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“Industrial Asset Management”: Asset Type, and End-use Industry
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.Industrial asset management (IAM) is a system used to track and maintain industrial assets such as machines, tools, and equipment. IAM systems are used in manufacturing and other industrial settings to help companies keep track of their assets and plan for their future needs to meet customer demand. By using an industrial asset management solution, manufacturing companies can improve the efficiency of their operations and reduce the costs associated with maintaining their industrial assets.
The growth of this market is driven by the benefits of cloud-based industrial asset management solutions and the rising need for real-time monitoring of industrial assets. 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. However, the lack of infrastructure & IT capabilities is a challenge for market growth. Additionally, the increasing integration of predictive analytics is a major trend in the industrial asset management market.
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Integration of artificial intelligence, machine learning, and 5G technologies is expected to create opportunities for industrial asset management market growth.
Digitization across verticals is creating new opportunities for organizations to optimize and extend asset lifecycles. Technologies such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), big data analytics, 5G, IoT, and cloud computing are transforming the industrial asset management landscape. Also, technological advancements are improving operational support, automation, and efficiencies in client servicing, data management, and compliance.
Furthermore, industries have started leveraging big data to gain actionable insights, understand customer requirements, and increase overall productivity. 5G technology has the potential to enhance next-generation asset management solutions & services for the timely prediction of industrial maintenance and improved workplace safety. 5G technology is expected to become a key component of predictive asset management, especially in the monitoring of rotating equipment and corrosion thickness. Cloud technology has become essential to enhancing industrial asset management solutions with integrated performance monitoring, debugging tools, technical support, and services. AI offers predictive maintenance strategies to prevent disruptions in equipment uptime, optimize processes, and identify process anomalies. The increasing integration of these advanced technologies with industrial asset management systems, and government investments in digital transformation, are expected to create opportunities for market growth.
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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 largest 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 streamlining of audits, compliance management, proper inventory management, and efficiency management, further augment the growth of this segment. Several providers are investing in R&D to improve the solution and make them more affordable for small and medium-scale industries. Also, this segment is projected to register the highest CAGR during the forecast period.
Based on asset type, in 2022, the automation assets segment accounted for the larger share of the global industrial asset management market. The large market share of this segment is attributed to the growing demand for efficient inventory tracking, better accountability and preventing theft and misuse of IT assets; a rise in demand for centralized vendor management and improved data accuracy; and a surge in demand to reduce the maintenance cost and ease the burden of audits. The automation assets segment is also 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. The large market share of this segment is attributed to the higher data security & privacy offered by on-premises IAM solutions, the increasing need to cater to the specific needs of various end-use industries, and the high acceptance of on-premises IAM solutions among large enterprises. However, the cloud-based deployment segment is expected to register the highest CAGR during the forecast period.
Based on end-use industry, the pharmaceuticals segment is projected 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.
Based on geography, in 2022, Asia-Pacific accounted for the largest share of the environmental sensors market. The presence of prominent players in the industrial asset management market is expected to contribute to the high revenue share of this region. 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.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Japan, and India; the rapid growth rate of developing economies; the high adoption of cloud-based IAM solutions across emerging economies; and government initiatives to increase the adoption and expansion of smart factory technologies among small and medium-sized enterprises create huge opportunities for the industrial asset management market.
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).
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