Global Smart Connected Assets and Operations Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2032

What is the Global Smart Connected Assets and Operations Market Size and Growth Rate?

• The global smart connected assets and operations market size was valued at USD 258.79 billion in 2024 and is expected to reach USD 538.02 billion by 2032, at a CAGR of9.58% during the forecast period
• The smart connected assets and operations market is experiencing significant growth, driven by the increasing adoption of IoT technologies and the demand for operational efficiency across various industries.
• Recent developments in cloud computing and advanced analytics have empowered businesses to collect and analyze vast amounts of data from connected assets, enabling real-time decision-making and predictive maintenance

What are the Major Takeaways of Smart Connected Assets and Operations Market?

• The integration of artificial intelligence and machine learning algorithms into asset management systems is allowing organizations to optimize their operations further and reduce downtime
• The increasing emphasis on sustainability is pushing companies to invest in smart technologies that enhance operational efficiency and minimize environmental impact. As a result, the smart connected assets and operations market is poised for robust growth, with substantial opportunities for innovation and expansion
• North America dominated the smart connected assets and operations market with the largest revenue share of 38.98% in 2024, high adoption of industrial IoT (IIoT), advanced analytics platforms, and strong infrastructure for smart operations across industries
• Asia-Pacific market is projected to grow at the fastest CAGR of 12.89% from 2025 to 2032, led by rapid industrialization, infrastructure expansion, and growing investments in IIoT and smart asset platforms in China, India, Japan, and Southeast Asia
• The Hardware segment dominated the smart connected assets and operations market with the largest market revenue share of 46.3% in 2024, driven by the rising deployment of IoT sensors, actuators, gateways, and edge devices across industries

Report Scope and Smart Connected Assets and Operations Market Segmentation  

What is the Key Trend in the Smart Connected Assets and Operations Market?

“Rising Introduction of Predictive Maintenance Solutions”

• The smart connected assets and operations market is witnessing significant growth driven by the increasing adoption of IOT technology across various industries. One notable trend is the rise of predictive maintenance solutions, which leverage real-time data from connected assets to forecast equipment failures before they occur
• For instance, manufacturing companies are implementing smart sensors in their machinery to monitor performance and identify potential issues, thereby minimizing downtime and reducing maintenance costs
• In addition, the integration of artificial intelligence (AI) with connected assets is enhancing data analysis capabilities, enabling organizations to optimize their operations further.
• Such trend streamlines processes and improves asset utilization, making smart connected assets a crucial component in modern operational strategies for companies aiming to maintain competitive advantages in contemporary fast-paced market

What are the Key Drivers of Smart Connected Assets and Operations Market?

• Organizations are increasingly adopting smart connected assets and operations to streamline operations, reduce downtime, and enhance asset utilization
• Integration of Industrial Internet of Things (IIoT) allows companies to monitor assets remotely, predict failures, and make data-driven decisions
• The increasing emphasis on predictive maintenance and automation is significantly boosting the market demand for smart operational tools
• In February 2024, IBM launched an advanced AI-powered asset management solution that integrates with IIoT sensors to enable predictive maintenance in manufacturing plants.
• The rising focus on automation, predictive analytics, and real-time visibility is expected to accelerate the global adoption of smart connected solutions

Which Factor is challenging the Growth of the Smart Connected Assets and Operations Market?

• The deployment of smart connected assets involves significant upfront costs, including hardware, software, and system integration
• Small and medium enterprises (SMEs) often find these costs prohibitive, especially in developing economies
• The complexity of integrating smart systems with existing legacy infrastructure further adds to the financial and operational burden.
• In 2023, a survey by Gartner revealed that 42% of mid-sized manufacturers in Asia delayed smart technology adoption due to high implementation costs
• Overcoming cost barriers through modular solutions, as-a-service models, and government subsidies can help drive adoption in price-sensitive markets

How is the Smart Connected Assets and Operations Market Segmented?

The market is segmented on the basis of module and industry.

• By Module

On the basis of module, the smart connected assets and operations market is segmented into Hardware, Asset Performance Management and Platform, and Services. The Hardware segment dominated the smart connected assets and operations market with the largest market revenue share of 46.3% in 2024, driven by the rising deployment of IoT sensors, actuators, gateways, and edge devices across industries. These hardware components are critical for real-time data collection, device control, and integration with software platforms, making them foundational to smart operations infrastructure. The expansion of smart factories, utilities, and connected systems continues to drive sustained hardware investments.

The Asset Performance Management and Platform segment is anticipated to witness the fastest CAGR of 20.5% from 2025 to 2032, fueled by the increasing emphasis on predictive analytics, real-time monitoring, and cloud-based asset lifecycle management. These platforms enable organizations to proactively detect failures, schedule maintenance, and optimize asset utilization, leading to cost savings and operational efficiency. The growing integration with AI and machine learning tools is further enhancing the value of performance management systems.

• By Industry

On the basis of industry, the smart connected assets and operations market is segmented into Automotive and Transportation, Energy and Power, Healthcare, Smart Agriculture, Factory Automation, and Others. The Factory Automation segment held the largest market revenue share of 38.7% in 2024, supported by the accelerated adoption of Industry 4.0 technologies and the integration of connected systems for manufacturing efficiency. The ability to automate tasks, monitor equipment health, and optimize production processes in real time positions factory automation as a core application area for smart connected solutions. Major industrial hubs and smart factories continue to lead demand in this segment.

The Smart Agriculture segment is projected to register the fastest CAGR from 2025 to 2032, driven by the growing need for precision farming, resource optimization, and data-driven decision-making in agriculture. Smart connected assets such as soil sensors, automated irrigation systems, and drones help farmers improve yield, reduce waste, and monitor crops effectively. Increasing global focus on sustainable agriculture practices further accelerates adoption in this segment.

