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A new model for servitization of the manufacturing industry is proposed based on the concept of knowledge space, denotes that the set of all knowledge from performing companies, customers, and users is dynamic over time and has a positive relationship with the produced solution. This research explains the use of the knowledge space concept for value co-creation in the manufacturing industry. It also discusses the pertinent issues of the value co-creation process for adapting servitization based on the results of one “B to B to B” collaboration and two “B to B to C” collaboration case studies.