Software-as-a-service will generate numerous growth opportunities, finds Frost & Sullivan's Measurement & Instrumentation team
SANTA CLARA, Calif., May 31, 2017 /PRNewswire/ -- The test and measurement (T&M) professional services market is experiencing double-digit growth fueled by new partnerships and business and revenue models. Innovative platform-centric business models, such as software-as-a-service (SaaS), effectively integrate software analytics, hardware and services, while asset management, prototyping, and data analytics create disruptive services and redesign the customer experience across the entire T&M life cycle.
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Current and Evolving Opportunities for Professional Services in the Test & Measurement (T&M) Market, Forecast to 2021, recent analysis from Frost & Sullivan's Test & Measurement Growth Partnership Subscription, finds that the T&M global advanced professional services market generated revenues of $254.4 million in 2016 and is expected to grow at a compound annual growth rate of 16.9 percent until 2021. The research analyzes emerging advanced service-based business models, competitor structures, market size, and end-user verticals showing major growth opportunities.
"Traditional offerings are focused on repair, calibration, leasing, and instrument tracking. In the future, the market will see a boom in software-centric service solutions, end-to-end business processes and operating systems, and fee-based business models," said Frost & Sullivan Measurement & Instrumentation Services 2.0 Lead Analyst Mariano Kimbara. "A potential growth scenario is T&M manufacturers expanding their service lines and pursuing open partnerships with software analytics players to harness new revenue streams and synergies."
Several developments and trends are driving growth in the T&M professional services market:
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Current and Evolving Opportunities for Professional Services in the Test & Measurement (T&M) Market, Forecast to 2021
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