According to the research report titled ‘Global Smart Connected Assets and Operations Market Size study, by Service (Hardware, APM software and Platform, Service) by Industry (Automotive & Transportation, Energy and Power, Healthcare, Smart Agriculture, Factory Automation, Others) and Regional Forecasts 2021-2027’, available with Market Study Report, global smart connected assets and operations market size was worth USD 148.9 billion in 2020 and is expected to multiply at a CAGR of 10.26% over 2021-2027, subsequently reaching USD 270.8 billion by the end of the forecast period.
 

As per the report findings, global smart connected assets and operations market growth is driven by improvements in industrial operations owing to benefits of interlinked devices/assets.
 

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Organizations use smart connected assets and operations to develop finished products. These finished products are capable of perceiving and reacting to micro and macro environments in a timely and efficient manner. Such solutions are aware of their surrounding and can adjust their setup and design accordingly while handling client demands and inventory management.
 

Notably, machines that have advanced technology can work for extended periods of time while using less fuel owing to technical advances. Decreased consumption of energy and improved fuel economy are adding to the global smart connected assets and operations market expansion.
 

Major contenders in this domain are employing strategies such as new product launches, agreements, takeovers, and collaborations to expand their reach, further contributing to the industry progression. For instance, Intel Corporation launched new 7th Generation Intel core processors in August 2017, that are faster, more attentive, and enable access to expensive 4K ultra-high-definition data.  
 

Speaking of the restraints, lack of appropriate standardization is negatively impacting remuneration scale of the industry. Moreover, cyber security is a matter of concern for traders looking to implement smart connected assets and operations in their terminal facilities to prevent fraud and other threats.
 

Geographically, Asia Pacific smart connected assets and operations industry is expected to gain considerable traction in the upcoming years, with India at the forefront. The growth can be ascribed to various initiatives by the government and several top contenders in the domain.
 

Key players in global smart connected assets and operations market sphere are ABB Ltd., Cisco Systems Inc., NXP Semiconductors, Rockwell Automation Inc., Cypress Semiconductor Corporation, Texas Instruments Incorporated (TI), Arm Holdings plc, Freescale Semiconductor Inc., Broadcom Corporation, and Intel Corporation.