Asset lifecycle management is the strategic control, visibility, and accountability for the asset throughout every stage (procurement, installation, operation, maintenance, and upgrade). Across asset-intensive industries, including power and utilities, companies are increasingly realizing value for improving asset uptime, enhancing customer service, and advance performance predictability. To improve asset performance and efficiency, a coordinated approach is needed to deliver required change. Companies are seeking ways to reduce operating cost through industrial internet of things (IIoT) solutions. More sensors, more assets, and more data are bringing asset-intensive industries to a completely new era of asset management.
Connected assets means integrating operational and information technology together, and nurturing a broader understanding of the organization’s assets that can be used to produce the insights needed to generate long lasting business improvements. One of the important asset management solutions available today is a digital twin (a virtual representation of the physical asset). Enabled by IoT, this pairing/integration of the physical and virtual worlds allows companies to evaluate data and develop new opportunities, monitor systems for preventing downtime, and use simulations to plan for the future.
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Connected Asset Lifecycle Management Solutions Market – Drivers & Restraints
Implementing a connected solution that integrates an asset management system with analysis of asset performance data that helps companies achieve a proactive approach to increase efficiency and decrease downtime, is a major factor responsible for the growth of the connected asset management solutions market. Furthermore, a connected approach to asset lifecycle management improves performance and results in improved safety and increased profit. Companies becoming more dependent on physical infrastructure, which is capable of integrating process as well as information throughout the asset lifecycle is also responsible for driving the Connected Asset Lifecycle Management Solutions Market growth. Advent of cloud deployment model and Big Data integration with enterprise asset management are likely to create business opportunities.
Integration of asset performance and lack of insight can result in increased risk, higher maintenance cost, and unnecessary downtime, which are some of the major factors pulling back the growth of the connected asset lifecycle management solutions market. High cost and lack of awareness has also hindered market growth to a great extent. Regions such as Asia Pacific and Middle East & Africa are expected to provide several opportunities to the connected asset management space owing to the rise in adoption rate.
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Connected Asset Lifecycle Management Solutions Market – Segmentation
The global connected asset lifecycle management solutions market can be segmented based on services, deployment type, end-users, verticals, and enterprise size. Depending on types of services, the market can be segmented into three major categories as managed services, implementation services, and training and support services. Based on deployment type, the market is segmented into cloud, on-premise, and hybrid. Based on verticals, the market is fragmented into BFSI, telecom & IT, media & entertainment, retail & e-commerce, utilities, healthcare, government, and education. Based on enterprise size, the Connected Asset Lifecycle Management Solutions Market for connected asset lifecycle management solutions can be segmented into SMEs and large enterprises.