We present a model, combining servitization decision and a conventional two-sided market approaches, to understand expected outcomes and current market situations. We suppose an individual manufacturer participates in multiple platforms and decides whether to initiate servitization by considering latent profitability and risk. The analytical results from the model show that increasing competition within servitized companies lead to a servitization equilibrium, wherein the ratio of servitized companies in a market is stable, due to a gradual decline in relative benefits compared to non-servitized companies. This holds even in the case that the number of customer is increasing along the diffusion of servitization, under some restricted conditions.