APAC / March 2017 5 NEWS , Converging technolo- gy such as Big Data and the Industrial In- ternet of Things will create new business opportunities, while assured rev- enues via supplier-offered propri- etary systems will ignite growth. To seize growth opportunities, companies specializing in a par- ticular product or technology must seek out collaborative partner- ship strategies or acquire existing solution providers who have the right mix of condition monitoring technology, expertise and service capabilities. “A large share of condition mon- itoring systems, especially the software, is proprietary and has advanced capabilities. End us- ers usually work with the same brand or supplier for upgrades and further testing. To assure current revenues, suppliers must offer quality products and custom- er-centric services,” said Frost & Sullivan Industrial Automation and Process Control Industry An- alyst Krishnan Ramanathan. Asia-Pacific Condition Monitoring Equipment Market, Forecast to 2020,recent analysis from Frost & Sullivan’s Industrial Automa- tion and Process Control Growth Partnership Services, finds that the total condition monitoring equipment market in Asia-Pacif- ic was worth US$430.8 million in 2015 and is expected to reach US$514.8 million by 2020. The study provides analysis of the types of condition monitor- ing techniques and systems deployed across the Asia-Pacif- ic region. It discusses key driv- ers, restraints, major suppliers, trends, technologies and success factors. Industry participants are profiled with a separate section for each product type. Tourism Fiji is proud to announce an offi- cial partnership with the International Day of Happiness this year. Fiji has been granted Inter- national Day of Happiness mem- ber state accreditation status, and is one of the first nations in the world to receive this status. Matt Stoeckel, CEO of Tourism Fiji says, “Fiji is the place where hap- piness finds you and the hospital- ity extended to its visitors is world renown. Tourism Fiji recognizes the synergies with the Internation- al Day of Happiness and through this partnership will showcase to the rest of the world what makes Fiji such a happy place.” In the lead-up to International Day of Happiness next week on 20 March Tourism Fiji will be sharing the stories of what makes Fiji such a happy place via social media channels to a global audi- ence. A competition will also run during this period and a dedicated microsite where users can vote on Fijian experiences that they feel best represent ‘where happi- ness finds you’. International Day of Happiness Founder Jayme Illien says, “We are thrilled to partner with Tourism Fiji and Fiji in 2017. It’s a natural partnership and we hope the rest of the world will learn a thing or two and take meaningful steps to- wards richer, happier lives. Impor- tantly, we see this partnership as a long-term relationship and are confident it will act as a model for other partnerships going forward.” To learn more about the Interna- tional Day of Happiness, go to www.happinessday.org To experience first-hand what makes Fiji such a happy place, go to www.fiji.travel/happiness Tourism Fiji is the Fijian Govern- ment’s tourism marketing body and is responsible for promoting Fiji as a visitor destination around the world. Tourism Fiji has offic- es in Nadi, Sydney, Auckland, Los Angeles, London and repre- sentatives in India, reflecting the importance of visitors from these markets. Tourism Fiji also works closely with Fiji’s national airline - Fiji Airways - to market Fiji’s is- lands in Singapore and China. The tourism industry has contrib- uted significantly to Fiji’s econ- omy and is the country’s largest foreign exchange earner. The industry provides employment directly and indirectly to an esti- mated 45,000 people and is the fastest growing industry in terms of employment. In 2015, Fiji wel- comed 754,835 visitors to its shores. The value of tourism in Fiji drives Tourism Fiji to continue to deliver a world-leading destina- tion and help travel sellers around the world understand the beauty and character of Fiji. Fiji Becomes ‘International Day of Happiness’ Partner The conditionmonitoring equipment market in the Asia-Pacific region is set for transformation during the next five years according to Frost & Sullivan. SKF, Emerson, Rockwell Au- tomation, FLIR, Bruel & Kjaer, PRUFTECHNIK, and Parker Hannifin are long-standing com- panies that differentiate their product offerings via strategies such as maintenance/repair sup- port, technology, additional train- ing and performance. Advanced technologies such as electrical signature analysis are increasing the deployment of condition mon- itoring systems across industries due to a low total cost of owner- ship. Other noteworthy developments include: • Services are gaining promi- nence due to the downward trend in new projects, espe- cially in the oil and gas indus- try. • As new technologies become easily deployable, monitoring activities will become out- sourced. • Significant opportunities exist for the merging of asset con- dition monitoring data and as- set-related data from various sources into a single enter- prise-wide platform. • Software revenue will grow at a higher rate than hardware due to an increase in spend- ing on connectivity and con- vergence. “Many alliances are emerging between automation vendors, information and communica- tion technology (ICT) vendors, and telecom providers to gain a share of the emerging ma- chine-to-machine (M2M) market that predominantly benefits asset management. Companies adopt- ing new technologies such as cloud-based asset management will gain prominence,” notes Ra- manathan. www.frost.com The International Day of Happiness is a United Nations initiative introduced in 2011 that recognises “the pursuit of happiness as a fundamental human goal” and has been celebrated around the world on the 20th of March ever since.