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The Internet of Things (IoT) is now an important component of digital transformation across industries. With its core concepts revolving around real-time connectivity and advanced data analytics, IoT is poised to provide benefits, such as real-time asset and process monitoring, cloud connectivity, asset mobility, remote tracking and controlling, predictive and prescriptive maintenance, edge-based computing and data analytics for large datasets. These developments will be a huge benefit to the analytical instrumentation market participants that deal with large datasets and performance-critical applications in industries, such as pharmaceuticals, oil and gas, chemicals, and research. That said, the actual implementation of the IoT concept has been a tad bit slower due to the sensitive nature of data generated in these end-user industries. However, the industry is slowly warming up to digitalization and is willing to experiment with digital concepts. The key trend is the introduction of cloud-based solutions in the services portfolio, as a part of lab management and informatics systems. This gives vendors the opportunity to collaborate with end users and create customized solutions, a trend that is highly preferred by the niche end users of the analytical instrumentation market. Other key IoT features are influencing the analytical instrumentation industry at the product level. Compact, plug-and-play, and portable instruments are expected to become more prominent in the coming years. The competitive landscape is also expected to become more diverse with start-ups entering the market. Business synergies between traditional players and startups are expected to create new business models with customer satisfaction at its core. The companies included in this Frost Radar™ are Agilent Technologies, Thermo Fisher Corporation, Bruker Corporation, Waters Corporation, Leica Microsystems, Shimadzu, Atonarp Inc, IRsweep, Plasmion Gmbh, OmniScent, PerkinElmer, and SCIEX.The Frost Radar™ reveals the market positioning of companies in an industry using their Growth and Innovation scores described in the Frost Radar™ methodology. This research service presents competitive profiles of companies featured on the Frost Radar™, based on their strengths, opportunities, and offers a small discussion of their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar™, where the leading companies in the industry are then positioned. Industry leaders on both the growth and innovation indices are recognized as best practice recipients.Author: Ram Ravi
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