IoT in Asset Management Market Size (2023 – 2030)

As per our research report, the global IoT in Asset Management Market size was USD 24 billion in 2022 and is estimated to grow to USD 40.20 billion by 2030. the adoption of IoT-enabled remote asset management solutions to manage asset efficiency, the use of predictive maintenance to boost the adoption of remote asset management, and decreasing the cost of IoT-based sensors to optimize asset life cycle through remote asset management solutions, are majorly driving the growth of the industry.

Industry Overview:

Asset management is one of the differentiating factors that help manufacturing businesses gain a competitive advantage. Innovative solutions based on IoT to empower asset management drive quality business. Availability, performance, and quality are three important factors in the overall equipment efficiency (OEE) of a production unit. IoT-based solutions will help monitor and detect specific problems, such as missing parts, defective areas, and the scope for improvement.

With these improvements, the company can achieve 80% OEE.  Successful business operations consist of interconnected processes that work together. Failures in asset management and production will eventually lead to delays in the supply chain.  IoT solutions enable businesses to connect human capital and assets through automated systems and processes. That benefits overall work productivity, maintains regulatory compliance, reduces risk, and monitors assets from anywhere, anytime, and on any device. Similarly, IoT enables a centralized cloud-based environment to automatically collect, update, and maintain all data in one place instead of having it spread across multiple databases.

IoT-enabled tracking systems give relevant employees immediate access to data, providing consistency across departments. IoT-based solutions can help companies keep track of all their assets, recovery and maintenance, problem areas, inventory, set up additional systems, effectively measure risk and comply with and interpret the use and condition of the assets. Business owners will now have the time and ability to assess the quality, quantity, and location of assets to improve workflows, reduce waste, and avoid sudden equipment failures to maintain a profitable system.

COVID-19 impact on IoT in Asset Management Market

Many companies have switched to remote working due to COVID19. However, some cannot. Others hope to return soon, full-time or a mix of on-site and virtual work. This article discusses some of the IoT asset management tools available to help businesses prevent the transmission of COVID19 and reap other business benefits. Business owners are looking for ways to make the work environment safe so employees can return to the workplace with a reduced risk of coronavirus transmission.

 The focus on supporting social distancing and prioritizing healthcare is fueling a technological revolution in facilities. Before the global pandemic, of course, companies care about employees and guests. However, there are already widely accepted standards for how we move around the workplace, what office spaces should look like, and how visitors will be introduced to the business environment. Now, "things have changed," as a global architecture firm, Gensler notes. “One thing most of us will look for when we re-engage with our community is a fundamental belief in the environment in which we appear. Fortunately, with advancements in the Internet of Things (IoT) asset management, it's becoming easier and easier to make the office safe for employees working after COVID. Expect a new work environment that incorporates some or all of the following:

•   Check inlet temperature
•   Improved air filter Design reconfigured to stay out of society 
•   Improved cleaning protocols
•   Digital display Contactless technology (kitchen, elevator, etc.)
•   Contactless entry

MARKET DRIVERS:

Performance Management of Remote Assets with IoT is Driving the Growth of the Market:

The operational price of the asset reduces with the development withinside the uptime, usage, and availability of the asset. IoT allows accomplishing this kind of framework. IoT answers are powerful in asset tracking and tracking. It allows accumulation inputs around operational and fitness parameters of various sub-structures working inner or across the asset. With those extra records made available, you could acquire better asset usage and uptime via predictive upkeep and usage. Additionally, outside parameters help withinside the in-intensity evaluation of the styles of use that power strategic selections like shopping for and renting those assets. This ought to open extra possibilities for the device vendor.

Proposing New Business models for Service businesses is also Driving the growth of the Market:

The IoT in manufacturing and wealth management will change the revenue structure of products and services from 80:20 to 60:40. Immediate after-sales and remote diagnostics in the event of equipment failure require an hour to drive decision-making and facilitate the timely deployment of the right resources. These changes reduce downtime and costs in the areas of support, warranty, and mobility.  Leveraging IoT technology and operational data metrics, manufacturers can innovate profitable service models and increase equipment opportunities. Manufacturers can now offer models on a rental basis instead of selling the entire product to their customers. In addition, the asset management group can use feedback from the Quality Assurance team to take corrective action in subsequent product releases, reducing development and testing time. 

MARKET RESTRAINTS:

The increasing Initial Cost of the Asset Management system is hampering the growth of the market:

Increasing initial costs of asset management systems is the vital factor among others restraining the market growth, while trade-off complications among accuracy, range, and power consumption in RTLS tags and rising imposition of lockdowns and social distancing may restrict commercial trade growth in coming months which will further challenge the assets management IoT market in the forecast period mentioned above. IoT technology is very high in initial investment which is not affordable by many start-ups and they usually don’t prefer to go with the technology.

IOT IN ASSET MANAGEMENT MARKET REPORT COVERAGE:

This research report on the IoT in Asset Management Market has been segmented and sub-segmented based on Solution, Services, Industry, and region.

IoT in Asset Management Market – By Solution

• Real-Time Streaming Analytics

• Security Solutions

• Data Management

• Remote Monitoring

• Network Bandwidth Management

Based on the solution, The data management solutions segment had a significant market share of over 20% in 2021. The segment growth is primarily due to the increased use of IoT devices to manage industrial processes and assets and anticipate failures and disasters that can impact production. As large amounts of data were generated for these heavy applications, the demand for data management solutions increased significantly, thereby dominating the market.

