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

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

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.

The research report titled, ‘Industrial Asset Management Market by Offering, Deployment Mode, Asset Type, End-use Industry (Food & Beverage, Pharmaceuticals, Biotechnology, Medical Devices, and Other Industries), and Geography—Global Forecast to 2029’, provides an in-depth analysis of the industrial asset management market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2029. The global industrial asset management market is projected to reach $14.4 billion by 2029, at a CAGR of 12.2% during the forecast period of 2022–2029.

The growth of this market is attributed to the benefits of cloud-based industrial asset management solutions and the rising need for the real-time monitoring of industrial assets. In addition, the integration of Artificial Intelligence, Machine Learning, and 5G technologies and the growing adoption of industrial asset management solutions in the pharmaceutical sector are expected to create growth opportunities for the players operating in this market.

The global industrial asset management market is segmented by offering (solutions [predictive maintenance solutions, asset lifecycle management solutions, inventory management solutions, reporting & analytics solutions, and other industrial asset management solutions], services [professional services, managed services]), deployment mode (on-premise deployment, cloud-based deployment), asset type (conventional assets, automation assets), and end-use industry (food & beverage, chemicals, automotive manufacturing, pharmaceuticals, biotechnology, medical devices, metal & mining, energy & power, aerospace & defense, electronics & semiconductors, and other industries). The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on asset type, the automation assets segment is projected to register the highest CAGR during the forecast period. The large market share of this segment is attributed to the growing demand for efficient inventory tracking, better accountability, and preventing theft and misuse of IT assets; and a surge in demand to reduce maintenance costs and ease the burden of audits.

Based on deployment mode, the cloud-based deployment segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing need to reduce IT infrastructure costs, the benefits offered by cloud-based IAM solutions & services such as better accessibility, reduced IT costs, and automatic updates, and efforts by leading IAM players to launch cloud-based asset monitoring services for industrial plants.

Based on end-use industry, the pharmaceuticals segment is projected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to pharmaceutical companies’ increasing need to monitor purchase orders (PO) & requisitions, handle tickets, optimize equipment maintenance, gain real-time visibility into assets’ operation, and ensure FDA compliance for drug development.

Based on geography, the industrial asset management market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific accounted for the largest share of the industrial asset management market. This region is expected to witness rapid growth during the forecast period due to a large number of industrial manufacturing industries operating in Asia-Pacific and the surge in demand for cost-effective IAM solutions.

The key players operating in the global industrial asset management market are ABB Ltd (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Emerson Electric Co. (U.S.), Endress+Hauser Group Services AG (Switzerland), General Electric (U.S.), Honeywell International Inc. (U.S.), Rockwell Automation, Inc. (U.S.), SKF Group (Sweden), and Yokogawa Electric Corporation (Japan).

Key questions answered in the report-

Which are the high-growth market segments in terms of offering, asset type, deployment mode, and end-use industry?
What is the historical market for industrial asset management across the globe?
What are the market forecasts and estimates for the period 2022–2029?
What are the major drivers, restraints, and opportunities in the global industrial asset management market?
Who are the major players in the global industrial asset management market, and what market share do they hold?
Who are the major players in various countries, and what market share do they hold?
How is the competitive landscape?
What are the recent developments in the global industrial asset management market?
What are the different strategies adopted by major players in the global industrial asset management market?
What are the geographical trends in high-growth countries?
Who are the local emerging players in the global industrial asset management market, and how do they compete with the other players?

Scope of the Report:

Industrial asset management Market, by Offering

Solutions
Predictive Maintenance Solutions
Asset Lifecycle Management Solutions
Inventory Management Solutions
Reporting & Analytics Solutions
Other Industrial Asset Management Solutions
Services
Professional Services
Managed Services

Industrial asset management Market, by Deployment Mode

On-premise Deployment
Cloud-based Deployment

Industrial asset management Market, by Asset Type

Automation Assets
Conventional Assets

Industrial asset management Market, by End-use Industry

Energy & Power
Automotive Manufacturing
Pharmaceuticals
Electronics & Semiconductors
Chemicals
Aerospace & Defense
Food & Beverage
Metal & Mining
Medical Devices
Biotechnology
Other Industries

Industrial asset management Market, by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
Italy
France
Ireland
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Middle East & Africa

Industrial Asset Management Market - Report Summary

Report Metrics	Details
Years Considered	2020 - 2029
Base Year	2021
Forecast Period	2022-2029
Page Count	220
Units Referenced	Value (USD Million)
Segments/Key Topics	By Product Type, By Application Type, By Vehicle Type, and Region
Regions Covered	Market by Offering, Market by Deployment Mode, Market by Asset Type, Market by End-use Industry, Market by Geography
Key Companies Mentioned	ABB Ltd (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Emerson Electric Co. (U.S.), Endress+Hauser Group Services AG (Switzerland), General Electric (U.S.), Honeywell International Inc. (U.S.), Rockwell Automation, Inc. (U.S.), SKF Group (Sweden), and Yokogawa Electric Corporation (Japan).

FAQs About the Report

What is the revenue generated from the sale of industrial asset management solutions and services across the globe? At what rate is their demand expected to grow in the next 5-7 years?

The global industrial asset management market is projected to reach $14.4 billion by 2029, at a CAGR of 12.2% during the forecast period.

Which end-use industry segment showcases high growth opportunities for the industrial asset management market players?

Based on end-use industry, in 2022, the energy & power segment accounted for the largest share of the global industrial asset management market. The large market share of this segment is mainly attributed to the growing need to upgrade aging infrastructure, accurately control inventories, and prioritize & schedule work orders and the rising demand for clean & renewable energy sources.

Which asset type segment is projected to create more traction in the global industrial asset management market?

The automation assets segment is projected to register the highest CAGR during the forecast period due to the growing demand for efficient inventory tracking, better accountability and preventing theft and misuse of IT assets, a rise in demand for centralized vendor management and improved data accuracy, and a surge in demand to reduce the maintenance cost and ease the burden of audits.

What are the key factors driving the growth of the industrial asset management market? What are the major opportunities for existing market players and new entrants in the market?

The growth of this market is driven by the benefits of cloud-based industrial asset management solutions and the rising need for the real-time monitoring of industrial assets. The integration of Artificial Intelligence, Machine Learning, and 5G technologies and the growing adoption of industrial asset management solutions in the pharmaceutical sector are expected to create growth opportunities for the players operating in this market.

Who are the major players operating in the global Industrial asset management market?

Some of the key players operating in the global industrial asset management market are ABB Ltd (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Emerson Electric Co. (U.S.), Endress+Hauser Group Services AG (Switzerland), General Electric (U.S.), Honeywell International Inc. (U.S.), Rockwell Automation, Inc. (U.S.), SKF Group (Sweden), and Yokogawa Electric Corporation (Japan).

Which regions/countries are expected to offer significant growth opportunities for the market players operating in the global industrial asset management market?

At present, Asia-Pacific dominates the global industrial asset management market. However, Germany, Japan, China, India, South Korea, and the U.K. are expected to witness strong growth in demand for industrial asset management in the coming years.