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Product as a service is the selling of the services or the outcomes of a product that can be offered in the form of various business models across end-use industries such as banking, manufacturing, and oil and gas. The adoption of product as a service has been driven by developments in sensor technology, data analytics, Internet of Things (IoT), cloud computing, and smartphone devices. These technologies have created the need for product as a service in order to form long- term relations with customer. The wide availability of the Internet and wireless connectivity at low costs make it feasible for manufacturers to outfit their products with sensors that indicate how a product is being used. It also allows manufacturers to determine environmental factors, such as temperature and humidity or the failure of a specific part, that affect the product’s reliability.

Product manufacturers are continuously re-engineering, developing the process of innovation, optimizing processes, and minimizing costs involved in meeting the demands of consumers. These factors are expected to drive the global product as a service market during the forecast period. Further, development in the Industrial Internet of Things (IIoT) is anticipated to drive the market in the coming years. Industrial Internet of things (IIoT) helps in boosting operational efficiency, enhance productivity, and reduce the complexity of procedures involved in product engineering services. IIoT also helps in improving the safety and quality of products in an industry, thus boosting the quality of engineering product services.

Moreover, growth of the consumer electronic industry is likely to propel the product as a service market. Increase in the complexity of today’s technology has led to investments and significant research and technological developments in product engineering services, which provide end-to-end system design and innovative manufacturing and integration services. Over the past few years, technological innovations and advancements in the Internet of Things and Big Data have supported the automated workflow industry. These factors are projected to boost the market. However, data regulations and standards are likely to hinder the product as a service market. The oil & gas industry is introducing advanced applications by investing in the Internet of Things (IoT) and analytics technology. This is likely to provide opportunities to the product as a service market in the near future.

The global product as a service market can be segmented based on model, service, enterprise size, end-use industry, and region. In terms of model, the global product as a service market can be classified into product-centered business models, hybrid business models, and service-based business models. The service-based business models segment can be further categorized into standalone services and bundled services.  Based on enterprise size, the product as a service market can be categorized into large and small & medium enterprises. In terms of end-use industry, the product as a service market can be classified into banking, financial services, and insurance (BFSI); health care; retail & consumer goods; travel & hospitality; media & entertainment; IT & telecommunication; and transport & logistics.

In terms of region, the product as a service market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. These geographic regions have been further analyzed at the country level, wherein top countries across North America are the U.S. and Canada. Europe includes market analysis across the U.K., Germany, France, and the Rest of Europe. Similarly, the product as a service market in Asia Pacific is studied and analyzed across India, China, Japan, Australia, and the Rest of Asia Pacific. The top countries in the Middle East & Africa and South America include GCC countries, South Africa, and Brazil.

The key participants in the global product as a service market are ClearBlade, Inc., Sycor GmbH, Vocatus AG, Oracle Corporation, Accenture, Genpact, DLL Group, and Microsoft Corporation among others. Leading players in the market are focusing on the introduction of advanced services and solutions in order to strengthen their position and expand their customer base. Companies are investing extensively in R&D operations and are focusing on providing customized services to their customers.

Market Segmentation –

By Model Type

  • Product-Centered Business Model
  • Hybrid Business Model
  • Service-Based Business Model

By Services

  • Standalone
  • Bundled

Enterprise Size

  • SME
  • Large

End-use Industry

  • BFSI
  • Healthcare
  • IT & Telecom
  • Retail & Consumer Goods
  • Travel & Hospital
  • Media & Entertainment
  • Transport & Logistics

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
  • Europe
  • 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?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across 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.

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Product As A Service Market

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