The Industrial Internet of Things (IIoT) has become a universally adopted technological solution. This is due to the development of cost-effective sensors, accessible cloud platforms, affordable connectivity and storage abilities, and effective processing of massive amounts of unstructured and structured data. This is possible due to Big Data platforms, abundant mobile applications, and smart machine learning tools. One of the areas where IIoT is applied for efficient monitoring, management, and maintenance is in enterprise assets.
Smart asset management solutions provide an integrated view of assets and their performance. This helps in extending asset life, reducing life-cycle costs, maximizing asset ROI, and lowering maintenance costs. Smart asset management solutions also provide efficient management and better tracking of assets that are critical to organizational management.
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Major factors likely to drive the smart asset management market in the next few years include rise in demand for improved connectivity among the assets and technological advancements in the IT sector. Increase in the adoption of automation, IoT, and cloud in various industries has led to the advancement of centralized asset management solutions. The adoption of smart asset management solutions is on the rise in the manufacturing industry as these solutions help in reducing the time and cost required for managing assets. Increase in manufacturing agility and the need for improved performance and cost reduction are driving the smart asset management market.
However, lack of proper standardization is a major factor restraining the market. Furthermore, cyber security is also a major concern for vendors planning to implement smart asset management solutions in their end-user facilities. Data security issues are estimated to hinder the market during the forecast period. Privacy and security of the data related to assets are key concerns regarding the adoption of smart asset management solutions.
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The global smart asset management market can be segmented based on component, end-use, enterprise size, application, and region. In terms of component, the smart asset management market can be divided into software [on-premise, cloud (public cloud, private cloud), and hybrid] and services [managed services and professional services (maintenance, integration, and installation)]. Based on application, the smart asset management market can be classified into performance management, system management, and network management. In terms of end-use, the smart asset management market can be divided into automotive, health care, agriculture, manufacturing, power and energy, and others (transportation, factory automation). Based on enterprise size, the smart asset management market can be classified into small & medium enterprises (SMEs) and large enterprises.
Based on region, the global smart asset management market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to account for a major share of the global smart asset management market during the forecast period. This can be ascribed to a rise in the number of enterprises and presence of a large number of vendors providing solutions to various industries in the region. Asia Pacific is anticipated to be a rapidly expanding region of the smart asset management market from 2018 to 2026. This is due to a rise in the adoption of automated software in enterprises across the region. Companies in growing economies such as India, China, and Japan are investing heavily in advanced technologies in order to gain a competitive edge over rivals.
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In smart asset management market vendor’s investing in advanced technology to introduce solutions improve operational efficiency and workflow. Major players operating in the global smart asset management market are Bentley Systems, Intel Corporation, Texas instruments Inc., General Electric International Inc., Broadcom Corporation, STMicroelectronics N.V., Freescale Semiconductor, Inc., ARM Holding PLC, Rockwell Automation, Cypress Semiconductor Corporation, Cypress Semiconductor Corporation, and ABB Ltd.
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