The market research firm's recent analysis, titled "Advanced Services in the Analytical Instrumentation Market, Forecast to 2022," identifies new areas of advanced services, including asset management services, radio frequency identification (RFID) inventory control services, laboratory intelligence services, consulting services and compliance services. It also offers a deep dive into new data-driven business models.
"As the data collected from instruments can potentially deliver more value than the hardware, there is high demand for analytical instruments that mine data and convert it into actionable insights," says Mariano Kimbara, senior industry analyst, industrial group at Frost & Sullivan. "Consequently, service providers are delivering software solutions that help digitize lab operations by intelligently connecting people, processes, data and instruments. These solutions will allow users to target services more strategically, better utilize assets, reduce downtime and plan program schedules."
Analytical instrumentation vendors will see opportunity for growth in the following five areas:
- Delivering an OPEX model. Create an asset management service that increases visibility into the condition of existing assets.
- Shifting from a reactive business model to a proactive business model. A central data platform with automated allocation of instruments and inventory based on project demand and timelines can help anticipate events and lower costs.
- Tapping opportunities to cross-sell. The growth of asset management services could lead to revenue opportunities from rental services.
- Delivering offline and online measurement services. They can expand service lines through partnerships with software analytics providers.
- Making available expert, multi-vendor instruments service support.