The 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. 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. The lack of infrastructure & IT capabilities is a challenge for market growth. However, concerns regarding data security & confidentiality restrain the growth of this market. Additionally, the increasing integration of predictive analytics is a major trend in the industrial asset management market.
Impact of COVID-19 on the Industrial Asset Management Market
The COVID-19 pandemic created several obstacles for market players due to the lockdowns imposed during the second & third quarters of 2020. The pandemic lowered customers’ financial potential, impacting the sales of industrial asset management solutions & services. However, in 2021, industries that are major end users of industrial asset management solutions & services started recovering from the economic setbacks suffered during the pandemic.
The COVID-19 pandemic moderately impacted the industrial asset management market due to delayed and postponed orders; however, the market started recovering rapidly from the last quarter of 2020. Leading industrial asset management solutions & services providers are now focused on launching IAM offerings with enhanced capabilities to increase their revenues & market shares and support the recovery of the industrial asset management market. For instance:
- In April 2022, Sensata Technologies, Inc. (U.S.) launched Sensata IQ, an IIoT platform for plant-wide asset monitoring. Sensata IQ is a cost-effective, easy-to-install solution that lets factory managers and maintenance engineers intuitively monitor all plant assets from anywhere using devices such as smartphones, PCs, or tablets.
- In October 2021, ABB Ltd (Switzerland) launched the ABB Ability Genix Asset Performance Management Suite to provide next-generation AI-based predictive maintenance and asset reliability & integrity insights to processing & utility industries
The industrial asset management market is projected to transform drastically over the coming years. Several leading companies are growing rapidly through strategies such as product launches & enhancements, partnerships, and collaborations. Companies are developing predictive analytics solutions to enhance process optimization, asset condition/health monitoring, and prevent asset failure. The growing need for real-time asset data & monitoring, the integration of advanced technologies, and the rising adoption of industrial asset management solutions in the pharmaceutical sector are expected to create growth opportunities for the players operating in the industrial asset management market in the coming years
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Rising Need for the Real-time Monitoring of Industrial Assets to Fuel the Market Growth
The industrial asset management market is undergoing a significant transformation with the advent of new and innovative technologies. Industrial IoT technology is a key component of modern manufacturing processes. IoT-enabled smart connected devices help manufacturers increase productivity, reduce maintenance costs, and ensure optimal product quality. These devices also provide manufacturers with the data to manage complex production cycles. Industrial IoT technology enables the real-time monitoring of assets for safety, reliability, and compliance. The integration of IIoT with industrial asset management platforms helps maximize the utilization of production assets. IoT-enabled industrial asset management systems have sensors that provide real-time information, which is crucial for planning maintenance schedules and taking actionable decisions to ensure employee & asset safety and enhance operational performance. Besides, IIoT technology allows manufacturers to send their operations data to the cloud, which is thoroughly analyzed and provides the framework to monitor, service, and audit the connected assets. This framework enables the precise evaluation of the designs & operating conditions of assets and inventory levels, optimizing cash flow and warehousing operations. Thus, the need for the real-time monitoring of production assets is boosting the demand for industrial asset management solutions, driving the growth of this market
Some of the recent key developments in this space are as follows:
- In April 2022, Sensata Technologies, Inc. (U.S.) launched the Sensata IQ IIoT platform for plant-wide asset monitoring. Sensata IQ is a cost-effective, easy-to-install solution that enables factory managers and maintenance engineers to intuitively monitor all plant assets in real-time from anywhere using smartphones, PCs, or tablets.
- In June 2020, Yokogawa Electric Corporation (Japan) released its IIoT predictive asset management solution in North America to enable real-time monitoring of equipment performance, improve data-driven maintenance strategies, reduce downtimes, and enhance safety.
Key Findings in the Industrial asset management Market Study:
Based on offering, in 2022, the Solutions Segment Accounted for the Largest Share of the Market
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 surge in 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.
Based on Deployment Mode, the Cloud-based Deployment Segment is Projected to Register the Highest CAGR During the Forecast Period
Based on deployment mode, the cloud-based deployment segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing need to reduce IT infrastructure costs, the benefits offered by cloud-based IAM solutions & services such as better accessibility, reduced IT costs, and automatic updates, and the rising efforts by leading IAM players to launch cloud-based asset monitoring services for industrial plants. Furthermore, the growing demand for predictive maintenance solutions & asset lifecycle management solutions in smart factories and the increasing need to monitor, manage, and report different states of all critical assets in the manufacturing industry is promoting the growth of this market.
Based on End-use Industry, the Pharmaceuticals Segment is Projected to Register the Higher 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.
Asia-Pacific: The Fastest-growing Regional Market
Asia-Pacific is projected to register the highest CAGR during the forecast period. The rapid growth of industrial asset management in the Asia-Pacific region 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 by leading providers to launch industrial asset management solutions & services. Furthermore, the growing demand for IAM solutions for the tracking and monitoring of manufacturing assets and extending asset life cycles with preventive maintenance, 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 is promoting the growth of this regional market.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants between 2020 and 2022. 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).
Scope of the Report:
Industrial asset management Market, by Offering
- Solutions
- Predictive Maintenance Solutions
- Asset Lifecycle Management Solutions
- Inventory Management Solutions
- Reporting & Analytics Solutions
- Other Industrial Asset Management Solutions
- Services
- Professional Services
- Managed Services
Industrial asset management Market, by Deployment Mode
- On-premise Deployment
- Cloud-based Deployment
Industrial asset management Market, by Asset Type
- Automation Assets
- Conventional Assets
Industrial asset management Market, by End-use Industry
- Energy & Power
- Automotive Manufacturing
- Pharmaceuticals
- Electronics & Semiconductors
- Chemicals
- Aerospace & Defense
- Food & Beverage
- Metal & Mining
- Medical Devices
- Biotechnology
- Other Industries
Industrial asset management Market, by Geography
- North America
- Europe
- Germany
- U.K.
- Italy
- France
- Ireland
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
Key questions answered in the report:
