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.
This is according to a new report Advanced Services in the Analytical Instrumentation Market, by Frost & Sullivan.
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.
Mariano Kimbara, senior industry analyst, Industrial Group at Frost & Sullivan, said: "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.
"Consequently, service providers are delivering software solutions that help digitise lab operations by intelligently connecting people, processes, data, and instruments. These solutions will allow users to target services more strategically, better utilise assets, reduce downtime, and plan program schedules.
"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 optimise costs.
"System vendors are, therefore, offering new, unified platforms that remove organisational silos and ensure connections among cross-functional divisions, linking sales, procurement, finance, logistics, suppliers, and scientists."
Frost & Sullivan urges vendors wanting to take advantage of the market to develop integrated service capabilities, as well as:
- Deliver an OPEX model. Create an asset management service that increases visibility into the condition of existing assets.
- Shift from a reactive business model to a proactive business model. A central data platform with an automated allocation of instruments and inventory based on project demand and timelines can help anticipate events and lower costs.
- Tap opportunities to cross-sell. The growth of asset management services could lead to revenue opportunities from rental services.
- Deliver offline and online measurement services. They can expand service lines through partnerships with software analytics providers.
- Make available expert, multi-vendor instruments service support for instruments in the entire laboratory.