Global Smart Connected Assets and Operations Market Size Expands at Robust CAGR of 12.72% to Surpass USD 369.11 Billion by 2030

Published | 14 May 2024

Global Smart Connected Assets and Operations Market is flourishing because of the rising demand for efficiency and productivity and advancements in artificial intelligence (AI) and machine learning (ML).

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Smart Connected Assets and Operations Market size at USD 221.42 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Smart Connected Assets and Operations Market size to expand at a CAGR of 12.72% reaching a value of USD 369.11 billion by 2030. The introduction of smart city initiatives in several nations and the growing use of cutting-edge technologies, including the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), are significant growth drivers for the Global Smart Connected Assets and Operations Market. Furthermore, over the forecast period, the Global Smart Connected Assets and Operations Market is anticipated to rise due to the growing need for increased productivity and efficiency across a variety of industries, including healthcare, energy & power, and automotive & transportation.

Opportunity: Rising adoption of smart connected assets and operations in manufacturing sector

The adoption of smart connected assets in the manufacturing sector is anticipated to fuel production output and boost mass production. The integration of high-tech sensors allows manufacturers to collect and analyze vital performance and health data about the company’s assets. Furthermore, advanced technologies, such as the Internet of Things (IoT), allow data analysis and inventory level monitoring to enhance the efficiency of the mass manufacturing process. In addition to facilitating communication and the sharing of diagnostic data across internet-connected assets, IoT also enables manufacturers to make better-informed decisions on the entirety of mass production activities.

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Impact of Escalating Geopolitical Tensions on Global Smart Connected Assets and Operations Market

The escalating geopolitical tensions negatively impact the growth of the Global Smart Connected Assets and Operations Market. Russia's invasion of Ukraine, for instance, resulted in a shortage of electronic chips, which are a crucial component in IoT sensors that facilitate connected assets. Both Russia and Ukraine are major suppliers of chips. The conflict, however, resulted in trade sanctions against Russia as well as affected Ukraine’s ability to sustain trade relationships with other countries due to a shortage of necessities. The shortage resulted in the disruption of the adoption of digitization across industries, which directly affected the global smart connected assets and operations market.

Global Smart Connected Assets and Operations Market

Segmental Coverage

Global Smart Connected Assets and Operations Market – By Modules

Based on modules, the Global Smart Connected Assets and Operations Market is segmented into hardware, APM software & platform, and services. The hardware segment is further divided into processors, sensors, and network connectivity. The APM software & platform is sub-segmented into APM and the application of APM solutions. The services segment is further segmented into professional services and managed services. The APM software and platform segment holds the largest share in the Global Smart Connected Assets and Operations Market owing to the rising need to conduct predictive analysis and error diagnosis for application performance problems.

Global Smart Connected Assets and Operations Market – By Region

The in-depth research report on the Global Smart Connected Assets and Operations Market covers a number of country-specific markets across five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. North America dominates Global Smart Connected Assets and Operations Market owing to the high rate of adoption of advanced technologies. Several sectors, including manufacturing, healthcare, and agriculture, have been significantly investing in improving efficiency and operational output, which is driving the demand for the global smart connected assets and operations market.

Competitive Landscape

Major players operating in the Global Smart Connected Assets and Operations Market include Intel Corporation, Broadcom Corporation, Freescale Semiconductor, Inc., ARM Holdings plc, Texas Instruments, Cypress Semiconductor, Rockwell Automation, NXP Semiconductor, STMicroelectronics N.V., Cisco Systems Inc., IBM Corporation, General Electric Company, ABB Ltd, Bentley Systems Incorporated, and Maintenance Assistant Inc.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Smart Connected Assets and Operations Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Smart Connected Assets and Operations Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Smart Connected Assets and Operations Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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