Global IoT Market in Product Lifecycle and Asset Management 2017-2021

Overview of the global IoT market in product lifecycle and asset management

Technavio’s market study identifies the large-scale funding for IoT across the world to be one of the primary growth factors for the IoT market in product lifecycle and asset management. Several governments and private firms globally are encouraging developments in IoT to increase the adoption of high-quality IoT technologies and services by businesses. Governments and private companies provide large-scale funding and financing options that is influencing the increased adoption of integrated IoT solutions in various systems such as product lifecycle and asset management systems. Our market analysts estimate that the market will grow steadily at a CAGR of about 20% by 2021.

Emergence of IoT is consequent in generation of large amount of data, that demands for big data analytics. Big data analytics and technology can analyze large volumes of data and provide valuable insights for the organizations to make optimized business decisions. Several large industries use large number of sensors to monitor the condition of assets. This generates large quantity of sensor data that is collected and analyzed using big data analytics. The rising demand for big data analytics is identified to be one of the key trends contributing towards the growth of the IoT market in product lifecycle and asset management.

Competitive landscape and key vendors

The IoT market in product lifecycle and asset management is fragmented owing to the presence of several international, regional, and local vendors. Vendors are offering innovative and differentiated products catering to the industry-specific requirements. Supported by government initiatives, vendors are investing significantly in R&D to develop new and innovative products. Existing players compete intensely, providing low profit potential to new entrants in the product lifecycle management for connected products market.

The leading vendors in the market are

• IBM
• PTC
• RapidValue
• SAP
• Siemens

The other prominent vendors in the market are Accenture, Aberdeen, Alcatel-Lucent, AT&T, Cisco Systems, KloudData, Tego, and Pega.

Segmentation by solution and analysis of the IoT market in product lifecycle and asset management

• Software
• Services
• Hardware

The application of IoT software in product lifecycle and asset management is gaining prominence, influenced by factors such as explosion of low-cost sensors, affordable connectivity, scalable cloud platforms, and storage and processing capability of vast amounts of data by Big Data platforms and smart machine learning tools. Additionally, the developments in cloud, Big Data, and the convergence of IT and OT are contributing towards the growth of the IoT software segment.

Segmentation by end user and analysis of the IoT market in product lifecycle and asset management

• Aerospace and defense
• Pharmaceutical
• Power
• Automotive

The aerospace and defense industry adopts IoT to enable agile manufacturing by adopting central monitoring systems and integration of IoT, by equipping the plant equipment with artificial intelligence, machine-to-machine communication, machine learning, and business networks. Commercial technology providers are partnering with government agencies, to expand the potential of IoT, cloud, Big Data, and predictive analytics.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global IoT market in product lifecycle and asset management?
• What are the key market trends impacting the growth of the global IoT market in product lifecycle and asset management?
• What are the challenges to market growth?
• Who are the key vendors in the global IoT market in product lifecycle and asset management?
• What are the market opportunities and threats faced by the vendors in the global IoT market in product lifecycle and asset management?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global IoT market in product lifecycle and asset management?

Technavio also offers customization on reports based on specific client requirement.