Smart Connected Assets and Operations Market Analysis & Forecast 2024-2030

Global Smart Connected Assets and Operations Market is expected to reach USD 447633.82 million by 2030 with CAGR of 9.6% between 2024 and 2030

Overview

Smart connected assets and operations are IoT based solutions used by a company that can automatically detect and respond to the situation and manages the problems intelligently. These assets are used to sense the issue and analyze solutions from past performance, customer requirements, configurations, etc. These assets are developed using big data analytics, industrial IoT, and other mobile-based technologies. The rising adoption of smart connected assets and operations to gain a competitive advantage, develop strong client support, increasing production capacity and efficiency of workflow in the company is driving the growth of the market. However, the high cost of implementation, low awareness is hampering the growth of the market. Rising advances in the industrial IoT, cloud-based product offerings, emerging 5G technologies will offer several growth opportunities to the market in the forecast period 2024-2030.  

Product types & Competitive analysis

On the basis of product and service types segment, the Global Smart Connected Assets and Operations Market is segmented into Hardware, APM software & platform, and Service. The APM software & platform segment accounted for the largest revenue share in 2023 and is anticipated to lead the market growth over the forecast period. The APM software & platform are widely being adopted by large players in the market to improve operational performance in the company, boost production capacity and reduce significant downtime. The service segment is anticipated to grow at the highest CAGR in the market during 2024-2030.  

Competitive analysis included in the research study helps user to understand key players market positioning and marketing strategies. Companies are focused on offering best-in-class smart connected assets and operations to the market to attract more buyers and increase market share. Several manufacturers are using approaches such as the acquisition of important players, strategic collaborations, partnerships, and capital investments in new technologies and services to maintain their presence in developing markets. For instance, on February 02, 2021, Akamai US-based Company acquired inverse, an open-source consulting company to boost IoT security services and enhance its enterprise security capabilities. The company is aiming to create an industry solution to enhance security to the devices and workforce.  

Application & Regional analysis

Based on applications the market is divided into Automotive & transportation, Energy & power, Healthcare, Smart agriculture, and Factory automation. The factory automation segment accounted for the largest revenue share in 2023. Smart connected assets and operations are widely used in commercial as well as industrial applications. The growing adoption of IoT-based solutions; and rising investments in smart connected operations will boost the growth of the factory automation segment in the forecast period 2024-2030. The automotive & transportation was the fastest-growing segment with the highest CAGR and is expected to capture significant revenue share in the foreseeable future.  

Regional outlook of research study is based on analysis of market in North America, Europe, Asia Pacific, Middle East, South America, Africa & Rest of the World. North America dominated the Global Smart Connected Assets and Operations Market and is projected to maintain its dominance in the forecast period 2024-2030. The growth in the region was attributed to the presence of the advanced Internet of Things industry and, the rapid adoption of novel technology solutions such as data analytics in industrial applications.  

Europe was the second in terms of revenue generation in 2023. The growth in the region was credited to the growing acceptance of smart connected assets and operations in industrial workflows, the presence of prominent IoT players, and the integration of Industrial IoT in manufacturing to bring automation, and reduce capital investments. In 2023 European Union had around 8.34 million active healthcare IoT devices and the number is expected to grow at a significant CAGR of over 25 % between 2024 to 2030. Also, the association revealed that healthcare-based IoT connections will reach around 12 million by 2030. In addition, emerging 5G technology in European countries will fuel growth in the coming years. The European region has 20 5G networks in 9 countries, making Europe one of the most advanced regions in 5G deployment in the world.  

The Asia Pacific was the fastest-growing region and is projected to show robust growth over the forecast period due to the rapidly developing manufacturing industry in China and India. The region has witnessed several investments from corporate giants in the manufacturing sector and is expected to witness strong growth in the forecast period. The growth of Asia Pacific was primarily driven by China, Japan South Korea, and India. The region has seen strong growth in cloud, A.I, Machine learning, the Internet of Things, and the cloud industry sector.  

According to the GSM Association China leads the global Internet of Things (IoT) market with 64 per cent cellular connections (1.5 billion connections) also the country is leading in developing mobile IoT licensed low-power wide-area network technologies. The rising popularity of smart connected assets and operations in industrial applications is projected to support the growth in the forecast period 2024-2030. South America and Middle East Africa region are projected to witness significant growth in the smart connected assets and operations owing to developing sectors such as chemical, oil, and gas and increasing government spending on commercial infrastructure in the region.  

Smart Connected Assets and Operations Market: Product Types

• APM software
• Hardware
• Service

Smart Connected Assets and Operations Market: Application

• Automotive & transportation
• Energy & power
• Healthcare
• Smart agriculture
• Factory automation

Smart Connected Assets and Operations Market: Competitive Analysis

The report includes an accurate analysis of key players with Market Value, Company profile, and SWOT analysis. The Study consists of the following key players in the Smart Connected Assets and Operations Market :

• Cisco Systems, Inc.
• IBM Corporation
• STMicroelectronics
• Texas Instruments, Inc.
• NXP Semiconductors NV
• Intel Corporation
• ARM Ltd.

Geographical analysis of Smart Connected Assets and Operations Market :

• North America
  • U.S.A
  • Canada
• Europe
  • France
  • Germany
  • Spain
  • UK
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South East Asia
• Latin America
  • Brazil
• Middle East and Africa

Global Smart Connected Assets and Operations Market Report delivers a comprehensive analysis of the following parameters:

• Market Forecast for 2024-2030
• Market growth drivers
• Challenges and Opportunities
• Emerging and Current market trends
• Market player Capacity, Production, Revenue (Value)
• Supply (Production), Consumption, Export, Import analysis
• End user/application Analysis

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