Industrial Asset Management Market to be Worth $14.4 Billion by 2029

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.

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Industrial asset management is a continuous process of planning and controlling physical assets to minimize cost while maximizing the reliability and availability of assets. Industrial asset management systems typically include a database of information about each asset and a set of tools for managing the assets. These tools may include software for tracking asset location and status and scheduling maintenance and repairs. Industrial asset tracking systems also include features for tracking asset utilization and performance and predicting future needs.

Several industries, including food & beverage, chemicals, automotive manufacturing, pharmaceuticals, and energy & power, are deploying this technology considerably. The benefits of cloud-based industrial asset management solutions and the rising need for the real-time monitoring of industrial assets are the key factors driving the growth of the industrial asset management market. 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.

Impact of COVID-19 on the Industrial Asset Management Market

The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms were imposed across several countries. These negatively affected multiple industries, including the industrial asset management industry. Uncertainty regarding the duration of the lockdowns made it difficult for the key market players to anticipate the recovery of the industrial asset management market.

Numerous providers of industrial asset management were under immense pressure due to the COVID-19 pandemic. However, economies are shifting their focus from responding to the pandemic to economic recovery, and hence, various growth opportunities are expected to emerge for the industrial asset management market players due to the rising need for the real-time monitoring of industrial assets and the growing adoption of industrial asset management solutions in the pharmaceutical sector.

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However, several businesses are exerting extensively to move the industrial asset management market in the right direction. Local governments are also undertaking several relief steps to mitigate the negative impacts of the COVID-19 pandemic. As a result, the industrial asset management market is expected to recover to its original track after 2023.

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 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. In addition, benefits offered by industrial asset management solutions, such as streamlined audit, compliance management, proper inventory management, and efficiency management, further augment the growth of this segment. Also, this segment is 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. However, the cloud-based deployment segment is expected 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 efforts by leading IAM players to launch cloud-based asset monitoring services for industrial plants.

Based on end-use industry, in 2022, the energy & power segment accounted for the largest share of the global industrial asset management market. The growth of this segment is mainly attributed to the growing need to upgrade aging infrastructure, accurately control inventories, and prioritize & schedule work orders and the rising demand for clean & renewable energy sources.

However, the pharmaceuticals segment is expected 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.

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Based on geography, in 2022, Asia-Pacific accounted for the largest share of the global industrial asset management market. The presence of prominent players offering advanced industrial asset management solutions to various sectors is one of the major factors driving the growth of this regional market. 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. Also, Asia-Pacific is projected to register the highest CAGR during the forecast period.

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).

TOP 10 COMPANIES IN INDUSTRIAL ASSET MANAGEMENT MARKET >> https://meticulousblog.org/top-10-companies-in-industrial-asset-management-market/

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This release was published on openPR.