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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.
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
The other prominent vendors in the market are Accenture, Aberdeen, Alcatel-Lucent, AT&T, Cisco Systems, KloudData, Tego, and Pega.
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.
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.
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: RESEARCH METHODOLOGY
PART 04: INTRODUCTION
PART 05: MARKET LANDSCAPE
PART 06: MARKET SEGMENTATION BY SOLUTION
PART 07: MARKET SEGMENTATION BY END-USER
PART 08: REGIONAL LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: KEY VENDOR ANALYSIS
PART 14: APPENDIX
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