Suppliers are making concerted efforts to turn Big Data into smart data and shift the market from the traditional "time-people" business model to more proactive, performance-based business models.

"Industrial NDT capabilities based on the Internet of Things (IIoT) and artificial intelligence (AI) are disrupting market structures and driving the transformation of traditional business models," says Prem Shanmugam, Senior Consultant for Instrumentation and Measurement at Frost & Sullivan. "Automation companies are increasingly repositioning themselves as service providers, while sensors and predictive analytics have enabled providers to develop innovative business models.".

Frost & Sullivan's recent analysis, "Global Non-destructive Testing Inspection Services Market, Forecast to 2022," identifies key growth opportunities while detailing challenges and threats. The forecast period is 2018 to 2022, with 2017 as the base year. It covers the ultrasound, radiography, electromagnetic, visual inspection, and penetrant testing technology segments.

For more information about this analysis, visit: http://frost.ly/30g

“This evolving market ecosystem will encourage numerous mergers and acquisitions as NDT inspection service companies look to expand their capabilities in areas such as online monitoring, robotics, and predictive analytics,” Shanmugam noted. “The convergence of dimensional metrology with NDT applications will help create a competitive advantage for NDT providers by enabling them to expand beyond their core capabilities. For example, technological synergies will allow providers to use handheld 3D laser scanners to scan for pipe corrosion.”.

Another important benefit of applying technologies such as connectivity, cloud computing, and advanced analytics is that it mitigates the challenge of having a small pool of experienced and qualified NDT technicians. Additional revenue opportunities can be generated by leveraging cutting-edge technologies, such as:

- AI-powered industrial robots for inspection and materials handling.
- Intelligent algorithms for processing large amounts of data in real time.
- Drones for inspecting and repairing damaged components in the wind energy sector. The results will be automatically analyzed using fuzzy logic and neural networks.
- Mechanical tracking tools to ensure adherence to the actual part structure, or new advanced technologies such as 3D CT X-rays.
- The combined synergies of NDT inspection services with online monitoring solutions similar to condition monitoring and other advanced ICT and analytics.