Meticulous Research®—a leading global market research company, published a research report titled, ‘Industrial Asset Management Market by Offering, Deployment Mode, Asset Type, and End-use Industry (Food & Beverage, Pharmaceuticals, Biotechnology, Medical Devices, and Other Industries), and Geography - Global Forecast to 2029.’
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In the ever-evolving landscape of industrial asset management, Meticulous Research® projects the global market to soar to $14.4 billion by 2029, reflecting a robust compound annual growth rate (CAGR) of 12.2% from 2022 to 2029. This optimistic forecast is driven by the increasing adoption of cloud-based solutions and the growing need for real-time asset monitoring. However, challenges such as data security and confidentiality persist. Despite these hurdles, the integration of Artificial Intelligence (AI), Machine Learning (ML), and 5G technologies, along with the rising use of asset management solutions in the pharmaceutical sector, presents significant growth opportunities.
A notable trend is the growing use of predictive analytics, which is transforming the industrial asset management landscape. This shift towards proactive maintenance strategies aims to optimize asset performance and longevity.
The global industrial asset management market is segmented by offerings, deployment modes, asset types, and end-use industries. Solutions dominate the offerings segment due to the rising demand for cloud-based solutions and the need to streamline maintenance costs and procurement processes. Services, including professional and managed services, also play a crucial role in meeting diverse client needs.
Deployment modes are divided into on-premise and cloud-based solutions. On-premise deployments lead due to enhanced data security and tailored industry solutions. However, cloud-based deployments are expected to grow significantly, driven by their scalability and flexibility.
Asset types include conventional and automation assets, with automation assets seeing increased adoption due to improved inventory tracking, accountability, and vendor management. This segment is anticipated to maintain strong growth as companies seek to reduce maintenance costs and enhance audit efficiencies.
Geographically, Asia-Pacific leads the market, supported by significant investments in resource and machinery management and a growing number of industrial manufacturing entities. The region's demand for cost-effective solutions and industrial asset management services positions it for the highest CAGR during the forecast period.
Key players, including ABB Ltd, Siemens AG, and Schneider Electric SE, are driving innovation and market expansion with their advanced solutions. These industry leaders are pivotal in shaping the industrial asset management landscape, ensuring continued growth and technological advancement.
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