Smart Connected Assets And Operations Market - Forecast(2023 - 2028)
Smart Connected Assets and Operations Market Overview
Smart Connected Assets and Operations market size is projected to reach US$ 318.5 billion and is estimated to grow at around CAGR 10.26% during 2021-2026. Increasing penetration of smart factories, smart cities, smart utilities enabling high-speed data transmission and data analytics for real-time control, management, monitoring, and maintenance of industrial assets and operations is analyzed to drive the Internet of things market. Growing demand for cost-effective sensors, cloud computing related digital age technologies such as Artificial Intelligence (AI), Machine Learning (ML), big data platforms and big data analytics for industrial automation enabling convergence of IT and OT provide unison among all associated systems and machines that have contributed to the Smart Connected Assets and Operations Market growth. Rising demand for smart sensors such as temperature and humidity sensor, pressure sensor, gyroscope, flowmeter for real-time monitoring offering robust surveillance and security solutions is analyzed to expand the Smart Connected Assets and Operations Market size.
The report: “Smart Connected Assets and Operations Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Smart Connected Assets and Operations Market.
By Module: Hardware(Processors (Microcontroller, Application
Processor, DSP, Memory Chips, FPGA), Sensors (Temperature sensor, Pressure
sensor, Humidity sensor, Flow Sensor, Accelerometer, Magnetometer, Gyroscope,
Image sensor, Touch sensor, Proximity sensor, Acoustic Sensor, Motion Sensor,
Occupancy sensor, Others), Network Connectivity (Wired technologies, Wireless
technologies (RFID, Wireless HART, Digimesh, ISA 100.11a, IEEE 802.15.4, NFC,
ANT+, Wi-fi, Wimax, Zigbee, Enocean, Bluetooth, Eddystone- Bluetooth Low Energy
(BLE), Cellular Technologies))), Asset Performance Management Software &
Platform (Aspects of APM (Reliability Centered Maintenance (RCM), Condition
based monitoring (CBM), MRO inventory optimization), Applications of APM
solution (Design & configuration, Past Performance, Raw material,
Environmental impact, Customer requirements, Supplier Performance)), Services
(Professional Services, Managed Services).
By Industry Vertical: Automotive& transportation (roadways, Railways, Airways, Maritime), Healthcare (Telemedicine, Clinical Operations & workflow management, Connected imaging, Inpatient monitoring, Medication Management, others), Energy &Power, Smart Agriculture (Precision Farming, Livestock monitoring, Fish farming, Smart greenhouse, others), others.
By Geography: North America(the U.S., Canada and Mexico); Europe(U.K., Germany, Italy, France, Spain, Russia, Rest of Europe); APAC (China, Japan, South Korea, India, Australia, Rest of APAC); South America(Brazil, Argentina, Rest of Americas); RoW (the Middle East & Africa).
- Healthcare is estimated to account for the largest market share by 2026 due to increasing convergence of digitalization with the healthcare sector to bridge the gap between connected infrastructure and connected consumers.
- APAC is estimated to be the fastest-growing market during 2021-2026 owing to rising investments towards smart infrastructure.
- Increasing Penetration of connected factories and increasing investments towards the adoption of smart cities are analyzed to stimulate the market during the forecast period 2021-2026.
- Data Security issues is one of the challenges impeding the Smart Connected Assets and Operations Market growth.
Global Smart Connected Assets and Operations Market Share by Region, 2020 (by %)
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Smart Connected Assets and Operations Market Segment Analysis - By Module
By module, Smart Connected Assets and Operations Market has been segmented into hardware, APM software, and platform and services. Application Performance Management (APM) software & platform is estimated to witness the highest growth during 2021-2026 owing to increasing deployments of APM software for smartly bridging the gap between assets and operations enhancing the operational performance. In January 2021, Semtech Corporation announced that Alpha Omega, an IoT utility metering solution provider has incorporated LoRAWAN protocol into smart meters Such technological advancements are anticipated to stimulate the market during 2021-2026.
Smart Connected Assets and Operations Market Segment Analysis - By End User
By end-user, Smart Connected Assets and Operations Market has been segmented into automotive & transportation, Healthcare, Energy & Power, Smart Agriculture, and others. The Healthcare sector is analyzed to witness the highest growth between 2021 and 2026. Rising penetration of telemedicine, remote diagnosis & surgery have contributed to the growth of the market, Increasing adoption of integrated software tools for healthcare solutions by leveraging digital age technologies such as structured data, Artificial Intelligence (AI), Machine Learning (ML), big data analytics to visualize and analyze complex data is set to drive the market. With the increasing adoption of Electronic Medical Record (EMR) and management smart connected assets and operations are estimated to gain huge traction during the forecast period 2021-2026.In September 2020, Carolina Pediatric Therapy announced they have selected MTBC, Inc.’s CareCloud, a cloud-based healthcare IT solutions to enhance the clinical platform. Such advancements are analyzed to boost the market during 2021-2026.
