Industrial Asset Management Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Asset Type, By Region, And Segment Forecasts, 2024 - 2030

Industrial Asset Management Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Asset Type, By Region, And Segment Forecasts, 2024 - 2030

Industrial Asset Management Market Growth & Trends

The global industrial asset management market size is anticipated to reach USD 506.06 billion by 2030, registering a CAGR of 18.5% from 2024 to 2030, according to a study conducted by Grand View Research, Inc. The growth is attributed to the rapid advancement in technology. Innovations, such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), are transforming how industries monitor and manage their assets. These technologies enable real-time data collection and analysis, predictive maintenance, and automated decision-making processes, significantly reducing downtime and operational costs. Integrating IoT devices with industrial assets provides detailed insights into asset performance, leading to more informed decision-making and enhanced asset utilization.

Predictive maintenance has become an essential factor of industrial operations, pushing the growth of the asset management market. Predictive maintenance uses data analytics and IoT technologies to predict equipment failures before they occur. The shift from reactive to predictive maintenance is driven by the need for improved operational efficiency and cost savings and the desire to extend the lifespan of industrial assets. The growing emphasis on energy efficiency and sustainability is also a significant driver of market growth. As industries aim to reduce their environmental footprint and energy consumption, they are turning to asset management solutions that optimize the performance of their machinery and equipment. Efficient asset management practices help monitor energy usage, identify areas of inefficiency, and implement corrective measures.

This reduces operational costs and supports companies in achieving their sustainability goals, enhancing their corporate image and competitiveness. Cloud-based asset management solutions accelerate market growth by offering flexibility, scalability, and cost-effectiveness. Cloud-based solutions provide easy access to asset data from anywhere, facilitating real-time monitoring and collaboration across different locations. These solutions also reduce the need for substantial upfront investments in IT infrastructure and allow for seamless updates and integration with other enterprise systems. As a result, many companies are transitioning to cloud-based asset management systems to enhance their operational efficiency and reduce overall costs.

Industrial Asset Management Market Report Highlights

• The software segment is expected to register a CAGR of 19.6% from 2024 to 2030. The shift towards cloud-based IAM solutions is a significant growth driver of the software segment growth. Cloud computing offers numerous advantages, including lower upfront costs, scalability, and remote accessibility
• The Global Positioning System (GPS) segment accounted for the largest share in 2023 due to several key factors that cater specifically to the needs of tracking and managing assets in industrial settings
• The location & movement tracking sub-segment accounted for the largest share in 2023. As industries become more complex and geographically circulated, there is a growing need to accurately track the location and movement of assets in real-time
• The operational asset management segment accounted for the largest share of 44.7% in 2023 as regulatory compliance and sustainability initiatives continue to influence the growth of operational asset management services
• The returnable transport assets segment is expected to register a CAGR of 19.1% from 2024 to 2030. The need for cost reduction and efficiency in logistics operations is driving the adoption of returnable transport assets (RTAs)
• Asia Pacific is expected to witness high growth over the forecast period as many countries, such as China, India, and Southeast Asian nations, are undergoing rapid industrialization and infrastructure development
• Key players focus on product innovation and the introduction of new technologies to their portfolio. For instance, in June 2024, ABB unveiled the latest version of its digital energy management and optimization platform, ABB Ability OPTIMAX 6.4. This advanced version offers integrated management of various industrial assets and processes, enhancing energy efficiency, cutting down emissions, and aiding in decarbonization initiatives

Please note The report will be delivered in 4-8 business days upon order notification.