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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.