy for assets by using ACA techniques.

Harmonizing PMs

Maintenance reliability is, of course, an essential part of any successful business that wants to remain successful. It includes the three PMs: predictive, preventive and proactive maintenance.

How an Edge IoT Platform Increases Efficiency, Availability and Productivity

Within four years, more than 30 per cent of businesses and organizations will include edge computing in their cloud deployments to address bandwidth bottlenecks, reduce latency, and process data for decision support in real-time.

MaximoWorld 2022

The world's largest conference for IBM Maximo users, IBM Executives, IBM Maximo Partners and Services with Uptime Elements Reliability Framework and Asset Management System is being held Aug 8-11, 2022

6 Signs Your Maintenance Team Needs to Improve Its Safety Culture

When it comes to people and safety in industrial plants, maintenance teams are the ones who are most often in the line of fire and at risk for injury or death.

Making Asset Management Decisions: Caught Between the Push and the Pull

Most senior executives spend years climbing through the operational ranks. In the operational ranks, many transactional decisions are required each day.

Assume the Decision Maker Is Not Stupid to Make Your Communication More Powerful

Many make allowances for decision makers, saying some are “faking it until they make it.” However, this is the wrong default position to take when communicating with decision makers.

Ultrasound for Condition Monitoring and Acoustic Lubrication for Condition-Based Maintenance

With all the hype about acoustic lubrication instruments, you would think these instruments, once turned on, would do the job for you. Far from it!

Maintenance Costs as a Percent of Asset Replacement Value: A Useful Measure?

Someone recently asked for a benchmark for maintenance costs (MC) as a percent of asset replacement value (ARV) for chemical plants, or MC/ARV%.