The security solutions segment is expected to record the fastest growth rates during the forecast period. The growing need to protect data, connected devices, and related assets will drive the growth of the overall solution market. These solutions are designed to meet the needs of different customers from an authentication, security, and maintenance perspective. In addition, increasing awareness of security threats, data theft, and hacking of vulnerable connected devices continues to drive the growth of this segment.

IoT in Asset Management Market - By Services

• Professional Services

• Managed Services

Based on services, The Professional Services segment accounted for the largest share of 2021 sales with more than 65%. The growing need for skilled and skilled professionals with software management, installation, and troubleshooting expertise is expected to drive the demand for professional services. Professional services enable businesses to better utilize their resources, reduce management costs, and increase profitability. Professional services also help organizations improve resource management, increase efficiency through enhanced collaboration, integrated knowledge management, and better planning, and drive growth in the professional services segment. 

 The managed services segment is expected to grow significantly during the forecast period. This growth is due to the following additional features of managed services: B. Remote monitoring and cost-effective IT infrastructure management with a subscription-based pricing structure. In addition, as the adoption of IoT-based solutions increases, retailers are becoming more and more concerned about data security and privacy. Therefore, they choose managed services to maintain a growing database. Increasing demand for cloud-based managed services and increasing corporate reliance on IT resources to improve business productivity are also becoming key factors contributing to the growth of the managed services segment.

IoT in Asset Management Market - By Industry

• Retail

• Healthcare

• Transportation & Logistics

• Utilities

• Manufacturing

• Others

Based on Industry, The manufacturing industry held the largest market share in 2021 with more than 35%. The large share of this segment is primarily due to the growing need to improve digital transformation across the manufacturing industry. In addition, manufacturers are up to date to meet their growing needs by increasing their reliance on connected devices to streamline industrial operations, increase productivity, and reduce time to market. You can make strategic choices that incorporate the technology.

And with the growing need to address intensifying global competition, manufacturers have been able to implement intelligent solutions to improve business productivity and profitability. The healthcare segment is expected to record the fastest growth rates during the forecast period. With the increasing adoption of connected devices to track and monitor patient health during the COVID 19 pandemic, healthcare organizations can make significant investments in IoT technologies that provide real-time insights. In addition, the growing demand for personalized healthcare and the growing need for digital transformation across the healthcare industry is expected to bring many opportunities to the market during the forecast period.

IoT in Asset Management Market - By Region

• North America

• Europe

• Asia-Pacific

• Rest of the World

• Latin America

• The Middle East

• Africa

Geographically, North America leads the market in 2021 with a revenue share of more than 30%. The dominance can be attributed to the evolution of infrastructure, the mass adoption of the latest networking technologies, and the increasing penetration of cloud technologies. The United States is the main contributor to the North American market. In addition, the presence of renowned industry leaders and their vast customer base play an important role in the continued growth of the North American market.

 Asia-Pacific is expected to record significant growth during the forecast period. The region is characterized by high population density, the proliferation of smartphones, and the continued deployment of high-speed data networks. Additionally, many smartphone users in the region access social media through their mobile devices. Thus, the region offers tremendous opportunities for IoT implementations. Furthermore, the increasing focus of governments on educating SMEs about the widespread use of smart devices is expected to bring many opportunities to the market during the projection period. newspaper. This is of course also true for Europe, where, despite the pandemic, the IoT market has seen slight growth in 2020. However, in 2021, spending on IoT technologies, solutions, and services in Europe is expected to reach $202 billion by 2021 (over $200 billion for the first time). Going forward, Europe's IoT spending is expected to continue double-digit growth

IoT in Asset Management Market Share by company:

Companies like:

• Verizon

• ATandT

• Perficient

• Oracle

• Crayon Group

• IBM

• Calsoft Inc.NFC Group

• SAP

• Rapid Value

• Siemens

• Accenture

• Alcatel-Lucent

• Cisco Systems

• KloudData

AT&T and Nokia teamed up to provide a Munich-based innovation studio to drive global adoption of current and next-generation Internet of Things (IoT) solutions. This partnership will allow AT&T to help solve business problems related to IoT solutions such as asset tracking while also allowing AT&T to penetrate the European ecosystem.

Siemens acquired Pixeom`s edge intending to provide Siemens' future industrial edge ecosystem platform. It will facilitate the analysis, creation, and management of edge applications in production environments used by several manufacturers.

Hitachi launched Hitachi Digital Solutions, a logistics/delivery optimization service, in February 2019. The solution focuses on creating optimal delivery plans for logistics operations in Japan, China, and Thailand using advanced digital technologies such as AI and IoT.

NOTABLE HAPPENINGS IN THE IOT IN THE ASSET MANAGEMENT MARKET IN THE RECENT PAST:

• Product Launch - In April 2021, Hitachi launched Hitachi Digital Solution, a logistics/delivery optimization service, in February 2019. The solution focuses on generating optimal delivery plans for logistics operations in Japan, China, and Thailand by utilizing advanced digital technology such as AI and IoT.
• Innovation - In 2020, AT&T enabled public safety agencies across the country to use FirstNet App Catalog in their response to COVID-19. FirstNet is America’s public safety communications platform; it helps address public safety needs. First responders are using this app’s ecosystem to tackle everyday emergencies in large and small communities.
• Company Acquisition - In early 2020, Siemens acquired Pixeom’s edge computing platform. The platform is essential for Siemen’s future industrial edge ecosystem. With this open ecosystem, companies can easily analyze, create, and manage edge applications in data and factory environments, as well as can be used for applications and devices from different manufacturers.