Industrial Services Market are those services which are provided to the industries as per their needs and requirements. It is one of the most important factors for the revenue generation and to improve the growth of the organization or company. These industrial services are specially designed for industrial clients and manufacturer so that they can meet the need and requirement of their customers. Engineering and consulting, operational improvement and maintenance, installation and commission and others are some of the common type of the industrial services. The main aim of the industrial services is to increase the productivity and make sure that the plant should work properly and efficiently so that they can meet the needs and requirements of their customers. These industrial services are widely used in applications such as safety systems, valves, actuators, SCADA, electric motor and drives, MES, DCS and others. These industrial services make sure that they should improve the performance and meet the requirement at minimal maintenance cost. These industries services are used in industries such as automotive, transportation and others.
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The main factors boosting the market are:
- Growing Point of Sale (PoS) Devices and Services: Point of sale device is a device which is specially designed to process card payments at retail locations. There main function is to read the information of the customer debit, check whether there is sufficient amount of money available for the customer and record all the transactions & create a slip for that. It is very useful for the industries as it will help them to keep record about all the payment and transactions they made. There is increase in the adoption of PoS by businesses because it helps them to efficiently maintain their stock.
- Technological advancement: With new technologies and innovations, businesses are able to improve the customer experience and provide better services to their customers. Today, different computer software, big data analytics, artificial intelligence, sensors and others are playing very important role in the industrial sector. They are helping them by improving the productivity and providing better product at low cost. The technological advancement is not only helping and creating new opportunities in industrial services but also creating many types of industrial equipments.
The market is segmented on the basis of type such as Engineering and Consulting, Installation and Commissioning and Operational Improvement and Maintenance, Applications such as PLC, SCADA, HMI, DCS, MES, electric motors & drives, valves, actuators, safety systems and end-user such as automotive, transportation, others
Key Developments in the market
- In May 2019, Larsen & Toubro's announced the launch of their new in- house digital platform L&T-Nxt so that they can provide connectivity their multiple operations. The main aim of the launch is to reduce the timing and improve the operations. They will be providing better industrial solutions by using new technologies and analytics. They are mainly concentrate virtual reality, cyber security, artificial intelligence, internet of things.
- In January 2019, ASRC Industrial Services announced that they have acquired K2 Industrial Services. This acquisition will help ASRC to add new services to their portfolio and will also strengthen their position in the market. This will also help them to provide better services to their customers so that they can meet their need and requirement.
According to Data Bridge Market Research, global industrial services market is growing at a substantial CAGR of 5.68% during the forecast period of 2017 to 2024
Some of the major players operating in industrial services market are AT&T Inc., Cisco Systems, Inc., Commsolid GmbH , Fanstel Corporation, Vodafone Group PLC, Murata Manufacturing Co., Ltd., U-blox Holding AG, Gemalto N.V., Intel Corporation, Texas Instruments Incorporated, NXP Semiconductors N.V. among others.
Growth of industry services is creating many new services and opportunities for the population. There is increasing need for the operational excellence in different industries such as oil and gas. There is sudden increase in the collaboration of the industrial services provider with OEMS and rising demand for predictive maintenance services is also creating new opportunities for the industrial services.
