IoT in Asset Management market is projected to reach the value of $40.20 billion by 2030

According to the report published by Virtue Market Research, the Global IoT in Asset Management Market was valued at $24 billion in 2022 and is projected to reach a market size of $40.20 billion by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 6.66%.

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The Internet of Things (IoT) has been transforming the way businesses operate and has gained huge popularity in the asset management industry over the past decade. The IoT in Asset Management Market has grown rapidly, driven by both long-term and short-term market drivers.

One of the most significant long-term market drivers for the IoT in the Asset Management Market is the increasing need for efficient and effective asset management systems. Effective management of assets is essential to ensure smooth operations and to prevent costly downtime. The IoT is a powerful technology that can be used to optimize asset management by providing real-time data and analytics to support better decision-making.

However, the COVID-19 pandemic has had a significant impact on the market over the past two years. The pandemic has forced organizations to operate remotely, leading to increased demand for IoT-based asset tracking and management solutions. The need to monitor assets across remote locations has become even more critical during the pandemic to ensure supply chain continuity and avoid disruptions.

In addition to long-term drivers, short-term market drivers have also impacted the IoT in Asset Management Market. One of the primary short-term market drivers is the increasing adoption of cloud-based solutions. The cloud offers various benefits, including more accessible and scalable deployment of asset management solutions.

One key opportunity in the IoT in Asset Management Market is the integration of AI and machine learning technologies. AI and machine learning technologies can be used to analyze massive amounts of data generated by IoT sensors, helping organizations gain valuable insights and improve asset management procedures.

Another trend observed in the industry is the shift towards predictive maintenance. Predictive maintenance is the practice of using data analytics to identify potential issues with assets before they occur. IoT devices are deployed to monitor asset health and to generate data to feed into predictive maintenance algorithms. This trend helps reduce costly downtime and prolongs the lifespan of assets.

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Segmentation Analysis:
The Global IoT in Asset Management market segmentation includes:

By Solution:
• Real-Time Streaming Analytics
• Security Solutions
• Data Management
• Remote Monitoring
• Network Bandwidth Management

Data Management is currently the largest segment in this category and offers various benefits, including the ability to gather real-time data from multiple sources, process and analyse it, and make informed decisions quickly. Security Solutions segment is expected to grow the fastest during the forecast period. The growth in the Security Solutions segment can be attributed to increasing concerns around data security and privacy. Organizations are adopting advanced security solutions, such as end-to-end encryption, to safeguard their data and assets from cyber threats.
Remote Monitoring is another significant segment in the IoT in Asset Management Market, offering real-time data on asset health and performance from remote locations. It enables organizations to identify potential issues with assets before they occur, reducing the risk of costly downtime and increasing asset lifespan.

Network Bandwidth Management helps in regulating bandwidth usage in IoT devices, allowing efficient utilization and avoidance of congestions that can result in data loss. Real-Time Streaming Analytics is another important solution in the market, which provides insights into asset performance and helps organizations make informed decisions more quickly to avoid downtime and maintain optimal asset performance.

By Services:
• Professional Services
• Managed Services

The IoT in Asset Management Market is also segmented by services into Professional Services and Managed Services. Professional Services offer support in areas such as consulting, design, development, and implementation. It is currently the largest segment in this category, as organizations seek to optimize their asset management by building customized solutions that fit their specific needs.

Managed Services are expected to grow the fastest during the forecast period. Managed Services provide a range of services such as monitoring and maintenance of IoT devices, predictive maintenance, and performance optimization. Organizations opt for Managed Services as a way to outsource their asset management and reduce the burden on their internal teams, allowing them to focus on other critical business operations.

By Industry:
• Retail, Healthcare
• Transportation & Logistics
• Utilities
• Manufacturing
• Others

The IoT in Asset Management Market is segmented by Industry into Retail, Healthcare, Transportation & Logistics, Utilities, Manufacturing, and Others. The Manufacturing segment currently has the largest market share among all the Industries. The Manufacturing Industry has been early adopters of IoT in their asset management to enhance efficiency, productivity, and cost reduction. The IoT technology provides real-time data on the performance and health of manufacturing equipment, allowing organizations to improve their production processes and reduce downtime.

The Healthcare Industry segment is expected to witness the highest growth rate during the forecast period. The Healthcare Industry is an early adopter of IoT technology in their asset management that has been beneficial in enhancing operational efficiency and improve patient outcomes. Additionally, the adoption of IoT-enabled healthcare asset management solutions has helped the industry to reduce costs associated with maintenance, repair, and replacement of medical equipment.

The Transportation & Logistics, Utilities, and Retail Industries are also adopting IoT technology in their asset management to enhance their operations and increase their profitability.

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Regional Analysis:
The IoT in Asset Management Market is also segmented by region, including North America, Europe, Asia-Pacific, and Rest of the World. North America holds the largest market share among all the Regions, owing to the early adoption of advanced technologies, large-scale investments in IoT technology, and the presence of major players in the region. The U.S. and Canada are the major contributors to the growth of the IoT in Asset Management Market in North America.

The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, owing to the rapid adoption of IoT technology by various industries in the region. The increasing demand for efficient asset management in manufacturing, retail, and healthcare sectors, coupled with the rising awareness about IoT technology, is expected to drive the growth of the market in the Asia-Pacific region. Additionally, the government initiatives towards promoting the adoption of IoT technology and smart manufacturing in countries like China and India are also expected to fuel the growth of the market in the region.

Europe and Rest of the World segments are also expected to grow steadily during the forecast period, owing to the increasing adoption of IoT technology among various industries in these regions.

Latest Industry Developments:
• In December 2022, IBM announced a partnership with Siemens Digital Industries Software to enhance its IoT capabilities for industrial customers. The partnership will enable IBM to integrate Siemens' MindSphere cloud-based IoT operating system with IBM's Maximo Enterprise Asset Management and Asset Performance Management solutions.

• In November 2022, Microsoft launched Azure Digital Twins, a new service that enables customers to create digital models of physical environments and assets using IoT data. Azure Digital Twins allows customers to monitor, optimize, and control their assets remotely, as well as simulate scenarios and test new solutions.

• In October 2022, Oracle acquired Opower, a leading provider of cloud-based software for the utility industry. Opower's solutions help utilities improve customer engagement, energy efficiency, and demand response using IoT and big data analytics.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.