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Industrial Asset Management Market to Surpass $14.4 Billion by 2029
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Industrial Asset Management: Navigating Efficiency and Planning for Future Needs
Industrial Asset Management (IAM) is a sophisticated system designed for tracking and maintaining industrial assets, including machines, tools, and equipment. Deployed in manufacturing and various industrial settings, IAM assists companies in asset management, enabling them to plan for future needs and efficiently meet customer demands. By employing IAM solutions, manufacturing companies can enhance operational efficiency, reduce maintenance costs, and streamline asset-related processes.
Market Dynamics and Growth Factors
The market's growth is attributed to the advantages offered by cloud-based IAM solutions and the escalating demand for real-time monitoring of industrial assets. However, concerns surrounding data security and confidentiality act as growth inhibitors. The integration of advanced technologies such as artificial intelligence, machine learning, and 5G, along with the increasing adoption of IAM solutions in the pharmaceutical sector, present significant growth opportunities. Challenges include the lack of infrastructure and IT capabilities. Additionally, the report highlights the rising trend of integrating predictive analytics as a major trend in the IAM market.
COVID-19 Impact and Recovery
The report addresses the adverse impact of the COVID-19 pandemic on the global economy and, subsequently, the industrial asset management industry. Nationwide lockdowns and social distancing measures negatively affected multiple sectors, including IAM. However, recovery is anticipated post-2023, with the emergence of growth opportunities driven by the adoption of cloud-based IAM solutions and the heightened need for real-time asset monitoring.
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Technological Advancements Shaping the Future
The integration of artificial intelligence, machine learning, and 5G technologies is identified as a key driver for industrial asset management market growth. The ongoing digitization across verticals is creating new opportunities for organizations to optimize and extend asset lifecycles. Technologies like AI, ML, NLP, big data analytics, 5G, IoT, and cloud computing are transforming the IAM landscape, improving operational support, automation, and client servicing.
Segmentation Insights
The global industrial asset management market is segmented based on offering (solutions, services), deployment mode (on-premise, cloud-based), 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).
Key Highlights:
1. Offering: In 2022, the solutions segment accounted for the larger market share, driven by the increasing demand for cloud-based IAM solutions, cost reduction initiatives, and the need for a comprehensive 360-degree view of assets. The solutions segment is projected to register the highest CAGR during the forecast period.
2. Asset Type: The automation assets segment dominated the market in 2022, attributed to the growing demand for efficient inventory tracking, centralized vendor management, and reduced maintenance costs. This segment is expected to register the highest CAGR during the forecast period.
3. Deployment Mode: In 2022, the on-premise deployment segment held the larger market share due to higher data security and privacy. However, the cloud-based deployment segment is expected to witness the highest CAGR during the forecast period.
4. End-use Industry: The pharmaceuticals segment is projected to register the highest CAGR, driven by the increasing need for real-time asset visibility, equipment maintenance optimization, and FDA compliance in drug development.
5. Geography: Asia-Pacific accounted for the largest market share in 2022, with significant contributions from prominent players and a surge in demand for cost-effective IAM solutions. The region is projected to register the highest CAGR during the forecast period, driven by infrastructural growth, especially in China, South Korea, Japan, and India.
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Key Players and Future Outlook
The key players operating in the global industrial asset management market include ABB Ltd, Siemens AG, Schneider Electric SE, Emerson Electric Co., Endress+Hauser Group Services AG, General Electric, Honeywell International Inc., Rockwell Automation, Inc., SKF Group, and Yokogawa Electric Corporation.
Scope of the Report
The report provides an in-depth analysis of the industrial asset management market, covering offerings, deployment modes, asset types, end-use industries, and geographic regions. It evaluates industry competitors and analyzes the market at the regional and country levels.
Mr. Khushal Bombe
Meticulous Market Research Inc.
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