The smart connected assets and operations market is estimated to capture a valuation of US$ 230.8 billion in 2023 and is projected to reach US$ 458.28 billion by 2033. The market is estimated to secure a CAGR of 7.1% during the forecast period.
Various Factors Influence the Market such as:
- Adoption of the Internet of Things: The significantly growing adoption of the Internet of Things drives the global market. Internet of Things technologies are connected with several sensors, devices, and systems to allow real-time data analysis, operation, and control of assets. This connectivity improves decision-making, reduces costs, and improves efficiency and productivity.
- Increasing Demand for Asset Optimisation: Several end-use industries, including energy, healthcare, manufacturing, and transportation, are focused on optimising assets’ performance. Further, the demand for smart connected assets and operations is increasing to minimise downtime, improve efficiency and utilisation, and provide real-time insights.
- Growing Complexity of Operations: It is difficult for various organizations and businesses to manage their assets and operate manually. The adoption of smart connected assets and operations is capable of helping these organisations to run smoothly and reduce human errors. Further, the increasing better control, management, and visibility are fuelling the global market.
- Advancements in Artificial Intelligence and Data Analytics: The increasing data analytics and artificial intelligence provide large amounts of data and drive organisations with meaningful insights. Technologies such as machine learning, optimised performance, and AI algorithms fuel the global market.
- Focus on Safety: Various industries such as manufacturing, oil & gas, and mining focus on stringent regulations and safety. Adopting intelligent connected assets and operations provides real-time monitoring, detecting early errors, compliance reporting, and maintaining security.
- Cost Reduction and Efficiency Improvement: Smart connected assets and operations offer organisations opportunities to improve efficiency and reduce costs. Moreover, companies and industries can minimize their time, lower energy, and optimise resources by saving costs and advancing the global market.
Regional Analysis
- China is estimated to secure a valuation of US$ 107.0 billion with a CAGR of 8.5% in the global market by 2033. China is a significant player that contributes to dominating the global market through various factors.
- Japan is one of the significant countries that is securing a CAGR of 7.3% with a valuation of US$ 65.8 billion by 2033. Several factors drive Japan’s smart connected assets and operations market.
- The United States is anticipated to capture a valuation of US$ 64.5 billion with a CAGR of 5.9% in the global market by 2033.
Competitive Landscape
The market is highly consolidated due to regional and global players’ presence. Key players worldwide focus on developing advanced products by adopting the latest technologies, such as artificial intelligence and cutting-edge technologies. These players are also developing improved products as per consumers’ requirements.
Key players are adopting various marketing methodologies to drive the market to another height. These methodologies include mergers, collaborations, acquisitions, product launches, and agreements. These players are adopting strategic mergers and acquisitions and allying with regional distributors to strengthen their supply chain channels.
Market players also emphasise fast product approvals, product development, and patenting. New market entrants focus on new product launches to establish their market presence.
Recent Developments in the Global Smart Connected Assets and Operations Market
- IBM Corporation: IBM has been focusing on developing AI-powered analytics and cloud-based solutions to optimise asset management, predictive maintenance, and operational efficiency. They have also been actively involved in partnerships and collaborations to enhance their Smart Connected Assets and Operations capabilities.
- General Electric (GE) Digital: GE Digital has been leveraging its Predix platform to provide Industrial IoT solutions for asset performance management, predictive maintenance, and operations optimisation. They have focused on integrating advanced analytics, AI, and machine learning technologies into their offerings.
These insights are based on a report on the Smart Connected Assets and Operations Market by Future Market Insights
