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Assessment of Innovative Business Models to Unlock New Revenue Streams
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This Frost & Sullivan study identifies, assesses, and evaluates the lucrative growth opportunities available for pump vendors if they integrate IIoT into their solution offering. Based on interactions with pump, automation, IoT, and end-user companies, Frost & Sullivan has identified 5 growth opportunities that helps pump manufacturers to identify new revenue streams in this mature market environment. More importantly, it helps pump manufacturers to position themselves as attractive partners for end users who are aggressively realigning their maintenance approach to become more predictive and prescriptive.The advent of the Industrial Internet of Things (IIoT) is set to transform the value chain of the manufacturing industry. With the onset of next-generation technology, it is essential for pump manufacturers to assist end-users in their transformation journey towards establishing a digitally connected ecosystem. This impels pump vendors to design and develop smart and intuitive pump systems and shift their solution offering by focusing on delivering a wide-array of asset monitoring services.In this study we have provided an overview on the pump services market and covered its evolution from offering basic services to advanced services that are predominantly driven by IIoT-based technologies. The study also captures the present pulse of the industry verticals and highlights the current mindset, the receptiveness to IIoT, and investment plans. Some of the industries included are oil and gas, chemical processing, water and wastewater, power generation, food & beverage, and pulp & paper.
Key Issues Addressed
• What are the new business models emerging for pump manufacturers with the growth of IIoT?
• What is the market size of the services in the pumps industry? How can IIoT help increase a company’s revenue with services?
• What are the major growth drivers that unlock new growth prospects for the pumps industry? What are the roadblocks hampering their success?
• What are the top 5 growth opportunities that pump manufacturers can monetize? Which of these IoT-based businesses are attractive for end users?
• How can pump manufacturers adapt to the changes in the manufacturing landscape and remain competitive?
• What are the key challenges faced by end users? What is end user perception towards IIoT and key requirements?
• Where do end users see the relevance and need for IIoT in their plant maintenance? Is it at a component, plant, or an enterprise level?
Author: Kiravani Emani
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