The research report predicts industrial asset management market to reach $14.4 billion by 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.
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 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.
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.
Three of the biggest names in global technology have joined forces to highlight the ability of already-available 5G, artificial intelligence (AI) and automation solutions to transform manufacturing and improve productivity, efficiency, environmental impact and safety, while reducing costs.
Valmet will deliver key technologies, automation and services to Naini Papers’ cooking and fiberline rebuild and new specialty paper machine PM 3 at their mill in Kashipur, India. The delivery will increase the mill’s capacity and support meeting the market demand of specialty coated paper. The delivery is scheduled for the first quarter 2025.