Market Overview

Top 3 Trends Impacting the Global Industrial Robotics Rental Market Through 2021: Technavio

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Technavio's latest market research report on the global
industrial robotics rental market
provides an analysis of
the most important trends expected to impact the market outlook from
2017-2021. Technavio
defines 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. ...

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 robotics
research, "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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