Which Region Holds the Largest Share of the Smart Connected Assets and Operations Market?

• North America dominated the smart connected assets and operations market with the largest revenue share of 38.98% in 2024, high adoption of industrial IoT (IIoT), advanced analytics platforms, and strong infrastructure for smart operations across industries
• The region leads in integrating real-time asset tracking, predictive maintenance, and AI-driven performance optimization across sectors such as manufacturing, energy, and transportation
• With robust investment in smart factories, digital twins, and industrial automation, North America continues to be the cornerstone for Smart Connected Assets and Operations solutions

U.S. Smart Connected Assets and Operations Market Insight

The U.S. market dominated of North America’s revenue in 2024, supported by aggressive digitization across industrial verticals and a strong emphasis on operational efficiency and asset lifecycle management. Sectors such as automotive, oil & gas, and utilities are leveraging connected systems for real-time monitoring, anomaly detection, and cost optimization. The rise in cloud adoption, edge computing, and integration with enterprise systems further accelerates the market's growth in the U.S.

Europe Smart Connected Assets and Operations Market Insight

Europe is projected to grow at a substantial CAGR during the forecast period, supported by stringent environmental and operational regulations, especially in energy, manufacturing, and transport sectors. The push for decarbonization, smart energy grids, and predictive maintenance systems are driving demand. In addition, Industry 4.0 initiatives in countries such as Germany and France are promoting widespread integration of connected asset platforms and performance analytics.

U.K. Smart Connected Assets and Operations Market Insight

The U.K. market is set to grow at a noteworthy CAGR, fueled by a strong push towards digital transformation in utilities and public infrastructure. Key drivers include the adoption of smart water and energy systems, the need for remote diagnostics, and investments in smart city infrastructure. Enterprise demand for centralized asset visibility and automated decision-making continues to propel market growth.

Germany Smart Connected Assets and Operations Market Insight

Germany is expected to witness a considerable CAGR during the forecast period, driven by its leadership in manufacturing innovation and integration of IIoT and automation technologies. Smart Connected Assets and Operations solutions are increasingly deployed in factory automation, automotive, and energy sectors to enhance asset uptime and operational intelligence. The country’s focus on smart industry frameworks and data-driven operations supports ongoing investment in connected asset management.

Which Region is the Fastest Growing in the Smart Connected Assets and Operations Market?

Asia-Pacific market is projected to grow at the fastest CAGR of 12.89% from 2025 to 2032, led by rapid industrialization, infrastructure expansion, and growing investments in IIoT and smart asset platforms in China, India, Japan, and Southeast Asia. Key sectors driving growth include smart manufacturing, logistics, agriculture, and public infrastructure, supported by digital transformation programs and favorable government initiatives. The region’s emergence as a global production hub makes connected asset and operations solutions vital for efficiency, predictive maintenance, and real-time control.

Japan Smart Connected Assets and Operations Market Insight

Japan’s market is gaining traction with increased adoption of AI-enabled maintenance, connected industrial robots, and data-driven asset lifecycle strategies. Leading firms are investing in Smart Connected Assets and Operations to optimize energy usage, improve equipment reliability, and reduce operational disruptions. Integration with smart factory initiatives and legacy system upgrades is further boosting market expansion.

China Smart Connected Assets and Operations Market Insight

China accounted for the largest revenue share in the Asia-Pacific region in 2024, supported by widespread IIoT deployment across manufacturing, transportation, and energy sectors. Government-led projects in smart cities, 5G connectivity, and infrastructure modernization are encouraging investment in real-time asset visibility and cloud-based operations platforms. China’s domestic tech ecosystem and policy support continue to fuel demand for scalable, intelligent asset management systems.

Which are the Top Companies in Smart Connected Assets and Operations Market?

The smart connected assets and operations industry is primarily led by well-established companies, including:

• Arm Limited (U.K.)
• PTC (U.S.)
• Cisco Systems, Inc. (U.S.)
• GE Vernova (U.S.)
• Capgemini (France)
• Intel Corporation (U.S.)
• IBM (U.S.)
• Texas Instruments Incorporated (U.S.)
• Infineon Technologies AG (Germany)
• Rockwell Automation (U.S.)
• STMicroelectronics (Switzerland)
• NXP Semiconductors (Netherlands)
• ABB (Switzerland)

What are the Recent Developments in Global Smart Connected Assets and Operations Market?

• In September 2023, Amazon introduced "Astro", a multifunctional home robot designed to provide security, companionship, and entertainment for users. This innovation reflects Amazon’s growing commitment to integrated smart home ecosystems and enhances its position in the consumer robotics space
• In July 2023, Hexagon, a leader in digital reality solutions, launched HxGN SDx2, a cloud-native, multi-tenant SaaS platform aimed at creating a connected digital backbone for industrial operations. By combining data, workflows, and systems, the solution offers role-based insights across the asset lifecycle, marking a significant step toward smarter and safer industrial infrastructure
• In July 2023, Google unveiled the Pixel Buds Pro, featuring advanced noise cancellation and multipoint connectivity for seamless audio switching between devices. This release highlights Google’s continued investment in enhancing user experience through premium audio technology
• In October 2020, Schneider Electric launched EcoStruxure Asset Advisor, a sophisticated platform leveraging real-time monitoring and predictive analytics to improve asset reliability and operational efficiency. This solution underlines Schneider’s focus on driving digital transformation across energy and automation sectors.

SKU-50096