Frost & Sullivan to Explore End-user Expectations and Requirements of Services across Various Product Markets

Frost & Sullivan to Explore End-userFrost & Sullivan to Explore End-user Expectations and Requirements of Services across Various Product Markets PR Newswire LONDON, Nov. 8, 2013 -- Industrial services - a new frontier for business model innovation and profitability The poor scope for technological innovation coupled with growing market maturity, has motivated major industrial product suppliers to concentrate efforts on achieving growth through alternative channels. In this context, the potential for industrial services attains center stage, both from the standpoint of industrial vendors interested in market expansion and end- users aiming to maximise profitability. The market has grown significantly in the last decade. In order to better understand the emerging services market, Frost & Sullivan has mapped the emerging segment into the larger framework of Industry 4.0. "The idea of Industry 4.0 assisted us in identifying a few key criteria like Big Data, the Internet of Things and the Internet of Services, as functional pillars catalysing the transformation of the current organisational architecture," notes Frost & Sullivan Practice Director Industrial Automation & Process Control and Measurement & Instrumentation Muthukumar Viswanathan. According to recent analysis by Frost & Sullivan, the overall estimates for service revenues accrued from automation products like DCS, PLC and SCADA. reached nearly $15 billion in 2012.