Growth Opportunities Stemming from Best Practices and New Business Models in Connected Assets

Growth Opportunities Stemming from Best Practices and New Business Models in Connected Assets

Data strings from vehicles, machines, products, and facilities are generated to alert users of asset operating conditions. Data is created to
notify users of asset location and condition and if something is about to go wrong. This data is churned out constantly, and organizations that acknowledge and find ways to monetize it can become market leaders, while others will constantly have to monitor dashboards on mobile devices that can only report what has happened and offer a comparison with defects likely to occur in future. Connected asset platforms alter solutions based on the need to act while connecting users with everything they need to track and trace to view products, people, and processors remotely. Connected assets use interactive intuitive platforms backed by powerful engines.

Industries and businesses use connected assets to deliver products and services that act as intelligent devices and respond to external and internal stimuli. Smart connected assets offer features such as reactions based on past performance and material availability; the ability to predict future failures; and adherence to performance and other compliance requirements. Connected assets have emerged as IIoT, Big Data, data analytics, and other technologies have converged with IT/OT and other traditional operational platforms to facilitate predictive maintenance rather than reactive maintenance.

As smart connected operations become an important future trend in the industrial operations space, factory production lines will integrate IIoT with manufacturing operations, management applications, and assets. Owing to the shift to connected smart enterprises, manufacturing companies and solution providers are investing in IIoT to merge IT and OT solutions and ease business leaders' review processes by enhancing connectivity, networks, data storage, and analytics solutions to transform industries in the long term.

KEY ISSUES ADDRESSED:

What are the growth drivers and restraints?
To what extent has the COVID-19 pandemic affected the market? Has it resulted in the emergence of new business models?
How are the new models different from the traditional models? Which stakeholders are continuing to use the conventional models and which ones are opting for the new ones?
What are the growth opportunities in the connected assets market?