Global Smart Connected Assets and Operations Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2031

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Smart Connected Assets and Operations Market Analysis

The smart connected assets and operations market is experiencing significant growth, driven by the increasing adoption of IoT technologies and the demand for operational efficiency across various industries. Recent developments in cloud computing and advanced analytics have empowered businesses to collect and analyze vast amounts of data from connected assets, enabling real-time decision-making and predictive maintenance. For instance, companies such as Schneider Electric have launched innovative platforms such as EcoStruxure Asset Advisor, which integrates data from multiple sources to enhance asset performance and reliability. In addition, the integration of artificial intelligence and machine learning algorithms into asset management systems is allowing organizations to optimize their operations further and reduce downtime. Moreover, the increasing emphasis on sustainability is pushing companies to invest in smart technologies that not only enhance operational efficiency but also minimize environmental impact. As a result, the smart connected assets and operations market is poised for robust growth, with substantial opportunities for innovation and expansion.

Smart Connected Assets and Operations Market Size

The global smart connected assets and operations market size was valued at USD 236.17 billion in 2023 and is projected to reach USD 491 billion by 2031, with a CAGR of 9.58% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Smart Connected Assets and Operations Market Trends

“Rising Introduction of Predictive Maintenance Solutions”

The smart connected assets and operations market is witnessing significant growth driven by the increasing adoption of IOT technology across various industries. One notable trend is the rise of predictive maintenance solutions, which leverage real-time data from connected assets to forecast equipment failures before they occur. For instance, manufacturing companies are implementing smart sensors in their machinery to monitor performance and identify potential issues, thereby minimizing downtime and reducing maintenance costs. In addition, the integration of artificial intelligence (AI) with connected assets is enhancing data analysis capabilities, enabling organizations to optimize their operations further. Such trend streamlines processes and improves asset utilization, making smart connected assets a crucial component in modern operational strategies for companies aiming to maintain competitive advantages in contemporary fast-paced market.

Report Scope and Smart Connected Assets and Operations Market Segmentation

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Smart Connected Assets and Operations Market Definition

Smart connected assets and operations refer to the integration of Internet of Things (IOT) technology with physical assets and operational processes to enhance monitoring, management, and efficiency. This concept involves embedding sensors, software, and network connectivity into assets such as machinery, vehicles, or infrastructure allowing for real-time data collection and communication. Organizations can gain insights into asset performance, predict maintenance needs, optimize operations, and improve decision-making by leveraging this data. Smart connected assets enable greater automation and responsiveness in operations, leading to enhanced productivity, reduced downtime, and improved overall operational effectiveness.

Smart Connected Assets and Operations Market Dynamics

Drivers

• Rising Dexterity in Production Processes

The rise in dexterity in production processes is a pivotal driver of the smart connected assets and operations market, significantly enhancing operational efficiency and responsiveness to market changes. As industries increasingly adopt smart connected technologies, they streamline operations, reduce waste, and improve flexibility in their manufacturing processes. According to a report by the World Economic Forum, adopting Industry 4.0 technologies can lead to productivity increases of up to 15% by optimizing production lines and minimizing downtime. Such growing dexterity supports manufacturers in meeting fluctuating consumer demands and positions them to compete effectively in an increasingly digital landscape, further driving the market's expansion.

• Rising IOT Integrations

The growth of the smart connected assets and operations market is primarily driven by the increasing demand for operational efficiency and data-driven decision-making across various industries. Companies are increasingly recognizing the value of integrating IOT and advanced analytics into their operations, leading to enhanced performance and productivity. According to a report by IDC, global spending on IOT is expected to surpass $1 trillion by 2026, with a significant portion allocated to smart connected assets. For instance, General Electric's implementation of its Predix platform, which allows companies to connect industrial equipment to the cloud for real-time data analysis, indicating a robust market expansion driven by the increasing emphasis on smart, connected operations across multiple sectors.

Opportunities

• Expanding Nature of Technologies in Emerging Markets

The expansion into emerging markets offers substantial growth opportunities for smart connected asset solutions, particularly as developing countries increasingly invest in IOT infrastructure to modernize their economies. For instance, in India, the government’s Digital India initiative aims to transform the country into a digitally empowered society, promoting the adoption of IOT technologies across various sectors, including manufacturing and agriculture. In the agricultural sector, smart connected solutions such as precision farming and smart irrigation systems are being implemented to optimize resource usage and improve crop yields. For instance, companies such as CropIn Technology are utilizing IOT-enabled platforms to provide real-time data on soil health and weather conditions, enabling farmers to make informed decisions. As these nations continue to develop their IOT capabilities, businesses that provide smart connected asset solutions can capitalize on the growing demand for innovative technologies further creating opportunities in the market.

• Growing Emphasis on Cybersecurity

The growing emphasis on cybersecurity has become critical as the number of connected devices surges, resulting in increased vulnerabilities to cyber threats across various industries. For instance, in sectors such as healthcare, where medical devices are increasingly connected, a cyber-breach could compromise sensitive patient data and endanger lives by affecting device functionality. Companies such as IBM and Fortinet are responding to this challenge by developing specialized cybersecurity solutions that include endpoint protection, network security, and threat intelligence specifically designed for IOT environments. The frequency of high-profile cyber incidents, such as the Colonial Pipeline ransomware attack, which disrupted fuel supplies across the U.S., emphasizes the urgent need for businesses to invest in comprehensive security measures. As organizations recognize these escalating risks, the demand for tailored cybersecurity services for smart connected assets is projected to grow significantly, offering cybersecurity firms a robust opportunity to enhance their solutions and effectively safeguard IOT ecosystems from emerging threats.

Restraints/Challenges

• High Implementation Cost

High implementation costs represent a substantial barrier to the adoption of smart connected technologies, particularly for smaller businesses with limited budgets. The initial investment required for purchasing advanced hardware, software, and necessary infrastructure can be daunting, often running into significant sums. In addition, organizations must factor in ongoing expenses such as maintenance, software updates, and potential integration with existing systems, which can further strain financial resources.  For many small and medium-sized enterprises (SMEs), the prospect of these upfront costs may outweigh the perceived benefits, leading to hesitance in transitioning to smart connected operations. Consequently impeding the overall market growth.

• Skills Gap in the Workforce

The skills gap in the workforce poses a significant challenge for industries utilizing smart connected devices, as there is a pronounced shortage of professionals capable of managing and analyzing the vast amounts of data generated by these technologies. According to the World Economic Forum, by 2025, 50% of all employees will need reskilling due to adopting new technology. Such shortage of skilled talent hinders organizations' ability to fully leverage the benefits of smart connected assets, such as improved operational efficiency and data-driven decision-making. Consequently, the lack of qualified personnel limits the effectiveness of smart connected solutions and hinders innovation and growth in the market.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Smart Connected Assets and Operations Market Scope

The market is segmented on the basis of module and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Module

• Hardware
• Assets Performance Management and Platform
• Services

Industry

• Automotive and Transportation
• Energy and Power
• Healthcare
• Smart Agriculture
• Factory Automation
• Others
  • Metal and Mining
  • Food and Beverages
  • Textile

Smart Connected Assets and Operations Market Regional Analysis

The market is analyzed and market size insights and trends are provided by country module and industry as referenced above.

The countries covered in the market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, U.A.E, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America is expected to dominate the smart connected assets and operations market due to a growing health-conscious population that prefers blended juices and smoothies over aerated drinks and alcohol. This shift in consumer preference towards healthier options is driving demand for commercial blenders, positioning North America as a key market leader.

Europe is expected to show lucrative growth in the smart connected assets and operations market due to the rising demand from restaurants for frozen and slushy coffee drinks. This trend, driven by the increasing popularity of blended beverages, is expected to boost sales of frozen drinks, influencing higher demand for commercial blenders during the forecast period.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Smart Connected Assets and Operations Market Share

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Smart Connected Assets and Operations Market Leaders Operating in the Market Are:

• Arm Limited (U.K.)
• PTC (U.S.)
• Cisco Systems, Inc. (U.S.)
• GE Vernova (U.S.)
• Capgemini (France)
• Intel Corporation (U.S.)
• IBM (U.S.)
• Texas Instruments Incorporated (U.S.)
• Infineon Technologies AG (Germany)
• Rockwell Automation (U.S.)
• STMicroelectronics (Switzerland)
• NXP Semiconductors (Netherlands)
• ABB (Switzerland)

Latest Developments in Smart Connected Assets and Operations Market

• In July 2023, Hexagon a company specializing in digital reality solutions that integrate sensors, software, and autonomous technologies, unveiled its HxGN SDx2. This cloud-native, multi-tenant SaaS solution aims to provide a connected and insightful digital backbone for industrial facilities. HxGN SDx2 merges data, workflows, and information systems to deliver contextualized, role-based insights across the asset lifecycle, thereby transforming industrial projects and facilities into resilient, efficient, and safe operations
• In October 2020, Schneider Electric introduced its EcoStruxure Asset Advisor platform, a cutting-edge solution designed to enhance asset performance and reliability. This platform leverages advanced analytics and real-time monitoring to provide actionable insights, enabling businesses to optimize their operations and reduce downtime

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