Technavio's latest market research report on the global industrial robotics rental marketprovides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global industrial robotics rental market from 2017-2021. (Graphic: Business Wire)
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The top three emerging market trends driving the global industrial robotics rental market according to Technavio research analysts are:
- Remote services and the Internet of Things
- Adoption of data analytics to improve customer experience
- Increase in customization of services
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Remote services and the Internet of Things
The increase in the adoption of remote monitoring services is expected to be a major trend during the forecast period. With the widespread penetration of the Internet, vendors are modifying their method of delivering customer service by offering online options to interact with customers and troubleshoot the issues they are facing.
For instance, Hirebotics is moving away from the conventional approach of providing predictive maintenance by using mobile apps and is capitalizing on the Internet of Things phenomenon. It can track remotely located robots and gauge the condition of robots and equipment in real-time, by monitoring parameters such as temperature, CPU load, and the number of hours the robot has been active. This ensures efficient predictive maintenance planning and scheduling. The information collected by continuous monitoring is saved in cloud servers for backup, reporting, diagnostics, and benchmarking.
According to Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for roboticsresearch, "Vendors are focusing on developing business models that ensure device-to-network connectivity and data models that collect real-time information, respond to triggers, and send alerts to service personnel through push notifications on smartphones. This will ascertain that industrial robotics rental services are more preemptive in their diagnosis and issues are solved before any critical problem arises."
Adoption of data analytics to improve customer experience
As the market is gaining traction, key players are devising strategies to improve their customer service and support. This will help them improve their brand value. Tracking real-time data can be helpful in improving their initial contact with customers along with improvement in preventive maintenance and reducing response times. Data analytics can also ensure that issues are addressed before they turn critical.
"With the increased penetration of smart devices, vendors are giving their customers critical information about the industrial robots on their smart devices. Vendors are also providing cloud-based apps to customers and service personnel, through which they get alerts about service and replacement requirements. Such collaborations will help vendors in improving their customer service and support initiatives, which will lead to the growth of the market," says Raghav.
Increase in customization of services
To improve the delivery of their customer services and prolong their existing customer relationships, companies are also introducing rental service agreements allowing customization of their services. The customized service agreements ensure that the service response time is lower than the standard. Customized service agreements also offer more frequent inspections and remedial check-ups of equipment to ensure a reduction in the downtime and risk of unplanned stops.
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