According to a new market 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,' 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.
Industrial asset management (IAM) is a system used to track
and maintain industrial assets such as machines, tools, and equipment. IAM
systems are used in manufacturing and other industrial settings to help
companies keep track of their assets and plan for their future needs to meet
customer demand. By using an industrial asset management solution,
manufacturing companies can improve the efficiency of their operations and
reduce the costs associated with maintaining their industrial assets.
The growth of this market is driven by the benefits of
cloud-based industrial asset management solutions and the rising need for
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.
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Integration of artificial intelligence, machine learning,
and 5G technologies is expected to create opportunities for industrial asset
management market growth.
Digitization across verticals is creating new opportunities
for organizations to optimize and extend asset lifecycles. Technologies such as
artificial intelligence (AI), machine learning (ML), natural language processing
(NLP), big data analytics, 5G, IoT, and cloud computing are transforming the
industrial asset management landscape. Also, technological advancements are
improving operational support, automation, and efficiencies in client
servicing, data management, and compliance.
Furthermore, industries have started leveraging big data to
gain actionable insights, understand customer requirements, and increase
overall productivity. 5G technology has the potential to enhance
next-generation asset management solutions & services for the timely
prediction of industrial maintenance and improved workplace safety. 5G
technology is expected to become a key component of predictive asset
management, especially in the monitoring of rotating equipment and corrosion
thickness. Cloud technology has become essential to enhancing industrial asset
management solutions with integrated performance monitoring, debugging tools,
technical support, and services. AI offers predictive maintenance strategies to
prevent disruptions in equipment uptime, optimize processes, and identify
process anomalies. The increasing integration of these advanced technologies
with industrial asset management systems, and government investments in digital
transformation, are expected to create opportunities for market growth.
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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, in 2022, the solutions segment accounted
for the largest 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. In addition, benefits offered by industrial
asset management solutions, such as streamlining of audits, compliance
management, proper inventory management, and efficiency management, further
augment the growth of this segment. Several providers are investing in R&D
to improve the solution and make them more affordable for small and
medium-scale industries. Also, this segment is projected to register the
highest CAGR during the forecast period.
Based on asset type, 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.
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Based on deployment mode, in 2022, the on-premises 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-premises IAM solutions, the
increasing need to cater to the specific needs of various end-use industries,
and the high acceptance of on-premises IAM solutions among large enterprises.
However, the cloud-based deployment segment is expected to register the highest
CAGR during the forecast period.
Based on end-use industry, the pharmaceuticals segment is
projected to register the highest CAGR during the forecast period. The high
growth of this segment is attributed to pharmaceutical companies' increasing
need to monitor purchase orders (PO) & requisitions, handle tickets,
optimize equipment maintenance, gain real-time visibility into assets'
operation, and ensure FDA compliance for drug development.
Based on geography, in 2022, Asia-Pacific accounted for the
largest share of the environmental sensors market. The presence of prominent
players in the industrial asset management market is expected to contribute to
the high revenue share of this region. Furthermore, the surge in demand for
cost-effective IAM solutions, the heavy investments by private and public
industries to manage essential resources & machinery, and the increasing
emphasis by leading providers to launch industrial asset management solutions
& services are driving the growth of the industrial asset management market
in Asia-Pacific.
However, Asia-Pacific is projected to register the highest
CAGR during the forecast period. The infrastructural growth in APAC, especially
in China, South Korea, Japan, and India; the rapid growth rate of developing
economies; the high adoption of cloud-based IAM solutions across emerging
economies; and government initiatives to increase the adoption and expansion of
smart factory technologies among small and medium-sized enterprises create huge
opportunities for the industrial asset management market.
Some of 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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