REPORT HIGHLIGHT
Smart Connected Asset and Operations Market size was valued at USD 78,134.6 Million in 2022, expanding at a CAGR of 9.2% from 2023 to 2030.
The term smart connected asset and operations refers to the integration of digital technologies, including the Internet of Things (IoT), artificial intelligence (AI), and data analytics, to enhance the performance and management of assets and operations across different industries. It entails utilizing data and cutting-edge technologies to connect physical assets, such as machinery, equipment, and infrastructure, to a network.
Smart Connected Asset and Operations Market- Market Dynamics:
- Rising adoption of industrial IoT is expected to propel the need for smart connected asset and operations demand.
- Enterprises rising focus on improving operational efficiency is growing across many industries, including manufacturing, energy, transportation, and utilities. Real-time asset monitoring, predictive maintenance, and automation are made possible by smart connected asset and operations, which boosts output, cuts downtime, and lowers costs. Smart asset management systems are now practical to implement due to developments in connectivity and sensor technologies that allow for the connection and data collection from a variety of assets. Several industries are making the switch from product-centric to service-oriented business models, where businesses provide solutions based on outcomes or performance rather than selling products. Manufacturers and service providers of assets can track and improve asset performance owing to smart connected asset and operation solutions. By reducing energy use, optimizing asset use, and increasing overall effectiveness, smart asset solutions assist businesses in lowering operational expenses.
Smart Connected Asset and Operations Market- Key Insights:
- As per the analysis shared by our research analyst, the global Smart Connected Asset and Operations market is estimated to grow annually at a CAGR of around 9.2% over the forecast period (2023-2030)
- The Smart Connected Asset and Operations industry is projected to grow at a significant rate due to the growing focus on animal health and nutrition.
- Based on Component, monochrome printing segment was predicted to show maximum market share in the year 2022.
- Based on Connectivity Type, packaging segment held the largest market share in 2022.
- Based on Services segmentation, commercial printing segment was the leading in 2022.
- On the basis of region, North America was the leading revenue generator in 2022.
Smart Connected Asset and Operations Market- Segmentation Analysis:
- The Global Smart Connected Asset and Operations Market is segmented on the basis of Component, Connectivity Type, Services, and Region.
- The market is divided into three categories based on Component: hardware, software, and services. The hardware segment dominates the market. Increasing demand for hardware components like sensor is increasing the segment growth.
- The market is divided into two categories based on Connectivity Type: wired and wireless. The wired segment dominates the market. The growing demand for products such as processors is propelling the market growth.
- The market is divided into two categories based on Services: professional and managed. The professional segment dominates the market. The increasing demand for smart connected asset and products in commercial industry is boosting the segment growth.
Smart Connected Asset and Operations Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Smart Connected Asset and Operations Market- Competitive Landscape:
The growing demand from paper printing industries, which influence the demand for Smart Connected Asset and Operations market. Companies sell their products through a variety of channels, including corporate websites, retailers, distributors, and end consumers. Products makers compete on a variety of aspects, including product costs, Component, product making, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, distribution network development, R&D spending, and mergers and acquisitions. Some of the recent developments are mentioned below.
Recent Developments:
In 2023, Broadcom has developed a new platform called system-on-chip (SoC) to enhance its software asset management capabilities.
Key features of the study:
- This proposed research study on Smart Connected Asset and Operations market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Smart Connected Asset and Operations market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Smart Connected Asset and Operations market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Smart Connected Asset and Operations market
- Impact of COVID-19 on Smart Connected Asset and Operations market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Smart Connected Asset and Operations market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Smart Connected Asset and Operations market, we have also included competitive landscape and key innovator analysis for the Smart Connected Asset and Operations market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial and strategic initiatives of players operating in the Smart Connected Asset and Operations market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Smart Connected Asset and Operations market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL SMART CONNECTED ASSET AND OPERATIONS MARKET KEY PLAYERS
- IBM Corporation
- Siemens AG
- General Electric
- Broadcom Inc.
- Schneider Electric SE
- ABB Ltd.
- Cisco Systems, Inc.
- Honeywell International Inc.
- Microsoft Corporation
- Rockwell Automation
- Bosch Limited
- SAP SE
- Hitachi, Ltd.
- PTC Inc.
- Oracle Corporation
- Emerson Electric Co.
- Accenture plc
GLOBAL SMART CONNECTED ASSET AND OPERATIONS MARKET, BY COMPONENT
- Hardware
- Software
- Services
GLOBAL SMART CONNECTED ASSET AND OPERATIONS MARKET, BY CONNECTIVITY TYPE
GLOBAL SMART CONNECTED ASSET AND OPERATIONS MARKET, BY SERVICES
GLOBAL SMART CONNECTED ASSET AND OPERATIONS MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA