The report "Smart Connected Assets and Operations Market by Module (Hardware-Sensors, Processors, Network Connectivity- Wired & Wireless; APM Software & Platform, and Services- Professional & Managed), Industry, and Geography - Global Forecast to 2022", 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. Factors such as growing demand for better operational performance, reduction in cost & energy, and increase in manufacturing agility are driving the growth of the smart connected assets and operations market.
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Automotive and transportation expected to hold the largest market share during the forecast period
The automotive and transportation sector held the largest share in the smart connected assets and operations market in 2015, followed by the healthcare sector. The IoT platform in transportation application provides a range of infotainment, traffic, navigation, vehicle maintenance, security, and safety features. IoT in transportation forms an entirely novel mobile platform by bringing together component suppliers, auto manufacturers, telecom vendors, and content providers.
APM Software and platform for smart connected assets and operations market expected to grow at the highest rate between 2016 and 2022
The APM software and platform plays an important role in the smart connected assets and operations market. The companies have already 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 (APM software) to generate better operational performance. Therefore, the APM software and platform market is expected to grow at a higher rate than the hardware components.
Smart connected assets and operations market in APAC likely to grow at a high rate during the forecast period
Several initiatives have been taken up by the Government of India such as Make in India and Digital India is one of the major factors supporting the growth of the smart connected assets and operations market in APAC. As China and Japan are the leading countries in semiconductor and electronics industry, due to this the scope for smart connected assets and operations system is high. Such initiatives by the government and companies are driving the smart connected assets and operations market.
Major players operating in the smart connected assets and operations market include Intel Corporation (U.S.), Cisco System Inc. (U.S), IBM Corporation (U.S.), ARM holding plc (U.K.), General Electric Company (U.S.), Texas Instruments (U.S.), Cypress Semiconductor (U.S.), Rockwell Automation (U.S.), NXP Semiconductor (Netherlands), and STMicroelectronics N.V. (Switzerland).
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