Strong growth opportunities exist for comprehensive, unified platforms that enable cross-organizational views, finds Frost & Sullivan
The rapid proliferation of service-based models, including Software-as-a-Service (SaaS) and asset management, is attracting new market participants to the analytical instrumentation space. In just a few years, analytical SaaS instrumentation and cloud-based alternatives to legacy solutions will dominate the industrial sector due to the shift in customer focus from instrumentation features to the ways in which the technology can help enhance business outcomes.
“As the data collected from instruments can potentially deliver more value than the hardware, there is high demand for analytical instruments that mine data and convert it into actionable insights,” said Mariano Kimbara, Senior Industry Analyst, Industrial Group at Frost & Sullivan. “Consequently, service providers are delivering software solutions that help digitize lab operations by intelligently connecting people, processes, data, and instruments. These solutions will allow users to target services more strategically, better utilize assets, reduce downtime, and plan program schedules.”
Frost & Sullivan’s recent analysis, Advanced Services in the Analytical Instrumentation Market, Forecast to 2022, identifies new areas of advanced services, including asset management services, radio frequency identification (RFID) inventory control services, laboratory intelligence services, consulting services, and compliance services. It also offers a deep dive into new data-driven business models.
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“In the current connected era of continual business transformation, there is an intense need to consolidate all work order management activity into a unified, automated data platform to optimize costs,” noted Kimbara. “System vendors are, therefore, offering new, unified platforms that remove organizational silos and ensure connections among cross-functional divisions, linking sales, procurement, finance, logistics, suppliers, and scientists.”
In addition to developing integrated service capabilities, market vendors could explore the growth opportunities present in:
- Delivering an OPEX model. Create an asset management service that increases visibility into the condition of existing assets.
- Shifting from a reactive business model to a proactive business model. A central data platform with automated allocation of instruments and inventory based on project demand and timelines can help anticipate events and lower costs.
- Tapping opportunities to cross-sell. The growth of asset management services could lead to revenue opportunities from rental services.
- Delivering offline and online measurement services. They can expand service lines through partnerships with software analytics providers.
- Making available expert, multi-vendor instruments service support for instruments in the entire laboratory.
