Global IoT Market in Product Lifecycle and Asset Management 2017-2021
About IoT in Product Lifecycle and Asset Management
IoT is defined as a network that connects all the devices related to the industry, such as sensors, actuators, transmitters, microcontrollers, and microprocessors. PLM is the process of managing the entire lifecycle of a product starting with the concept and ideation, to engineering and design, manufacturing, post-sale services, and finally the disposal of products. AM is about tracking and managing the costs associated with the asset lifecycles.
Technavio’s analysts forecast the global IoT market in product lifecycle and asset management to grow at a CAGR of 19.65% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global IoT market in product lifecycle and asset management for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global IoT Market in Product Lifecycle and Asset Management 2017-2021
Technavio recognizes the following companies as the key players in the global IoT market in product lifecycle and asset management: IBM, PTC, RapidValue, SAP, and Siemens.
Other Prominent Vendors in the market are: Accenture, Aberdeen, Alcatel-Lucent, AT&T, Cisco Systems, KloudData, Tego, and Pega.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is evolution of predictive maintenance with IoT. Predictive maintenance is a technology that helps in reducing operational and capital costs. It facilitates the more efficient use of repair resources by proactive servicing and repair of assets. The process of predictive maintenance collects and analyzes massive quantities of data to predict faults and errors outside the normal tolerance range.”
According to the report, one driver in the market is large-scale funding for IoT across the world. Governments across the world have realized the true potential of IoT and are taking progressive steps in encouraging developments in the field of IoT. The countries that top the list of promoting the use of IoT technology are the US, the UK, China, South Korea, India, France, and Germany. The UK government's initiative to improve the nation's competitiveness in the field of IoT and increased adoption of high-quality IoT technologies and services by businesses is increasing the demand for the deployment of IoT solutions.
Further, the report states that one challenge in the market is interoperability issues. Interoperability is the core value that the Internet connectivity must have in a connected system environment. Interoperability was vital to the extent that early Internet equipment vendors were called interops. An interoperable environment enables an IoT device to openly connect with other devices and exchange information as desired. Interoperability of IoT devices takes place at different layers in varying degrees within the communications protocol between devices.
IBM, PTC, RapidValue, SAP, Siemens, Accenture, Aberdeen, Alcatel-Lucent, AT&T, Cisco Systems, KloudData, Tego, and Pega.