2023 Connected Services for Industrial Equipment Study

About the Study:

Lifecycle Insights conducted the 2023 Connected Services Study and surveyed over 300 respondents to understand the top factors that drive SMB manufacturers to adopt IoT solutions and the relative priority of the outcomes they hope to achieve. In addition, the study sought insight into the production-related challenges facing SMB manufacturers and the ways in which SMB manufacturers currently use IoT solutions in their operations. Survey respondents originated mainly from Europe and represented numerous industry verticals.

Study Demographics:

The findings of this study were based on 300 respondents spread across the following industries:

• Industrial machinery (29%)

• Heavy equipment/Machinery (9%)

• Automotive (8%)

• Mold, Tool and Die (4%)

• High Tech and Electronics (36%)

• Aerospace, Consumer Products, and Medical Devices (14%)

Respondents’ company revenues varied widely, but most were under $100m (36%), $100 to $300m (29%), $300 to $750m (22%) and between $750m and 1B (13%).

Methodology:

Lifecycle Insights employed its proven benchmarking methodology in this quantitative research study. This methodology includes:

• the development of a neutral-language survey instrument that captures an accurate, impartial state of the industry for the given program’s scope using Lifecycle Insights’ best practices and library of questions;

• the careful recruitment and screening of qualified respondents that represent the target stakeholders for this program’s parameters using Lifecycle Insights’ third-party partnerships;

• the review, cleansing, and validation of respondent’s answers using Lifecycle Insights’ internal flagging system;

• the explorative development of indices and cohort definitions to iteratively isolate correlated sets of performance and practices using Lifecycle Insights’ benchmark approach; and

the calculation, analysis, and group review of the study’s findings to vet and distill takeaways using Lifecycle Insights’ processes and procedures.