The Smart Connected Assets And Operations Market is estimated to capture a valuation of USD 230.8 billion in 2023 and is projected to reach USD 458.28 billion by 2033. The market is estimated to secure a CAGR of 7.1% during the forecast period.
Various Factors Influence the Market such as:
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 7.1% |
| Market Valuation (2023) | USD 230.8 billion |
| Market Valuation (2033) | USD 458.28 billion |
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As per Future Market Insights (FMI), the global market grew at a steady CAGR of 10.2% between 2018 and 2022. The market captured a valuation of USD 132.90 billion in 2018 and USD 196.0 billion in 2022.
The growing advanced technologies such as the Internet of Things, machine learning, and artificial intelligence have driven the global market. It provides real-time data and cost-saving solutions and enhances decision-making by leveraging real-time insights.
Intelligent connected assets and operations handle vast data through emerging cloud computing systems. Various end-use industries such as transportation, healthcare, energy, mining, and manufacturing are notably growing the market size.
Based on the module, the APM software and platforms segment dominates the global market by capturing a CAGR of 7% during the forecast period. The increasing demand for assets to improve performance and reduce costs drives the global market.
APM software and platforms provide advanced monitoring capabilities and analytics to detect early issues and schedule maintenance. It is vital in maintaining analyses and collecting real-time monitoring systems to provide relevant and actionable insights.
Integrating big data and the Internet of Things is increasing the adoption of APM software and platforms. These solutions are offered to identify inefficiencies, perform analytics, and make data-driven decisions.
Various industries such as energy, utility, and oil and gas are increasing the adoption of APM software and platforms to enhance the global market size. APM software and platforms secured a CAGR of 10% between 2018 and 2022.
Based on industry, the automotive and transportation sector is dominating the global market by securing a CAGR of 6.9% during the forecast period. These industries are implementing connected technologies to operate and optimize their assets. The automotive sector includes industrial processes and manufacturing that drive the global market significantly.
Automotive solutions improve productivity, reduce labor work, and optimize seamless operations, increasing the adoption of smart connected assets and operations.
These operations improve production, resource utilization, and quality control. The transportation sector played a crucial role in driving the global market through activities including fleet management, public transportation, and logistics.
There is growing adoption of connected technologies such as GPS tracking, route optimize, telematics, real-time data analytics, and route optimization. These capabilities improve operational efficiency, enhance customer experiences, and save costs.
These also contribute to driving the global market through the Internet of Things, artificial intelligence, and other technologies by 2033. The Automotive and transportation sector secured a CAGR of 9.7% from 2018 to 2022.
| Country | The United States |
|---|---|
| Forecast CAGR From 2023 to 2033 | 5.9% |
| Historic CAGR From 2018 to 2022 | 7.0% |
| Forecast Valuation 2033 | USD 64.5 billion |
| Country | The United Kingdom |
|---|---|
| Forecast CAGR From 2023 to 2033 | 5.5% |
| Historic CAGR From 2018 to 2022 | 5.6% |
| Forecast Valuation 2033 | USD 11.6 billion |
| Country | China |
|---|---|
| Forecast CAGR From 2023 to 2033 | 8.5% |
| Historic CAGR From 2018 to 2022 | 12.3% |
| Forecast Valuation 2033 | USD 107.0 billion |
| Country | Japan |
|---|---|
| Forecast CAGR From 2023 to 2033 | 7.3% |
| Historic CAGR From 2018 to 2022 | 10.4% |
| Forecast Valuation 2033 | USD 65.8 billion |
| Country | South Korea |
|---|---|
| Forecast CAGR From 2023 to 2033 | 7.5% |
| Historic CAGR From 2018 to 2022 | 11.7% |
| Forecast Valuation 2033 | USD 25.7 billion |
China is estimated to secure a valuation of USD 107.0 billion with a CAGR of 8.5% in the global market by 2033. China is a significant player that contributes to dominating the global market through various factors, including:
These are a few factors significantly driving China's market during the forecast period.
Japan is one of the significant countries that is securing a CAGR of 7.3% with a valuation of USD 65.8 billion by 2033. Several factors drive Japan’s smart connected assets and operations market, including:
The United States is anticipated to capture a valuation of USD 64.5 billion with a CAGR of 5.9% in the global market by 2033. The country is influenced by various essential factors as follows:
The market is highly consolidated due to regional and global players' presence. Key players worldwide focus on developing advanced products by adopting the latest technologies, such as artificial intelligence and cutting-edge technologies. These players are also developing improved products as per consumers' requirements.
Key players are adopting various marketing methodologies to drive the market to another height. These methodologies include mergers, collaborations, acquisitions, product launches, and agreements. These players are adopting strategic mergers and acquisitions and allying with regional distributors to strengthen their supply chain channels.
Market players also emphasize fast product approvals, product development, and patenting. New market entrants focus on new product launches to establish their market presence.
Other Key Players Operating in the Smart Connected Assets and Operations Market
Recent Developments in the Global Smart Connected Assets and Operations Market
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| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | The United States, The United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Module, Industry, Region |
| Key Companies Profiled | 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) |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The smart connected assets and operations market is valued at USD 230.8 billion in 2023.
The smart connected assets and operations market is rising at a 7.1% CAGR through 2033.
China’s smart connected assets and operations market may develop at an 8.5% CAGR through 2033.
Japan market is expected to thrive at a 7.3% CAGR through 2033.
The market size is likely to reach USD 458.28 billion by 2033.
| Market Value (2023) | USD 39 billion |
|---|---|
| Market Forecast Value (2033) | USD 220 billion |
| Market CAGR (2023 to 2033) | 18.9% |
| Market Value (2023) | USD 140.7 billion |
|---|---|
| Market Expected Value (2033) | USD 388.7 billion |
| Market Projected CAGR (2023 to 2033) | 10.7% |
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Smart Connected Assets and Operations Market
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