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Industrial Asset Management Market Report 2023: Benefits of Cloud-based Industrial Asset Management Solutions Bolsters Growth

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Dublin, Jan. 20, 2023 (GLOBE NEWSWIRE) -- The "Industrial Asset Management Market by Offering, Deployment Mode, Asset Type, and End-use Industry, and Geography - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The research report titled provides an in-depth analysis of the industrial asset management market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2029. The global industrial asset management market is projected to reach $14.4 billion by 2029, at a CAGR of 12.2% during the forecast period of 2022-2029.

The growth of this market is attributed to the benefits of cloud-based industrial asset management solutions and the rising need for the real-time monitoring of industrial assets. In addition, 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.

Segment Analysis

  • The automation assets segment is projected to register the highest CAGR during the forecast period. 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; and a surge in demand to reduce maintenance costs and ease the burden of audits.

  • The cloud-based deployment segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing need to reduce IT infrastructure costs, the benefits offered by cloud-based IAM solutions & services such as better accessibility, reduced IT costs, and automatic updates, and efforts by leading IAM players to launch cloud-based asset monitoring services for industrial plants.

  • 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.

  • Asia-Pacific accounted for the largest share of the industrial asset management market. This region is expected to witness rapid growth during the forecast period due to a large number of industrial manufacturing industries operating in Asia-Pacific and the surge in demand for cost-effective IAM solutions.

Key questions answered in the report

  • Which are the high-growth market segments in terms of offering, asset type, deployment mode, and end-use industry?

  • What is the historical market for industrial asset management across the globe?

  • What are the market forecasts and estimates for the period 2022-2029?

  • What are the major drivers, restraints, and opportunities in the global industrial asset management market?

  • Who are the major players in the global industrial asset management market, and what market share do they hold?

  • Who are the major players in various countries, and what market share do they hold?

  • How is the competitive landscape?

  • What are the recent developments in the global industrial asset management market?

  • What are the different strategies adopted by major players in the global industrial asset management market?

  • What are the geographical trends in high-growth countries?

  • Who are the local emerging players in the global industrial asset management market, and how do they compete with the other players?

Scope of the Report:
Industrial asset management Market, by Offering

  • Solutions

  • Predictive Maintenance Solutions

  • Asset Lifecycle Management Solutions

  • Inventory Management Solutions

  • Reporting & Analytics Solutions

  • Other Industrial Asset Management Solutions

  • Services

  • Professional Services

  • Managed Services

Industrial asset management Market, by Deployment Mode

  • On-premise Deployment

  • Cloud-based Deployment

Industrial asset management Market, by Asset Type

  • Automation Assets

  • Conventional Assets

Industrial asset management Market, by End-use Industry

  • Energy & Power

  • Automotive Manufacturing

  • Pharmaceuticals

  • Electronics & Semiconductors

  • Chemicals

  • Aerospace & Defense

  • Food & Beverage

  • Metal & Mining

  • Medical Devices

  • Biotechnology

  • Other Industries

Market Dynamics

Market Drivers

  • Benefits of Cloud-based Industrial Asset Management Solutions

  • Rising Need for the Real-time Monitoring of Industrial Assets

Market Restraints

  • Concerns Regarding Data Security & Confidentiality

Market Opportunities

  • Integration of Artificial Intelligence, Machine Learning, and 5G Technologies

  • Growing Adoption of Industrial Asset Management Solutions in the Pharmaceutical Sector

Market Challenges

  • Lack of Infrastructure & IT Capabilities

Trends

  • Increasing Integration of Predictive Analytics

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Impact of COVID-19 on the Industrial Asset Management Market

5. Market Insights

6. Global Industrial Asset Management Market, by Offering

7. Global Industrial Asset Management Market, by Deployment Mode

8. Global Industrial Asset Management Market, by Asset Type

9. Global Industrial Asset Management Market, by End User

10. Industrial Asset Management Market, by Geography

11. Competitive Landscape

12. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)

13. Appendix

Companies Mentioned

  • 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)

  • Yokogawa Electric Corporation (Japan).

For more information about this report visit https://www.researchandmarkets.com/r/lg00fa

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