Meticulous Research®—a leading global market research company, published a research report titled, ‘Industrial Asset Management Market by Offering, Deployment Mode, Asset Type, and End-use Industry (Food & Beverage, Pharmaceuticals, Biotechnology, Medical Devices, and Other Industries), and Geography - Global Forecast to 2029.’
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The global industrial asset management market is expected to grow to $14.4 billion by 2029, with a CAGR of 12.2% from 2022 to 2029, according to a report by Meticulous Research®. This growth is largely driven by the increasing adoption of cloud-based solutions and the rising demand for real-time asset monitoring across industries. While concerns over data security and privacy pose challenges, emerging technologies like Artificial Intelligence (AI), Machine Learning (ML), and 5G are creating significant opportunities, particularly in the pharmaceutical sector.
Predictive analytics is an emerging trend in the industrial asset management market, shifting companies towards more proactive maintenance approaches that optimize asset performance and longevity.
The market is segmented by offerings, deployment modes, asset types, and end-use industries. Solutions are expected to dominate the offerings segment due to the growing need for cloud-based platforms that help lower maintenance costs and improve procurement processes. Services, including both professional and managed services, play an essential role in meeting a wide range of client requirements.
On-premise deployment models currently lead the market due to enhanced data security features, but cloud-based solutions are projected to experience the highest growth due to their flexibility and scalability.
Automation assets are gaining traction as they improve inventory tracking, vendor management, and audit efficiencies, with this segment expected to grow steadily as companies focus on cost-effective asset management solutions.
Asia-Pacific is the leading region, driven by significant investments in machinery management and the rapid expansion of the industrial manufacturing sector. The region is expected to post the highest growth rate during the forecast period.
Key players like ABB Ltd, Siemens AG, and Schneider Electric SE are at the forefront of innovation, driving the market forward with cutting-edge industrial asset management solutions.
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