Industrial asset management market report 2023: Sector to reach $14.4 billion by 2029 at a 12.2% cagr
ACCORDING to a new market research report ‘Industrial Asset Management Market by Offering, Deployment Mode, Asset Type, End-use Industry, and Geography - Global Forecast to 2029,' the global industrial asset management market is projected to reach $14.4 billion by 2029, at a CAGR of 12.2% from 2022 to 2029.
The growth of this market is driven by the benefits of cloud-based industrial asset management solutions and the rising need for real-time monitoring of industrial assets. However, concerns regarding data security and confidentiality restrain the growth of this market.
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.