Smart Connected Assets and Operations Market – Industry Growth, Drivers and Forecast by 2024

Smart Connected Assets and Operations Market

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. IIoT 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. IIoT includes automation, manufacturing, and other processes, which does not require direct human interaction. The IIoT platform offers a number of features in the transportation such as security, infotainment, vehicle maintenance, safety, navigation, and traffic. IIoT 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. Manufacturing industry continuously adopts new technologies to stay in the competition and fulfill 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.

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Global Smart Connected Assets and Operations Market: Regional Analysis

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.

Global Smart Connected Assets and Operations Market: Competitive Players

Key players in the global 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.

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