According to the report published by Zion Market Research, global demand for Smart Connected Assets and Operations market was valued at approximately USD 175.85 Billion in 2019, and is expected to generate revenue of around USD 312.4 Billion by end of 2026, growing at a CAGR of around 10.36% between 2020 and 2026.
Global Smart Connected Assets and Operations Market: Overview
Nowadays, forward-looking organizations are preferring installation of Internet of Things (IoT) technologies to accelerate and enhance operational goals. IoT platform needs to connect assets and operations smartly in order to improve operational performance and manage asset performance (APM software). To control asset management, the APM software is required. APM software is the heart of smart connected assets and operations. Hence, growth opportunities for APM software are higher as compared to hardware components. IoT includes automation, manufacturing, and other processes, which does not require direct human interaction. The IoT platform offers a number of features in the transportation such as security, infotainment, vehicle maintenance, safety, navigation, and traffic. IoT in transportation is a completely new novel mobile platform that brings together telecom vendors, component suppliers, auto manufacturers, and content providers.
Global Smart Connected Assets and Operations Market: Growth Factors
The major growth factors of the global smart connected assets and operations market are the increase in manufacturing agility, reduction in cost & energy, and improved performance. Manufacturing industry continuously adopts new technologies to stay in the competition and fulfil the consumer demand along with improved efficiencies and flexibility. This is anticipated to boost the global smart connected assets and operations market growth in the future. The internet of things (IoT) has replaced human interactions, and has fastened human communications; this is projected to fuel the market growth.
Global Smart Connected Assets and Operations Market: Segmentation
The global smart connected assets and operations market is categorized on the basis of the industry as factory automation, automotive & transportation, healthcare, smart agriculture, energy & power, and others. Based on the module, the global market is divided as service, hardware, and APM software & platform. Of these, automotive and transportation sector contributed for the largest market share in the global market.
Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Smart Connected Assets and Operations Market: Regional Analysis
Based on the region, the global Smart Connected Assets and Operations market can be divided into five main regions: Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific holds the largest market share in the global smart connected assets and operations market. Developing economies such as China and Japan having largest penetration of semiconductor devices and are expected to propel the global market growth in the future. In addition, the government initiative to digitalize India and big projects such as Digital India and Make in India may fuel the global smart connected assets and operations market growth in coming years. The Middle East and African industry are slated to experience lucrative surge over the years ahead, owing to the burgeoning demand for effective power infrastructure as well as power outage problems witnessed in the region. Additionally, the redeployment of power grid infrastructure across the war-torn countries of the Middle East and Africa will multiply the market size.
Global Smart Connected Assets and Operations Market: Competitive Players
Some main participants of the Smart Connected Assets and Operations market are STMicroelectronics N.V., Intel Corporation, Rockwell Automation, ARM holding plc, Cypress Semiconductor, Freescale Semiconductor, Inc., Texas Instruments, NXP Semiconductor, and Broadcom Corporation. Other major players influencing the global market are iSolution international Pvt. Ltd, Cisco System Inc., ABB Ltd, Maintenance Assistant Inc., IBM Corporation, General Electric Company, OMCS International, and Bentley Systems Incorporated, among others.
Smart Connected Assets and Operations Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The major growth factors of the global smart connected assets and operations market are the increase in manufacturing agility, reduction in cost & energy, and improved performance. Manufacturing industry continuously adopts new technologies to stay in the competition and fulfil the consumer demand along with improved efficiencies and flexibility. This is anticipated to boost the global smart connected assets and operations market growth in the future.
According to Zion Market Research, global demand for Smart Connected Assets and Operations market is expected to generate revenue of around USD 312.4 Billion by end of 2026, growing at a CAGR of around 10.36% between 2020 and 2026.
Asia Pacific holds the largest market share in the global smart connected assets and operations market.
