LONDON--(BUSINESS WIRE)--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.
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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:
- Global Building Maintenance Services – Procurement Market Intelligence Report 2017-2021
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- Global MRO PPE Market - Procurement Market Intelligence Report 2016-2020
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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.
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