Global Digital Inspection Tools Market: Introduction
Products in the current market scenario are toxic and can cause a variety of health complications to people who are involved in the production process. Operation workers are at risk of developing many serious health issues. Accidents can occur when workers are inspecting pipelines or traveling to gas and oil sites.
Digital inspection tools and services are targeted to deal with the issues and problems pertaining to the quality of the product, and safety of employees and workers. Inspection software that synchronizes to a central database lets inspectors share inspection reports in real time. Inspectors can focus on problem areas through digital inspection tools.
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Global Digital Inspection Tools Market - Dynamics
Increasing Adoption of Automation & Digitization by SMEs
Extensive adoption of digitization, smart technologies, and automation by large and small & medium enterprises is the global trend. Overall, 90%-95% of total enterprises are small & medium in size while only 5%-10% are large. Majority of SMEs within the U.S have integrated or are looking to integrate their work flow with automation to gain operational efficiency. Thus, adoption of digital inspection tools for quality assessment and safety of resources within organizations is increasing globally. Adoption of automation in the workflow process by SMEs is expected to drive the growth of the digital inspection tools market.
Stringent Regulations on Worker Safety and Quality Standards
Across the globe, the governments of respective countries are taking strict measures for the safety of workers within organizations as well as the safety of products for consumers. The violation of such regulations could cost the company high penalties or legal action. Digital inspecting tools have the capability to provide real-time information which could also help in enhancing the operational efficiency with respect to following government guidelines. External factors (legal) as well as internal factors (operational efficiency) are driving the demand for digital inspection tools.
Cost Concerns Restricting Growth of the Market
Cost of Deployment
The cost of deployment of digital inspection tools is comparatively high. The system integration cost from the conventional workflow system is typically a costly process. Regions such as Asia Pacific are highly focused on cost efficiency which could impact the growth of the digital inspection tools market in the largest market across the globe.
North America Expected to Dominate the Global Digital Inspection Tools Market
In terms of region, the global digital inspection tools market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global digital inspection tools market during the forecast period, as the adoption of workflow automation technologies within this region to improve operational efficiency in SMEs is very high compared to other regions.
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Global Digital Inspection Tools Market - Competition Landscape
- In July 2019, Auto/Mate integrated with Xtime's inspect tool to offer digital tools for higher customer retention, loyalty, and improving dealer efficiency.
- In April 2018, Specialised Management Services Limited launched the SMS Inspection Manager, an intuitive, fully digital application system to enhance the inspection process.
Established in 1999, Xtime Inc. is headquartered in Redwood City, California, United States. Xtime enhances customer retention for automotive dealer service departments by using technology to transform the ownership experience. Xtime books 52 million service appointments and processes 120 million repair orders annually. Twenty nine global OEMs have chosen Xtime to drive that same type of success for their businesses, converting more than US$13 billion in service revenue annually for over 7,500 dealerships across three continents.
Specialised Management Services Limited
Founded in 1999, Specialised Management Services Limited is a design, manufacturing, and service expert company for electrical, hydraulic, and pneumatic control systems in the energy industry. The company has delivered its system to global subsea, intervention, and onshore markets.
Global Digital Inspection Tools Market: Segmentation
The global digital inspection tools market can be segmented based on:
- Enterprise Size
Global Digital Inspection Tools Market, by Enterprise Size
Based on enterprise size, the global digital inspection tools market can be divided into:
- Small & Medium Enterprises
- Large Enterprises
Global Digital Inspection Tools Market, by Industry
In terms of industry, the global digital inspection tools market can be segregated into:
- Banking, Financial Services & Insurance
- Telecom & Information Technology (IT)
- Wholesale Distribution
- Non-profit Organizations
- Food and Beverage
- Others (Hospitality, Government, and Public Sector, etc.)
Regional analysis of the global digital inspection tools market includes:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.