Smart Connected Assets and Operations Market Segment Analysis - By Geography
By Geography, Smart Connected Assets and Operations Market has been segmented into North America, Europe, APAC, South America, and RoW. North America dominated the Smart Connected Assets and Operations market in 2020 acquiring a share of 33% and is estimated to grow at a CAGR 9.21% during 2021-2026 owing to early penetration of the internet, presence of a higher number of smart cities and high investments towards up-gradation towards latest technology in this region. In March 2021, Alps Alpine, a US-based leading manufacturer of electronic components announced its partnership with Skyhook, a location technology provider to receive accurate and precise location positioning from their IoT device and services and such partnerships are analyzed to boost the Smart Connected Assets and Operations Market in this region. APAC is estimated to be the fastest a growing market with a CAGR 11.56% during the forecast period 2021-2026 owing to rapid shift towards automation and digitalization. Indian Government has launched “Digital India” and “Make in India” program to establish multiple industries and setup a robust digital infrastructure across the country and such government initiatives are anticipated to drive the smart connected assets and operations market in this region. According to reports by Northeast Group, in October 2020, South-east Asia declared to invest USD 25.9 billion in smart grid infrastructure over the next decade to accelerate smart metering, grid automation for enhancing the developments in utility sector and such government initiatives are set to drive the market.
Smart Connected Assets and Operations Market Drivers
Increasing penetration of Industry 4.0
Increasing adoption of industrial IoTs for bridging IT and OT to optimize real-time applications across various industry verticals is driving the Internet of Things Market. Massive and quick adoption of connected factories enabling interoperable, ubiquitous communication among smart connected devices to monitor and control real-time data for machine-to-machine (M2M) communications optimizing production yield, efficiency, and quality have contributed to the Smart Connected Assets and Operations Market growth. The rising adoption of asset tracking solutions optimizing asset management is augmenting the market. Rising demand for intelligent sensors in the automotive sector enabling data conversion, digital processing to create a robust thermal management solution ensuring the safety of critical applications is propelling the market. Growing demand for faster data processing and instantaneous reliable decision making to simplify asset monitoring solutions with minimum human intervention is analyzed to significantly trigger the growth of the market during 2021-2026. In February 2021, Angila announced the partnership with Sensirion AG to provide digital microsensors serving a wide range of industrial applications for IoT sensing applications. Such partnerships are steering the market
Increasing investment towards Smart Cities
Increasing investments towards smart city projects to address transportation, communication, energy, health & safety, waste management with intelligent solutions has contributed to the growth of the market. The growing demand for high-speed communication for real-time intelligent traffic control, smart waste management, environment monitoring, real-time crime mapping, telemedicine within smart cities is estimated to drive the market during 2021-2026. In January 2020, the City of London announced the deployment of 12,000 unit smart street lighting based on Wi-SUN technology as a part of the Smart City initiative. In December 2020, Japan Government announced to invest USD 2.4 Billion in Japanese companies for the development of smart city projects in South-East Asia. Such Government initiatives are estimated to accelerate the market growth during the forecast period 2021-2026.
Smart Connected Assets and Operations Market Challenges
Data Security issues
Enterprises that adopt Smart Connected Assets and Operations face security and privacy issues. Enterprises hold sensitive and confidential data, which needs to be protected to avoid data breaches and cyber-attacks. The alarming growth in number of cyber-attacks, data leakage, false data injection in various industry verticals is hampering the adoption. However, significant investments on cybersecurity is set to offset this challenge and promote healthy growth during the later stages of the forecast period 2021-2026.
Smart Connected Assets and Operations Market Landscape
Product Innovations, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Smart Connected Assets and Operations market. In 2020, the market of Smart Connected Assets and Operations industry outlook has been fragmented by several companies. Smart Connected Assets and Operations top 10 companies include Cisco Systems Inc., Hewlett Packard Enterprise, General Electric Company, Siemens AG, Semtech Corporation, Intel Corporation, Texas Instruments, ARM Holdings PLC, NXP Semiconductors N.V., Rockwell Automation Inc. and others.
- In April 2021, Network Thermostat launched a new surface-mount remote temperature and humidity sensor to incorporate both temperature and humidity sensing in the same device. Such product launches are augmenting the market.
- In December 2020, Well Health announced to acquire Adracare for USD 4.75 million in order to standardize and modernize the clinical and digital solutions in healthcare sector.
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