Industrial Asset Management Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
The Global Industrial Asset Management Market, valued at USD 153.9 billion in 2023, is expected to grow at a compound annual growth rate (CAGR) of 15.5% from 2024 to 2032. This growth is largely driven by the increasing integration of advanced technologies, such as predictive analytics and artificial intelligence (AI). Companies are utilizing AI-driven tools to forecast equipment failures, optimize asset performance, and extend asset lifecycles. These innovations help reduce downtime, lower maintenance costs, and improve overall operational efficiency. By providing real-time insights into asset conditions, AI-powered analytics enable timely decision-making and better resource management.
As industrial organizations continue to prioritize asset optimization, the adoption of predictive analytics plays a crucial role in boosting market growth. Sustainability and energy efficiency have also emerged as key factors contributing to the expansion of the industrial asset management market. Businesses are focusing on minimizing energy consumption and reducing their environmental footprint by optimizing their industrial assets. Asset management solutions provide valuable insights into energy usage across operations, allowing companies to detect inefficiencies and implement necessary improvements.
This trend is especially significant in energy-intensive industries like manufacturing and utilities, where the need to align with global sustainability goals is driving the demand for energy-efficient asset management solutions. The market is segmented into solutions and services based on components. In 2023, solutions held over 70% of the market share, a figure expected to rise during the forecast period. Integrated asset management platforms are in high demand, offering organizations complete visibility into asset lifecycles.
These platforms enable effective tracking, monitoring, and optimization of industrial assets. The integration of real-time data analytics, IoT-enabled sensors, and cloud computing allows businesses to make informed decisions about asset health, maintenance, and performance. This not only reduces downtime but also extends asset lifecycles and enhances operational efficiency, making solutions a crucial part of asset management strategies across various industries. By end-use industry, the oil & gas sector accounted for 28% of the market share in 2023. The reliance on expensive, large-scale assets in this sector creates a strong demand for asset management systems, which help optimize performance, streamline operations, and enhance safety.
In 2023, the U.S. dominated the North American market, driven by advanced technological infrastructure and a strong industrial base, while Europe saw growth due to strict regulations and a focus on sustainability and energy efficiency
As industrial organizations continue to prioritize asset optimization, the adoption of predictive analytics plays a crucial role in boosting market growth. Sustainability and energy efficiency have also emerged as key factors contributing to the expansion of the industrial asset management market. Businesses are focusing on minimizing energy consumption and reducing their environmental footprint by optimizing their industrial assets. Asset management solutions provide valuable insights into energy usage across operations, allowing companies to detect inefficiencies and implement necessary improvements.
This trend is especially significant in energy-intensive industries like manufacturing and utilities, where the need to align with global sustainability goals is driving the demand for energy-efficient asset management solutions. The market is segmented into solutions and services based on components. In 2023, solutions held over 70% of the market share, a figure expected to rise during the forecast period. Integrated asset management platforms are in high demand, offering organizations complete visibility into asset lifecycles.
These platforms enable effective tracking, monitoring, and optimization of industrial assets. The integration of real-time data analytics, IoT-enabled sensors, and cloud computing allows businesses to make informed decisions about asset health, maintenance, and performance. This not only reduces downtime but also extends asset lifecycles and enhances operational efficiency, making solutions a crucial part of asset management strategies across various industries. By end-use industry, the oil & gas sector accounted for 28% of the market share in 2023. The reliance on expensive, large-scale assets in this sector creates a strong demand for asset management systems, which help optimize performance, streamline operations, and enhance safety.
