The global asset optimization market size was US$ 3.96 billion in 2021. The global asset optimization market size is forecast to reach US$ 13.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 15% during the forecast period from 2022 to 2030.

Asset optimization refers to getting the most output from available assets. It contributes to the organization's maximum value. Asset optimization solutions assist organizations with streamlining their working operations by utilizing their existing resources optimally, which helps organizations save money, increase their return on investments, and increase profits. Asset optimization solutions reduce stock and inventory management costs. Organizations can utilize assets efficiently when the assets are managed and tracked in real-time. Business enterprises need efficient staff tracking solutions to ensure staff safety and improve workforce efficiency.

Factors Influencing Market Growth

• With the rapid growth of the healthcare industry and increased demand for technological innovations to reduce operational costs, maintenance, and unplanned downtime of assets, the asset optimization solutions market is forecast to grow. 
• The increasing adoption of asset management tools is the main factor expected to drive the global market for asset optimization solutions during the forecast period.
• Regulatory concerns about data security and confidentiality may slow down the growth of the overall asset optimization solutions market.
• With the increasing adoption of innovative technologies such as the internet of things, augmented reality, predictive maintenance, and artificial intelligence, these factors are forecast to offer lucrative opportunities for the global market in the forecast period.

Impact Analysis of COVID-19

COVID-19 pandemic had a positive impact on the global asset optimization solutions market. With the COVID-19 pandemic and the proliferation of remote work environments, businesses faced new challenges. The COVID-19 pandemic has highlighted the need for companies in the industrial sector to adopt digital technologies and harness the power of data in order to stay competitive. Optimizing assets combines online and offline data to maximize plant performance, increase workforce efficiency, and apply artificial intelligence to detect and resolve problems proactively.

Regional Insights

North America accounted for the largest share of the global market for asset optimization solutions. This is primarily due to the presence of prominent players in the region. In addition, a wide variety of applications are increasingly relying on smart, connected, and secure technologies. Thus, boosting the market growth in the region.

Leading Competitors

The leading prominent companies profiled in the global asset optimization solutions market are:

• ABB Limited
• Aspen Technology, Incorporated
• Decisyon, Incorporated
• DXC Technology
• EDF Renewables, Incorporated
• Flowserve Corporation
• GE Digital LLC
• Genesis Technology Solutions, Incorporated (ABS Group)
• Genpact
• IBM Corporation
• Lakeside Software
• PITERION
• Power Costs, Incorporated
• Schlumberger Limited
• Uniper SE
• Other Prominent Players

Scope of the Report

The global asset optimization solutions market segmentation focuses on Component, Enterprise Size, Industry, and Region.

Segmentation based on Component

• Solution
• Asset Health Monitoring
• Asset Service Optimization
• Asset Risk Analytics
• Asset Performance Optimization
• Asset PM Optimization
• Services
  • Consulting
  • Integration & Maintenance
  • Managed Services

Segmentation based on Enterprise Size

• Small & Medium Enterprises
• Large & Public Enterprises

Segmentation based on Industry

• Aerospace & Defense
• Industrial Manufacturing
• Automotive
• Healthcare
• Oil & Gas
• IT & Telecom
• Metal & Mining
• Energy & Utilities
• Others

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America