Product as a service is the selling of the services or the outcomes of a product that can be offered in the form of various business models across end-use industries such as banking, manufacturing, and oil and gas. The adoption of product as a service has been driven by developments in sensor technology, data analytics, Internet of Things (IoT), cloud computing, and smartphone devices.
These technologies have created the need for product as a service in order to form long- term relations with customer. The wide availability of the Internet and wireless connectivity at low costs make it feasible for manufacturers to outfit their products with sensors that indicate how a product is being used. It also allows manufacturers to determine environmental factors, such as temperature and humidity or the failure of a specific part, that affect the product’s reliability.
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Product manufacturers are continuously re-engineering, developing the process of innovation, optimizing processes, and minimizing costs involved in meeting the demands of consumers. These factors are expected to drive the global product as a service market during the forecast period. Further, development in the Industrial Internet of Things (IIoT) is anticipated to drive the market in the coming years. Industrial Internet of things (IIoT) helps in boosting operational efficiency, enhance productivity, and reduce the complexity of procedures involved in product engineering services. IIoT also helps in improving the safety and quality of products in an industry, thus boosting the quality of engineering product services.
Moreover, growth of the consumer electronic industry is likely to propel the product as a service market. Increase in the complexity of today’s technology has led to investments and significant research and technological developments in product engineering services, which provide end-to-end system design and innovative manufacturing and integration services. Over the past few years, technological innovations and advancements in the Internet of Things and Big Data have supported the automated workflow industry.
Get More Press Release by TMR: https://www.prnewswire.com/news-releases/magnifying-use-in-wearables-and-implantable-devices-to-monitor-health-parameters-of-patients-provides-valuable-growth-opportunities-for-chemical-sensors-market—tmr-301269944.html
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The key participants in the global product as a service market are ClearBlade, Inc., Sycor GmbH, Vocatus AG, Oracle Corporation, Accenture, Genpact, DLL Group, and Microsoft Corporation among others. Leading players in the market are focusing on the introduction of advanced services and solutions in order to strengthen their position and expand their customer base. Companies are investing extensively in R&D operations and are focusing on providing customized services to their customers.
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End-use Industry
- BFSI
- Healthcare
- IT & Telecom
- Retail & Consumer Goods
- Travel & Hospital
- Media & Entertainment
- Transport & Logistics
