Rebounding from a two-year slump, the non-destructive test (NDT) inspection services market is undergoing an overall transformation. The convergence of various technologies such as Big Data, predictive analytics, digital twin, cloud computing and smart factories is enhancing growth opportunities in the market, giving rise to several new business models. Vendors are making concerted efforts to convert Big Data to smart data and shift the market from the traditional time-people business model to more proactive performance-based business models.
“Industrial Internet of Things (IIoT) and Artificial Intelligence (AI)-based NDT capabilities are altering market structures and driving the transformation of traditional business models,” said Prem Shanmugam, Senior Consultant for Measurement and Instrumentation at Frost & Sullivan. “Automation companies are increasingly repositioning themselves as service providers, while sensorisation and predictive analytics have enabled vendors to develop innovative business models.”
