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Industrial Asset Management Market Share

Report ID: GMI11841
Published Date: Oct 2024
Report Format: PDF

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Industrial Asset Management Market Share

IBM, Schneider Electric, SAP SE, Siemens AG, Honeywell, ABB, Rockwell Automation held a substantial revenue share of over 3% in the industrial asset management industry in 2023. IBM is a key major player in the market, primarily through its Maximo platform. Maximo offers comprehensive asset lifecycle and maintenance management, incorporating AI and IoT to enhance predictive maintenance, asset performance, and operational efficiency. IBM maintains its competitive edge by continuously innovating its offerings, including cloud-based and AI-driven solutions, and by forming strategic partnerships. The company's focus on integrating advanced technologies helps businesses optimize asset performance, reduce costs, and improve decision-making, ensuring IBM remains a leader in the asset management space.

Siemens AG competes in the industrial asset management market through its extensive portfolio of automation and digitalization solutions. Its asset management systems, such as Siemens MindSphere, leverage IoT, AI, and data analytics to provide real-time insights and optimize asset performance. Siemens also emphasizes energy efficiency, sustainability, and predictive maintenance in its offerings. To maintain a competitive edge, Siemens continually invests in R&D and forms partnerships with industry leaders, ensuring that its solutions are at the forefront of industrial digital transformation and asset management innovation.

Industrial Asset Management Market Companies

Major players operating in the industrial asset management industry are:

ABB
Accruent
AssetWorks
Honeywell International
IBM
Oracle
Rockwell Automation
SAP SE
Schneider Electric
Siemen

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The global market for industrial asset management was reached USD 153.9 billion in 2023 and is projected to grow at a 15.5% CAGR from 2024 to 2032, driven by the integration of advanced predictive analytics and AI technologies.

The solution segment accounted for over 70% of the market share in 2023, due to the increasing demand for integrated asset management platforms that provide end-to-end visibility of asset lifecycles.

The oil & gas segment held approximately 28% of the market share in 2023, driven by its reliance on large-scale, expensive assets that require constant monitoring and maintenance.

The U.S. industrial asset management market dominated about 85% of the revenue share in 2023, due to its advanced technological infrastructure and strong industrial base.

Major players in the industrial asset management market include ABB, Accruent, AssetWorks, Honeywell International, IBM, Oracle, Rockwell Automation, SAP SE, Schneider Electric, and Siemens.