New ARC Advisory Group research on digital services highlights important factors that are driving growth and the current trends in the market. The ongoing digital transformation in the industry is creating new opportunities for service delivery, particularly in the context of Industry 4.0. The COVID-19 pandemic has further accelerated the shift toward digitalization in the industry, promoting a deeper integration of digital technologies. With the help of data obtained through Industrial IoT and modern protocols like OPC UA, digital services are expanding their capabilities. This enables enhanced energy and resource efficiency, while also offering new ways to leverage the benefits of digitization. The report explores a wide range of digital services, including well-known and widely used ones such as digital training, as well as newer services which are gaining popularity, such as virtual commissioning. Additionally, the research examines how AI and ML impact the provision and dissemination of digital services. These technologies not only optimize current processes, but also pave the way for the development of innovative solutions, giving companies a competitive edge in a rapidly evolving industrial landscape.
"The increasing popularity of digital services among end users and the active expansion of these services by OEM manufacturers, automation suppliers, and service companies emphasize the importance of this segment. Digital services offer new opportunities for improving business efficiency and enhancing the appeal of equipment suppliers‘ products. By integrating digital solutions, companies can strengthen their competitive positions and create additional value for customers. ARC anticipates a strong growth in this market in the coming years, with an expected increase in both the availability of services and the number of companies providing them. This growth in the digital services market reflects the global trend of digitization in various sectors of the economy," according to Alexey Grechko, Senior Analyst and key author of ARC's Digital Services Market Research.
Digital Services Market Trends
In addition to providing detailed competitive market share data, the research also addresses key market trends as follows:
- Leveraging AI
- Enhancing Speed and Efficiency in Implementation
- Reducing Downtime
- Increased Complexities of Machines
Leading Suppliers to the Digital Services Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. An alphabetical list of key suppliers covered in this analysis includes: Honeywell, Rockwell Automation, Schneider Electric, Siemens, Yokogawa.
About the Digital Services Research
The Digital Services research explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, plus five-year market forecasts. The research segmentation includes Industry, Customer Type, World Region, Sales Channel, Service Revenues by Type, Overall Scope, Service Revenues by Application.
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