Industrial Asset Management Market Size, Share, and Industry Analysis, By Offering (Solutions and Services), By Deployment Mode (On-Premises and Cloud), By Asset Type (Automation Assets and Conventional Assets), By Industry (Energy & Power, Automotive, Pharmaceuticals, Chemicals, Aerospace & Defense, Retail & Consumer Goods, and Others (Biotechnology and Metals & Mining)), and Regional Forecast, 2024-2032

Industrial asset management is a system of managing industrial assets, such as tools, machines, and equipment, used to track and maintain them. To help companies keep track of their assets and plan for future needs in response to customer demand, IAM systems are being used in the manufacturing sector and other industrial settings.

The benefits of cloud-based industrial asset management solutions and the growing need to monitor industrial assets in real-time are driving the growth of this market. Growth opportunities for players in this market are expected to be created by the integration of artificial intelligence, machine learning, and 5G technologies as well as the increasing adoption of industrial asset management solutions.

As per industry experts, businesses with more than 100,000 employees are more likely to adopt AI strategies. The market growth is being hindered by the lack of infrastructure and IT capacity and concerns about data security & confidentiality. In addition, a major trend in the industrial asset management market is the increasing integration of predictive analysis.

Impact of Generative AI on Industrial Asset Management:

By using advanced techniques such as GANs and reinforcement learning, generative AI creates a positive impact on industrial asset management. It replicates market conditions, optimizes portfolios, and creates complex trading strategies. This means that asset managers are able to respond to market changes and to anticipate and exploit them with unprecedented precision.

In industrial asset management, gen AI gains traction due to several persuasive drivers which make it an important tool for better decision-making, portfolio optimization, and enhanced operational efficiency within the finance sector. The drivers such as scalability, personalization, alternative data sources, and others are helping this technology gain traction in the market.

Key Insights:

The report covers the following key insights:

• Micro Macro Economic Indicators

• Drivers, Restraints, Trends, and Opportunities       

• Business Strategies Adopted by the Players

• Impact of Generative AI on the Industrial Asset Management Market

Segmentation:

Analysis by Industry:

Based on industry, the market is segmented into energy & power, automotive, pharmaceuticals, chemicals, aerospace & defense, retail & consumer goods, and others.

The pharmaceuticals segment is expected to witness the highest CAGR during the forecast period. The growth of pharmaceuticals segment is due to the rising need by pharmaceutical companies for processing tickets, monitoring purchase orders & requisitions, gaining real-time insight into asset operation, optimizing equipment maintenance, and certifying FDA compliance with product expansion.

Regional Analysis:

The industrial asset management market is divided into five regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South America.

North America holds the maximum market share in the industrial asset management market. The growth of the market is driven due to the strong investments by private and public sectors in the management of essential resources and machinery, the presence of a large number of industrial production sectors, and the growing demand for cost-effective solutions and services. Moreover, the increasing emphasis on the launch of industrial asset management solutions and services has contributed to the region.

Distribution of the Industrial Asset Management, By Region

• North America – 35%


• South America – 8%


• Europe – 25%


• The Middle East and Africa – 12%


• Asia Pacific – 20%

Key Players:

The report also provides the profiles of key players such as ABB Ltd., Honeywell International Inc., Rockwell Automation, Inc., Emerson Electric Co., General Electric Company, SKF Group, Yokogawa Electric Corporation, Siemens AG, Endress+Hauser Group Services AG, and Schneider Electric SE.

Key Industry Developments:

In February 2024, ABB announced that SEAM Group, a player in advisory services and energized asset management to customers in the commercial, industrial, and building markets, agreed to be acquired by ABB. This acquisition would add to ABB's product offering of electrification services and give customers enhanced experience in the areas of forecasting, preventive maintenance, emergency repairs, electric safety, renewable energy installations, and asset management consultancy.

In October 2023, Macquarie Asset Management invested USD 325.0 million in Atlas Agro and associated project units through the Macquarie GIG Energy Transition Solutions (MGETS) fund.