LONDON, Dec. 2, 2013 /PRNewswire/ -- The global industrial services market has grown significantly in the last few years, post-2008. Traditionally, this market is associated with repair and maintenance but of late, this perception has been changing. The focus has switched from traditional services to value-added services. This trend is likely to alter the landscape of industrial services in Europe.
New growth factors in the industrial services market in Europe will be presented during Frost & Sullivan's upcoming web conference on Thursday, 5th December 2013, at 14.00 GMT. Frost & Sullivan Industrial Automation & Process Control Research Manager Sivakumar Narayanaswamy and Industry Analyst Karthik Sundaram will discuss changes in end-user expectations and requirements of services across various product markets, and how this would impact product strategies and functionalities in the future.
Frost & Sullivan mapped the market into the larger framework of Industry 4.0. Implementation of innovations in services might be the first step towards achieving this futuristic vision. The industry is facing a new services evolution with "The Internet of Services" leading this process. The Internet of Services is a framework that describes the future of services founded on a device-independent and device-dependent service model. The projection of this trend onto specific products in the industrial space will lead the market to identify a number of new service opportunities that bears immense significance to industrial product suppliers.
"From a demand perspective, end-users are increasingly looking at maintenance and plant service as a means for maximising profitability," says Industrial Automation & Process Control Research Manager Sivakumar Narayanaswamy. "From a market standpoint, we can safely surmise that the demand for services has been improving quite significantly over the last decade. There is also a growing acknowledgement from industrial product suppliers and the end-user community about the dawn of services as the next big frontier for business model innovation and profitability."
If you would like to participate in this complimentary web conference, please email Julia Nikishkina, Corporate Communications at Julia.Nikishkina@frost.com, with your full contact details. Upon receipt of the above information, a registration link will be e-mailed to you. You may also register to receive a recorded version of the briefing at anytime by submitting the aforementioned contact details.
Also more information about European Industrial Services market you can find on SlideShare: http://www.slideshare.net/FrostandSullivan/industrial-services-a-new-frontier-for-business-model-innovation-and-profitability
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SOURCE Frost & Sullivan