Meticulous Research®—a leading global market research company, published a research report titled, ‘Industrial Asset Management Market by Offering, Deployment Mode, Asset Type, and End-use Industry (Food & Beverage, Pharmaceuticals, Biotechnology, Medical Devices, and Other Industries), and Geography - Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the global industrial asset management market is projected to reach $14.4 billion by 2029, at a CAGR of 12.2% from 2022 to 2029.
The growth of this market is driven by the benefits of cloud-based industrial asset management solutions and the rising need for the real-time monitoring of industrial assets. However, concerns regarding data security & confidentiality restrain the growth of this market. The integration of Artificial Intelligence, Machine Learning, and 5G technologies and the growing adoption of industrial asset management solutions in the pharmaceutical sector are expected to create growth opportunities for the players operating in this market. However, the lack of infrastructure & IT capabilities is a challenge for market growth. Additionally, the increasing integration of predictive analytics is a major trend in the industrial asset management market.
The global industrial asset management market is segmented by offering (solutions [predictive maintenance solutions, asset lifecycle management solutions, inventory management solutions, reporting & analytics solutions, and other industrial asset management solutions], services [professional services, managed services]), deployment mode (on-premise deployment, cloud-based deployment), asset type (conventional assets, automation assets), and end-use industry (food & beverage, chemicals, automotive manufacturing, pharmaceuticals, biotechnology, medical devices, metal & mining, energy & power, aerospace & defense, electronics & semiconductors, and other industries) The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on offering, the global industrial asset management market is segmented into solutions and services. In 2022, the solutions segment accounted for the larger share of the global industrial asset management market. The large market share of this segment is attributed to the increasing demand for cloud-based industrial asset management solutions, the growing need to reduce maintenance costs and procurement expenses among companies, and the need to gain a 360-degree view of assets. The solutions segment is also expected to register the highest CAGR during the forecast period.
Based on deployment mode, the industrial asset management market is segmented into on-premise deployment and cloud-based deployment. In 2022, the on-premise deployment segment accounted for the larger share of the global industrial asset management market. The large market share of this segment is attributed to the higher data security & privacy offered by on-premise IAM solutions, the increasing need to cater to the specific needs of various end-use industries, and the high acceptance of on-premise IAM solutions among large enterprises. However, the cloud-based deployment segment is expected to register the highest CAGR during the forecast period.
Based on asset type, the industrial asset management market is segmented into conventional assets and automation assets. In 2022, the automation assets segment accounted for the larger share of the global industrial asset management market. The large market share of this segment is attributed to the growing demand for efficient inventory tracking, better accountability and preventing theft and misuse of IT assets, a rise in demand for centralized vendor management and improved data accuracy, and a surge in demand to reduce the maintenance cost and ease the burden of audits. The automation assets segment is also expected to register the highest CAGR during the forecast period.
Based on geography, the global industrial asset management market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific accounted for the largest share of the global industrial asset management market. The large share of this market is attributed to the heavy investments by private and public industries to manage essential resources & machinery, the presence of a large number of industrial manufacturing industries, the surge in demand for cost-effective IAM solutions, and the increasing emphasis on leading providers to launch industrial asset management solutions & services. This region is also projected to grow at the highest CAGR during the forecast period.
The key players operating in the global industrial asset management market are ABB Ltd (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Emerson Electric Co. (U.S.), Endress+Hauser Group Services AG (Switzerland), General Electric (U.S.), Honeywell International Inc. (U.S.), Rockwell Automation, Inc. (U.S.), SKF Group (Sweden), and Yokogawa Electric Corporation (Japan).
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