Equipment as a service (EaaS) is a newer concept in comparison with the commonly used software as a service (SaaS). SaaS helps customers to use cloud-based software on a subscription basis. For instance, the growing usage of OTT platforms such as Netflix can be used without having to own it. Such developments have bought in the realms of productivity and efficiency in various industries. In current times, some factories that print their own product using 3D printing and machines notify their operators about their failure. Such industry 4.0 solutions have given rise to the latest business model of EaaS in factories.
Initially, EaaS was not widely adopted as the systems could not predict accurate system failures. However, EaaS gained momentum over the recent past due to the introduction of the industrial Internet of things (IIoT) such as artificial intelligence, predictive maintenance, and Internet of things (IoT) solutions. In scenarios where pay-per-use wasn’t reliable, adoption rates of IIoT surged making pay-per-use a vital solution for manufacturers. Thus, pay-per-use for equipment and machines is a successful business model in several industries such as medical equipment.
Along with increased revenue with greater adoption of EaaS, the model helps in maintaining strong relationships with customers. Over the forecast period, the equipment-as-a-service market is expected to soar in several industries and attract market players.
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Equipment-as-a-Service Market: Market Dynamics
Internet of Things Continues Create to Lucrative Opportunities for Market Players
Mounting disruption and digitalization are offering lucrative opportunities for enterprises with revolutionary business models making their way to the market. One of the major factors showing tremendous promises is the integration of IoT technology and equipment with aspects of the SaaS model. With the emergence of cloud computing, SaaS became popular amongst users as it offered software access for a subscription fee along with upgrades and maintenance by software companies.
Equipment-as-a-service offers greater options for both businesses and manufacturers. With the integration of IoT technology with equipment contracts, numerous enterprises are gaining better uptime without incurring heavy costs. Equipment and machinery companies frequently profit from the lower failure rate as the equipment is serviced before the problem becomes bigger.
Maintaining Configuration Complexity Hindering Market Growth
Configuration complexity has been an ever-increasing problem for years. In the past, many elements of system configuration such as the operating system, hardware, storage & database, and applications were easily and simply tied together in a single system. In addition to this, spur in system complexity is high, as customers demand more customization and precise specifications. Therefore, such a growing demand for complex system configuration is one of the major factors limiting the growth of the equipment-as-a-service market.
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Equipment-as-a-Service Market: Regional Outlook
North America is anticipated to hold a major position in the equipment as a service market due to the mounting adoption of advanced technology in this region. Additionally, majority of key players have a strong presence in this region, which is fuelling EaaS market growth. Moreover, South Asia & Pacific is expected to grow significantly over the forecast period. The EaaS market is poised to grow owing to the use of IIoT and IoT technologies in various landscapes in this region.
The equipment-as-a-service market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
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