The smart connected assets and operations market is estimated to secure a valuation of USD 230.8 billion in 2023 and is predicted to reach USD 458.28 billion by 2033. The market is estimated to capture a CAGR of 7.1% by 2033.
Several end-use industries, such as mining, manufacturing, utilities, transport & logistics, and energy & utility, secure a maximum global market share. The top three industries that are significantly growing during the forecast period are as follows:
Manufacturing Sector: The manufacturing industry is widely increasing the adoption of connected assets and operations to improve efficiency, safety, and productivity. The manufacturing sector develops advanced connected sensors, devices, and machines to monitor real-time insights, streamline processes, and optimize.
The innovations of new technologies such as artificial intelligence, machine learning, and the Internet of Things are improving data management and supply chain and reducing costs. The manufacturing sector focuses on automation, quick decision-making, and reducing human errors to drive the global market.
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Energy and Utility Industry: The energy and utility industry is broad, surging the demand for smart connected assets and operations to improve the management of distribution, power generation, and consumption. Smart grids are implemented with real-time monitoring to enhance productivity and reliability and integrate renewable sources.
The connected sensors can reduce downtime and control assets on remote monitoring. This industry promotes sustainability, improves energy efficiency, and adopts grid modernization fueling the global market.
Transport and Logistics Sector: Transport and logistics sector is significantly growing by collecting massive revenue in the global market. Moreover, the increasing adoption of smart connected assets and operations can track, record, and monitor cargo. The adoption of the Internet of Things is to access real-time logistic processes, enhance the supply chain, route optimization, and improve fleet performance.
The connected sensors ensure quick maintenance and optimize fuel consumption in this sector, fueling the global market. The transport and logistics sector is expanding consumer experiences by increasing the demand for smart connected assets and operations during the forecast period.
Key Takeaways:
- The smart connected assets and operations market is estimated to register a valuation of USD 458.28 billion with a CAGR of 7.1% by 2033.
- In the historical period, the market captured a CAGR of 10.2% between 2018 and 2022.
- China is dominating the global market by registering a CAGR of 8.5% with a valuation of USD 107.0 billion by 2033.
- The United States is estimated to secure a CAGR of 5.9% with a valuation of USD 64.5 billion during the forecast period.
- With a CAGR of 7.3%, Japan is significantly driving the global market during the forecast period.
- The United Kingdom is collecting a valuation of USD 11.6 billion with a CAGR of 5.5% by 2033.
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How Key Players Bring Notable Growth in the Global Market?
The market is highly fragmented by several leading players present globally. The leading players are innovating improved and unique products to capture consumers’ attention.
Key players are offering high-quality and sustainable products to fulfill consumers’ requirements. They invest hugely in research and development activities to upsurge the global market.
Key Players Operating in the Smart Connected Assets and Operations Market
- IBM Corporation
- General Electric (GE) Digital
- Siemens AG
- Schneider Electric SE
- ABB Ltd.
- Microsoft Corporation
- SAP SE
- Cisco Systems, Inc.
- Honeywell International Inc.
- Rockwell Automation, Inc.
- Oracle Corporation
- Hitachi, Ltd.
- Bosch Rexroth AG
- Huawei Technologies Co., Ltd.
- Emerson Electric Co.
- Johnson Controls International plc
- Accenture plc
- C3.ai, Inc.
- OSIsoft LLC (acquired by Aveva Group)
Recent Development in the Global Market
Recently, Honeywell International Inc invested in advanced technologies such as the Internet of Things and Artificial Intelligence to develop intelligent connected assets and operations. The company offers assets management and operational optimization solutions to expand its business portfolio in the market.
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Smart Connected Assets and Operations Market by Category
By Module:
- Hardware
- Processors
- Sensors
- Network Connectivity
- APM Software & Platform
- Aspects of APM
- Application of APM Solution
- Services
- Professional Services
- Managed Services
By Industry:
- Automotive & Transportation
- Roadways
- Railways
- Airways
- Maritime
Energy and Power:
- Healthcare
- Telemedicine
- Clinical Operations and Workflow Management
- Connected Imaging
- Inpatient Monitoring
- Medication Management
- Other
- Smart Agriculture
- Precious Farming
- Livestock Monitoring
- Fish Farming
- Smart Greenhouse
- Others
Factory Automation:
- Others – Metal & Mining, Food & Beverages, and Textile
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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