The "Global Automation Lifecycle Services Market 2019-2022 - Zeal for Productivity and Profit Pressures Accelerate Growth" report has been added to ResearchAndMarkets.com's offering.
This market analysis estimates the market size to grow from $49.56B to $61.11B between 2019 and 2022 at a CAGR of 7.2%
The report finds the decline in the skilled industrial workforce, shift from manual to digital workplaces, the movement to online and inline continuous monitoring, and shift toward operational expenditure based pricing models as the major driving factors.
Furthermore, the current market offerings, which limit to products and services in tandem, are expected to become obsolete against the emergence of digital delivery and outcome-based model, where digital platform-based solutions drive end-to-end plant optimization within the next 5 to 10 years.
Amid shifting industry dynamics being driven by decentralization, digitalization, decarbonization and the rise of new business models, the keystone market of industrial automation, lifecycle services, is expected to experience a phase of strong short-term growth.
Among the market tiers of lifecycle services, Level-3 (connected services) is poised to see strong adoption across a spectrum of field devices (heat exchangers, corrosion monitoring, flowmeters, control valves). Level-1 (support services) is expected to maintain a majority share. Level-2 and Level-3 services are forecast to be the two fastest-growing segments. Together, they are expected to account for 46.80% of the market by 2022. L4 services are likely to be highly sought after, but will make up only 4% of the market.
The process industry constitutes 79.5% market among industries. Large field and expanding plant base relative to hybrids and discrete industry contribute toward it being dominant. Asia-Pacific, North America, and Europe account for in excess of 60% of the market. The presence of large oil and gas, power, and chemical plant base compared to other regions is the main reason for this large share.
According to the market analysis, Emerson Automation was the market leader as of Q4 2019, however, strong competition in terms of market offerings and solution value propositions is expected, and as a result, Siemens is likely to lead the market by 2022. Overall, leading market participants offering their respective marquee lifecycle solutions include Emerson Automation, Siemens, ABB, Honeywell, Yokogawa, Rockwell Automation, and Schneider Electric. Maturity of lifecycle services offering, organization alignment, future vision on lifecycle services, go-to-market strategy, and lifecycle value propositions have been analyzed in tandem with major automation solution provider financials to estimate market participant share.
The emergence of COVID-19 has been taken into consideration while drawing market forecasts. However, as the situation continues to remain highly fluid, the publisher will continue to monitor and make any revisions on its estimates if deemed necessary.
Key Topics Covered:
1. Executive Summary
- Executive Summary - Key Findings
- Impact of COVID-19
- Top Line Research Findings
- Market Analysis by Service Level, Business Unit, Sectors, and Region
- Industry and Business Process Transformations
2. Research Scope, Objectives, and Methodology
- Definitions and Service Scope
- Research Scope
- Key Questions this Research will Answer
3. Macro Trends to Watch
- Mega Trends in the Pandemic Era
- Impact of COVID-19 on World Growth
- COVID-19 Impact on Key Regions and Countries
- Impact of COVID-19 on Key Industries
4. Key Lifecycle Services Market Trends to Watch
- Key Lifecycle Services Market Trends to Watch
- Every Business will Become a Connected Business
- Future Industrial Workforce Impact
- Data is the New Gold - Unbundling Siloed Value Through Data
- Data is the New Gold - Two Methods of Compute Emerging
- Data is the New Gold - Automation Giants Articulate the Value of Data
- Edge Computing will Become the Compute Platform of Choice
- AR Adoption for Field Maintenance Services
- Transition Toward Prescription Intelligence
- Prescriptive Intelligence Combines with Cognition
5. Driving Factors and Challenges Analysis - Total Lifecycle Services Market
- Driving Factors and Challenges for Lifecycle Services Market
- Driving Factors and Challenges Impact Mapping
- Driving Factors Explained
- Challenges Explained
6. Total Lifecycle Services Market - Forecasts and Trends
- Definitions and Service Scope
- Market Analysis by Service Level, Business Unit, Sectors, and Region
- Market Analysis Discussion by Service Level, Business Unit, Sector, and Region
- Revenue Forecast by Service Level
- Revenue Forecast Discussion by Service Level
- Revenue Forecast by Business Unit
- Revenue Forecast Discussion by Business Unit
- Revenue Forecast by Region
- Revenue Forecast Division by Region
- Revenue by Region
- Revenue Forecast by Sector
- Revenue Forecast Discussion by Sector
7. Total Lifecycle Services Market - Competition Analysis
- Lifecycle Services Competitive Heat Map
- Market Share Analysis
- Vendor Profile - Emerson Automation Solutions
- Emerson Automation - Lifecycle Services Value Proposition
- Vendor Profile - Siemens Digital Industries
- Siemens Digital Industries - Lifecycle Services Value Proposition
- Vendor Profile - ABB Industrial Automation
- ABB Industrial Automation - Lifecycle Services Value Proposition
- Vendor Profile - Honeywell SPS
- Honeywell - Lifecycle Services Value Proposition
- Vendor Profile - Yokogawa
8. Growth Opportunities and Companies to Action
- Growth Opportunity 1 - Value Shift from Hardware to Software
- Growth Opportunity 2 - Cybersecurity as a Service
- Growth Opportunity 3 - Focusing on Emerging Economies
- Growth Opportunity 4 - Strengthening Digital Capability Through Partnerships and M&As
- Strategic Imperatives for Success and Growth
9. Key Conclusions
Companies Mentioned
- ABB Industrial Automation
- Emerson Automation Solutions
- Honeywell SPS
- Rockwell Automation
- Schneider Electric
- Siemens Digital Industries
- Yokogawa
For more information about this report visit https://www.researchandmarkets.com/r/ug23dw
View source version on businesswire.com: https://www.businesswire.com/news/home/20201022005534/en/
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