Smart Connected Assets and Operations Market Size to Surpass USD 441.87 Billion by 2032, Owing to Rising IoT Adoption and Demand for Predictive Operational Efficiency

The Smart Connected Assets and Operations Market is experiencing robust growth, fueled by the widespread adoption of IoT and AI technologies across industrial environments.

Austin, Aug. 06, 2025 (GLOBE NEWSWIRE) -- The Smart Connected Assets and Operations Market was USD 219.00 billion in 2024 and is expected to reach USD 441.87 billion by 2032, growing at a CAGR of 9.27% over the forecast period of 2025–2032.

Smart Connected Assets and Operations Market Accelerates with Increasing IoT Integration and Predictive Management Demand

Smart Connected Assets and Operations Market is quickly evolving with the quick evolution of the industrial digital transformation market and the requirement for increased operational efficiency. As IoT-enabled devices, sensors, cloud, and real-time analytics become a reality, businesses are shifting from reactive asset management to predictive asset management. The demand for reduced downtime, reduced operational costs, and improved visibility of critical assets and operations is a key driver for fuelling growth.

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U.S. Smart Connected Assets and Operations Market is sized at USD 56.85 billion in 2024 and is expected to reach USD 112.81 billion by 2032, growing at a CAGR of 8.94% from 2025-2032.

The U.S. market, especially, is subsequent by smart infrastructure initiatives, government support such as the DIGIT Act, and funding for smart community technologies by the Department of Transportation. As industries like manufacturing, logistics, energy, and agriculture increasingly adopt digital connectivity, so does the potential of smart operations. While organizations will continue to modernize legacy systems and leverage data-driven insights, the adoption of smart connected assets will continue to influence the direction of global industrial ecosystems.

Key Players:

• IBM Corporation
• General Electric (GE)
• Siemens AG
• Schneider Electric
• Rockwell Automation , Inc.
• Honeywell .
• ABB Ltd.
• Cisco Systems , Inc.
• PTC Inc.
• SAP SE

Smart Connected Assets and Operations Market Report Scope:

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By Industry:

In 2024, factory automation led the market with 31% of revenue. This is backed by the large-scale deployment of industrial IoT, robotics, and real-time monitoring systems that improve operational efficiency, lower downtime, and allow predictive maintenance in manufacturing environments. Factory automation represents the bedrock of connected operations, due to the growing demand for adaptable and scalable production lines.

The fastest-growing industry segment in the US contactless biometrics market is smart agriculture, which is expected to grow at a CAGR of 11.53% from 2025 to 2032. Increasing food demand, labour shortage, and global sustainability initiatives are supporting IoT adoption in agriculture. Drone technology, soil sensors, and yield analytics are bringing a revolution in precision farming, enabling more informed decisions and optimal use of resources.

By Module:

Hardware captured the largest market share of 46% in 2024, due to the demand for connected sensors, edge devices, and controllers to provide both asset tracking and real-time monitoring. These components are the fundamental infrastructure of connected operations that gather data for automation and predictive maintenance.

However, the APM (Asset Performance Management) software and platform segment will grow at a 10.57% CAGR from now until 2032. These platforms assist businesses in avoiding only scheduled maintenance through the use of data analytics to anticipate failures and maximize asset lifespan, as well as boosting operational decision-making information.

North America Leads Smart Connected Assets Market, While Asia Pacific Emerges as Fastest-Growing Region

In 2024, North America accounted for 37% of revenue in the global Smart Connected Assets and Operations Market due to early adoption of Industry 4.0, strong digital infrastructure, and heavy investment in industrial IoT. The U.S., maintained by government backing including the DIGIT Act and initiatives such as the National Smart City Challenge, led the region. From 2025 to 2032, Asia Pacific is anticipated to experience the highest CAGR at 10.94%, driven by rapid urbanization and smart infrastructure initiatives, and automation projects, especially in China, as government policy and tech advancements propel growth. Continued support from regulation, sustainability, and Industry 4.0 deployment is driving Europe as a whole, with the deep skill set in manufacturing driving Germany strongly. In Latin America and the Middle East & Africa, steady growth is being driven by smart city development and infrastructure modernization as well as the digital transformation of energy, mining, and industrial sectors with advanced software aimed at improving efficiency, reducing operational costs, and streamlining performance.

Recent Developments

• June 2024 –  Honeywell Connected Power solution enables buildings to track and manage plug-level energy use, which helps improve energy efficiency and provide electrical safety by delivering insights in real time.
• January 2024 –  Honeywell announced a collaboration with NXP Semiconductors to embed AI processors in building management systems. This partnership is designed to improve system autonomy and energy optimization in smart infrastructure, accelerating the digital transformation of operations.

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Exclusive Sections of the Report (The USPs)

• Cybersecurity incident rates – help you assess the growing need for fortified security architectures by identifying key vulnerability trends across smart asset environments.
• Latency and response time metrics – help you optimize operational efficiency by benchmarking real-time system responsiveness and identifying bottlenecks in mission-critical processes.
• Energy consumption reduction – helps you measure sustainability impact and cost-saving potential through smart systems optimizing power usage in industrial and enterprise environments.
• AI/ML model training frequency – helps you understand the pace of innovation and adaptability in predictive maintenance, quality assurance, and autonomous decision-making models.
• Service/subscription growth – helps you gauge the market's transition to as-a-service models by tracking user adoption, renewal rates, and revenue expansion across verticals.
• Asset utilization metrics – helps you determine operational ROI by analyzing how effectively connected assets are deployed and their uptime across use cases.
• Operational anomaly detection trends – helps you identify evolving patterns in system failures and maintenance needs, enabling predictive interventions and reducing unplanned downtimes.

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