Smart Connected Assets and Operations Market Size, Share, Trends, Growth and Forecast 2032

Smart Connected Assets and Operations Market Insights

Zion Market Research has published a report on the global Smart Connected Assets and Operations Market, estimating its value at USD 28.28 Billion in 2023, with projections indicating that it will reach USD 106.06 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 15.82% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Smart Connected Assets and Operations industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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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, 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 do not require direct human interaction. The IoT platform offers a number of features in 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.

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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. The manufacturing industry continuously adopts new technologies to stay in the competition and fulfill 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 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 into service, hardware, and APM software & platform. Of these, the automotive and transportation sectors contributed to 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.

Smart Connected Assets and Operations Market: Report Scope

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. The Asia Pacific holds the largest market share in the global smart connected assets and operations market.

Developing economies such as China and Japan have the largest penetration of semiconductor devices and are expected to propel 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 a 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

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
• Bentley Systems Incorporated
• among others.

Smart Connected Assets and Operations Market is segmented as follows:

By Industry

• Factory Automation
• Automotive & Transportation
• Healthcare
• Smart Agriculture
• Energy & Power
• And Others

By Module

• Service
• Hardware
• APM Software & Platform

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