The smart connected assets and operations market was valued at USD 103.82 Billion in 2015 and is expected to reach USD 215.53 Billion by 2022, at a CAGR of 10.26% during the forecast period. Many countries are focusing on new innovations and expansions being carried out through the smart cities project, which would help to increase the demand for smart connected assets and operations system in the coming years.
The smart connected assets and operations market, on the basis of module, has been segmented into hardware, APM software and platform, and services. Among them, the market for APM software and platform is expected to grow at the highest rate during the forecast period. Majorly all the well-established industries have their existing infrastructure. They already have installed set up with the traditional equipment and hardware. For connecting the assets and operations smartly, IIoT platform and software is required, which is used to manage the asset’s performance with the help of APM software in order to generate better operational performance. So the APM software and platform are expected to grow at higher rate than the hardware components.
The smart connected assets and operations market, on the basis of industry, has been segmented into automotive and transportation, energy & power, healthcare, smart agriculture, factory automation, and others which includes metal & mining, food & beverages and textile. The healthcare industry is expected to grow at higher rate followed by the smart agriculture.
The smart connected assets and operations market, based on geography, has been segmented into Americas, Europe, APAC, and Rest of the World. The smart connected assets and operations market in APAC is expected to grow at the highest rate during the forecast period. The market growth can be attributed to the several initiatives taken up by the Government of India and many major player of smart connected assets and operations ecosystem, which help to improve the market.
Lack of standardization is the major restraining factor for the smart connected assets and operations market. In addition, the security and safety is the biggest challenge for the players for smart connected assets and operations system.
The key players in this market focus on strategic partnerships, acquisitions, agreements, and new product launches to increase their revenue. In August 2016, Intel Corporation launched new 7th Gen Intel core processors which are faster and more responsive and provide access to premium 4K ultra-high-definition content. Additionally, the company announced the Intel Joule compute module, which is a high-performance developer platform, with support for Intel RealSense depth-sensing cameras, targeted at Internet of Things (IoT) developers, entrepreneurs and established enterprises.
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