In 2023, the U.S. dominated the North American market, driven by advanced technological infrastructure and a strong industrial base, while Europe saw growth due to strict regulations and a focus on sustainability and energy efficiency
Report Content
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2021 - 2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Component supplier
3.2.2 Software provider
3.2.3 Cloud service provider
3.2.4 System integrator
3.2.5 End use
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Key news & initiatives
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Integration of predictive maintenance technologies
3.7.1.2 Increasing adoption of IoT for asset tracking
3.7.1.3 Growing demand for asset lifecycle optimization
3.7.1.4 Rising focus on operational efficiency and cost savings
3.7.2 Industry pitfalls & challenges
3.7.2.1 Managing diverse and legacy systems
3.7.2.2 Shortage of skilled workforce for technology adoption
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY COMPONENT, 2021 - 2032 ($BN)
5.1 Key trends
5.2 Solution
5.2.1 Real-Time Location System (RTLS)
5.2.2 Barcode
5.2.3 Mobile computer
5.2.4 Labels
5.2.5 Global Positioning System (GPS)
5.2.6 Others
5.3 Service
5.3.1 Strategic asset management
5.3.2 Operational asset management
5.3.3 Tactical asset management
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY FUNCTION, 2021 - 2032 ($BN)
6.1 Key trends
6.2 Location & movement tracking
6.3 Check In/ check out
6.4 Repair & maintenance
6.5 Others
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY ASSET, 2021 - 2032 ($BN)
7.1 Key trends
7.2 Returnable transport assets
7.3 Manufacturing assets
7.4 IT asset
7.5 Others
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY END USE, 2021 - 2032 ($BN)
8.1 Key trends
8.2 Energy and power
8.3 Oil & Gas
8.4 Petrochemical
8.5 Mining and metal
8.6 Aerospace and defense
8.7 Automotive
8.8 Others
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY REGION, 2021 - 2032 ($BN)
9.1 Key trends
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 UK
9.3.2 Germany
9.3.3 France
9.3.4 Spain
9.3.5 Italy
9.3.6 Russia
9.3.7 Nordics
9.4 Asia Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 South Korea
9.4.5 Australia
9.4.6 Southeast Asia
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.6 MEA
9.6.1 UAE
9.6.2 South Africa
9.6.3 Saudi Arabia
CHAPTER 10 COMPANY PROFILES
10.1 ABB
10.2 Accruent
10.3 Asset Panda
10.4 AssetWorks, Inc.
10.5 Aucerna
10.6 CGM (CompuGroup Medical)
10.7 GE Vernova
10.8 GoCodes
10.9 Hexagon AB
10.10 Hitachi Energy
10.11 Honeywell International
10.12 IBM
10.13 IFS AB
10.14 Infosys
10.15 Oracle
10.16 Rockwell Automation
10.17 SAP SE
10.18 Schneider Electric
10.19 Siemens
10.20 Trimble
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2021 - 2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Component supplier
3.2.2 Software provider
3.2.3 Cloud service provider
3.2.4 System integrator
3.2.5 End use
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Key news & initiatives
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Integration of predictive maintenance technologies
3.7.1.2 Increasing adoption of IoT for asset tracking
3.7.1.3 Growing demand for asset lifecycle optimization
3.7.1.4 Rising focus on operational efficiency and cost savings
3.7.2 Industry pitfalls & challenges
3.7.2.1 Managing diverse and legacy systems
3.7.2.2 Shortage of skilled workforce for technology adoption
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY COMPONENT, 2021 - 2032 ($BN)
5.1 Key trends
5.2 Solution
5.2.1 Real-Time Location System (RTLS)
5.2.2 Barcode
5.2.3 Mobile computer
5.2.4 Labels
5.2.5 Global Positioning System (GPS)
5.2.6 Others
5.3 Service
5.3.1 Strategic asset management
5.3.2 Operational asset management
5.3.3 Tactical asset management
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY FUNCTION, 2021 - 2032 ($BN)
6.1 Key trends
6.2 Location & movement tracking
6.3 Check In/ check out
6.4 Repair & maintenance
6.5 Others
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY ASSET, 2021 - 2032 ($BN)
7.1 Key trends
7.2 Returnable transport assets
7.3 Manufacturing assets
7.4 IT asset
7.5 Others
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY END USE, 2021 - 2032 ($BN)
8.1 Key trends
8.2 Energy and power
8.3 Oil & Gas
8.4 Petrochemical
8.5 Mining and metal
8.6 Aerospace and defense
8.7 Automotive
8.8 Others
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY REGION, 2021 - 2032 ($BN)
9.1 Key trends
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 UK
9.3.2 Germany
9.3.3 France
9.3.4 Spain
9.3.5 Italy
9.3.6 Russia
9.3.7 Nordics
9.4 Asia Pacific
9.4.1 China
9.4.2 India
9.4.3 Japan
9.4.4 South Korea
9.4.5 Australia
9.4.6 Southeast Asia
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.6 MEA
9.6.1 UAE
9.6.2 South Africa
9.6.3 Saudi Arabia
CHAPTER 10 COMPANY PROFILES
10.1 ABB
10.2 Accruent
10.3 Asset Panda
10.4 AssetWorks, Inc.
10.5 Aucerna
10.6 CGM (CompuGroup Medical)
10.7 GE Vernova
10.8 GoCodes
10.9 Hexagon AB
10.10 Hitachi Energy
10.11 Honeywell International
10.12 IBM
10.13 IFS AB
10.14 Infosys
10.15 Oracle
10.16 Rockwell Automation
10.17 SAP SE
10.18 Schneider Electric
10.19 Siemens
10.20 Trimble
