Benefits of Cloud-Based Industrial Asset Management Solutions

In today’s modern connected world, most industries are inclined toward cloud-based deployments. Leading industry experts expect this trend to continue over the coming years. Several industries are moving their workloads to the cloud to gain more agility, reduce time to market, and lower expenses. Thus, cloud-based solutions & services have gained significant popularity during the last decade. Cloud-based industrial asset management solutions allow businesses to remotely monitor and track asset health & performance in real time. Deploying cloud-based industrial asset management solutions is also more affordable compared to on-premise deployment, as the latter involves the costs of implementing & maintaining the supporting infrastructure and recruiting suitable expertise to manage the solutions. As a result, cloud-based industrial asset management solutions are increasingly being adopted by small & medium-sized enterprises (SMEs). Cloud-based industrial asset management solutions offer integrated performance monitoring & debugging tools, automatic upgrades, and the periodic installation of new features.

Furthermore, cloud-based industrial asset management is also gaining significance across most sectors as it helps optimize vital industry assets and allows businesses to make decisions based on real-time information. These systems enable industries to reduce overhead costs and save valuable time. Several players in this market are focused on providing cloud-based industrial asset management solutions to cater to the increasing demand across various industries. Also, the growing awareness regarding data security solutions, rising digitization, an increasing number of enterprises using cloud platforms for data repository, the need to reduce capital investment, and key market players’ increasing investments in the development of advanced IAM solutions are expected to support the growth of the industrial asset management market during the forecast period.

Some of the recent key developments in this space are as follows:

• In June 2022, Yokogawa Electric Corporation (Japan) launched OpreX Asset Health Insights Service. Asset Health Insights is a cloud-based plant asset monitoring service that collects, refines, and aggregates operational technology (OT) data from distributed assets. It provides a 360-degree view of operational assets, simplifying asset management and increasing both operational and business efficiency.
• In November 2022, Honeywell International Inc. (U.S.) launched Honeywell Forge Performance+, a cloud-based solution, to help customers improve asset performance, reduce equipment maintenance costs, and enhance operational productivity.

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