The Global Machine as a Service market is expected grow at a high rate in the forecasted period owing to increasing adoption of IoT platforms, advanced HMIs such as screens, smartphones and PCs and the SCADA system for smart manufacturing, burgeoning deployment of AI and ML in corporate offices in order to eliminate time-consuming documentation work and a significant rise in the number of the service provider. Moreover, snowballing investment in R&D, escalating adoption in health machine and soaring demand for subscription payment are the factors placing a lucrative opportunity for the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report “Global Machine as a Service Market Analysis, 2021”, the market is anticipated to grow at a CAGR of around 40% during 2021-26. Based on the Type of Model, the Type 1 segment acquired a significant market share in 2020. The deployment of the Type 1 model is generally among smart factories for data collection and data-driven optimization. Besides this, the deployment of an industrial cloud platform to provide real-time data from the machine to the manufacturer and the client are projected to fuel the growth of the segment in the near future.
“Global Machine as a Service Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Machine as a Service provider across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Dominated the Market
North America dominated the Global Machine as a Service market in 2019. The US grabbed the highest market share in the North America market on account of propelling the demand of MaaS from large enterprises, significant investment in the startup companies and burgeoning adoption of disruptive technologies such as IoT, Industrial Internet of Things (IIoT) and cloud computing. Besides this, Manufacturers are inclining more toward the service-based business model in order to create and provide better services and products. Hence, this is anticipated to bolster the growth of the Machine as a Service Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Machine as a Service Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Machine as a Service market are Heidelberger Druckmaschinen AG, Kaeser Kompressoren, Heller Hardware, Rolls Royce, Atlas Copco Group, Hilti Corporation, Others etc.
Key questions answered in the study: