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According to Technavio's market overview, the market is undergoing a period of disruption with the integration of cutting-edge technologies such as cloud-based solutions, artificial intelligence, machine learning, and deep learning algorithms.

The growing demand forintegrated asset management services is driving the growth of the market. IAMS services typically include data management, maintenance and material management, enterprise asset management, and asset monitoring and control to improve the overall performance of facilities and sites.

In addition, the benefits of integrated asset management services include efficient operation and maintenance leading to reduced costs and downtime, improved data management, identification of replacement parts and equipment to reduce lead times and downtime and thus improve efficient operation, and real-time, condition-based monitoring.

The development of cloud-based technologies is an emerging trend shaping market growth. The convergence of technologies such as IoT, data analytics, and cloud computing has driven innovation in industrial automation solutions and encouraged end-users to adopt these technologies instead of wired and cable management systems in industrial facilities. In recent years, these cloud-based technologies have evolved into database-driven tools that enable efficient business decision making and help extract meaningful insights from unstructured data. In particular, IoT technologies enabled the sharing and transfer of data between standalone control systems and other devices such as thermostats, sensors and lighting.

In addition, advances in technology are increasing the need for technologies and network solutions that can fuse large amounts of data and extract meaningful patterns from them, as industrial automation device management software may be used in industrial facilities that are increasingly being replaced by these robust and scalable industrial automation technologies.

Complex implementation of industrial automation device management software is a major challenge hampering the market growth. Increasing cyber-attacks and data theft have forced organizations from end-user industries such as BFSI, healthcare, government and IT to adopt integrated security solutions that can help in mitigating risks. Organisations are integrating solutions such as firewalls, antivirus, encryption, server security, DLP software, anti-virus and backup. The severity of the problem is growing as remote access to the corporate network increases due to the proliferation of bring your own device (BYOD), Internet of Things (IoT) and work-from-anywhere policies.

In addition, managing industrial automation solutions requires knowledge of potential threats, new technologies and updated processes. Organisations need a skilled workforce to manage and deploy industrial automation device management software. They face challenges in identifying all endpoints and managing a complex IT infrastructure and are therefore reluctant to deploy industrial automation device management software. This may hamper market uptake over the forecast period.

The APAC region is estimated to account for 39% of the global market growth over the forecast period. In terms of revenue, the APAC region will grow at a lower rate than other regions over the forecast period. However, the region is expected to grow over the forecast period as the markets in China, South Korea, Japan, India, Vietnam, Malaysia and Australia continue to grow.