MRO Services Market: Technavio Reveals Cost Saving Opportunities

Technavio has published a new report on the global MRO services market from 2016-2020. (Graphic: Business Wire)

???pagination.previous??? ???pagination.next???

LONDON--()--According to the latest procurement intelligence report from Technavio, the global maintenance, repair, and operations (MRO) services market is expected to grow at a CAGR of 4.5% over the next five years.

The research report titled Global MRO Services: Procurement Intelligence Report 2016-2020 provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.

Growing demand for predictive maintenance across industries such as chemicals, automobile, and pharmaceuticals is driving the market,” said lead Technavio procurement expert Angad Singh for category spend intelligence research. “The demand for predictive maintenance is expected to grow at a CAGR of 26.5% through 2020,” added Angad.

Request a sample report: http://www.technavio.com/request-a-sample?report=52895

Technavio sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

Cost saving opportunities in the MRO services market

Buyers can improve cost savings by adopting 3D printing and e-procurement, and also enhance the efficacy of operations by outsourcing integrated MRO services.

Technavio procurement experts have segmented the cost saving opportunities in the MRO services market into the following value-enhancement opportunities:

  • Adoption of technology
  • Supplier Competition
  • Adoption of negotiation strategies
  • Optimization of procurement practices
  • Bundling of services

Adoption of technology saving aspects

Solutions such as KeepStock help buyers save time and costs by reducing transaction costs, lowering inventory carrying costs, and enabling automated order processing.

Digitization interlinks all aspects of MRO. It helps maintain previous maintenance and service records, and e-signatures and helps suppliers plan for preventive maintenance.

Optimization of procurement practices saving aspects

It is important for large organizations to maintain an optimum mix of regional and global players to ensure consistency in the supply of spares, materials, and services to meet maintenance/service requirements. The performance of suppliers can also be linked to a portion of their fee and can be paid upon the rendering of services in a satisfactory manner.

Bundling of services saving aspects

Buyers can consider bundling category spend with tail spend categories. This considerably minimizes the complexities of engaging with local distribution partners.

Browse other reports:

Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.

About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

According to the latest procurement intelligence report from Technavio, the global maintenance, repair, and operations (MRO) services market is expected to grow at a CAGR of 4.5% from 2016-2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com