Smart Connected Assets and Operations Global Market Report 2025

The smart connected assets and operations market size has grown rapidly in recent years. It will grow from $284.61 billion in 2024 to $321.65 billion in 2025 at a compound annual growth rate (CAGR) of 13%. The growth during the historic period can be attributed to increasing adoption of industrial IoT, rising demand for predictive maintenance, growing automation across manufacturing sectors, increasing focus on operational efficiency, and rising demand for real-time data analytics.

The smart connected assets and operations market size is expected to see rapid growth in the next few years. It will grow to $517.79 billion in 2029 at a compound annual growth rate (CAGR) of 12.6%. The growth during the forecast period can be attributed to growing emphasis on digital transformation, expanding adoption of 5G connectivity, increasing investment in smart factories, and a stronger focus on sustainability and energy efficiency. Key trends in the forecast period include advancements in edge computing solutions, enhanced integration of AI and machine learning, development of digital twin technologies, innovation in IoT-enabled asset tracking, and progress in cloud-based operational platforms.

The growing emphasis on smart cities is expected to drive the growth of the smart connected assets and operations market. Smart cities are urban areas that leverage digital technologies, data, and smart infrastructure to improve quality of life, enhance service efficiency, and promote sustainability. The increasing focus on smart cities is driven by rapid urbanization, as cities seek innovative solutions to manage infrastructure, resources, and population growth efficiently. Smart connected assets and operations enhance the efficiency and sustainability of smart cities by integrating digital technologies into urban infrastructure. These assets, such as intelligent street lighting, smart waste management systems, and connected transportation, enable real-time data collection and automated decision-making. For example, in April 2023, according to the International Institute for Management Development, a Switzerland-based academic institution, the number of smart cities reached 141 in 2023 compared to previous years. Therefore, the growing emphasis on smart cities is driving the growth of the smart connected assets and operations market.

Key companies in the sustainability and asset management sector are focusing on developing advanced digital platforms, such as zero-emission asset management platforms, to enhance operational efficiency, improve regulatory compliance, and reduce carbon footprint. Zero-emission asset management platforms are integrated software solutions that enable businesses to monitor, manage, and report on the sustainability and environmental impact of their assets, supporting the transition to net-zero goals. For instance, in November 2024, Aion-Tech Solutions, an India-based digital technology company, through its subsidiary ROQIT Greenfleet Digital Solutions, launched ROQIT, a zero-emission, AI-powered asset management platform designed to transform sustainable fleet operations. ROQIT is a cloud-native software-as-a-service (SaaS) solution that provides real-time monitoring, predictive maintenance, and emissions tracking across multiple asset types, including four-wheelers, buses, trucks, and railway vehicles. The platform integrates artificial intelligence (AI), Internet of Things (IoT), and data analytics to optimize route planning, enhance operational efficiency, and support organizations in achieving carbon-neutral mobility and long-term sustainability goals.

In November 2025, Rockwell Automation Inc., a US-based industrial automation and information technology company, acquired Verve Industrial Protection Inc. for an undisclosed amount. Through this acquisition, Rockwell Automation aims to strengthen its industrial cybersecurity capabilities, offering secure, integrated solutions for smart connected assets and operations and protecting IoT devices and networks in industrial environments. Verve Industrial Protection Inc. is a US-based cybersecurity company specializing in smart connected assets and operations.

Major players in the smart connected assets and operations market are Microsoft Corporation, Meta Platforms Inc., Alibaba Group Holding Limited, Amazon Web Services Inc., Siemens AG, NVIDIA Corporation, Rockwell Automation Inc., Dassault Systèmes SE, Hexagon AB, Autodesk Inc., Trimble Inc., ANSYS Inc., Unity Software Inc., Epic Games Inc., Bentley Systems Incorporated, DeepMind Technologies Limited, Stability AI Ltd, Reallusion Inc., Spline Design Studio Inc., Kaedim Ltd.

Asia-Pacific was the largest region in the smart connected assets and operations market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in smart connected assets and operations report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the smart connected assets and operations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the information technology sector, particularly in hardware manufacturing, data infrastructure, and software deployment. Higher duties on imported semiconductors, circuit boards, and networking equipment have raised production and operational costs for tech firms, cloud service providers, and data centers. Companies relying on globally sourced components for laptops, servers, and consumer electronics are facing longer lead times and increased pricing pressures. In parallel, tariffs on specialized software tools and retaliatory measures from key international markets have disrupted global IT supply chains and reduced overseas demand for U.S.-developed technologies. To navigate these challenges, the sector is accelerating investments in domestic chip fabrication, diversifying supplier bases, and adopting AI-driven automation to enhance operational resilience and cost efficiency.

The smart connected assets and operations market research report is one of a series of new reports that provides smart connected assets and operations market statistics, including smart connected assets and operations industry global market size, regional shares, competitors with a smart connected assets and operations market share, detailed smart connected assets and operations market segments, market trends and opportunities, and any further data you may need to thrive in the smart connected assets and operations industry. This smart connected assets and operations market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Smart connected assets and operations refer to the integration of Internet of Things (IoT) technologies into physical assets and operational processes, enabling real-time data collection, monitoring, and analysis. Their primary purpose is to enhance operational efficiency, improve asset performance, and reduce downtime by enabling predictive maintenance, real-time decision-making, and task automation across industries.

The key solution types of smart connected assets and operations are asset management, operations management, field service management, and supply chain management. Asset management refers to the systematic monitoring, tracking, and optimization of an organization’s physical and digital assets throughout their lifecycle, leveraging connected technologies and data analytics. It utilizes technologies such as IoT, artificial intelligence, blockchain, and big data analytics, and includes hardware, asset performance management software, platform, and services modules. It is deployed through on-premises, cloud-based, and hybrid modes, serving end-use industries such as manufacturing, healthcare, transportation and logistics, and energy and utilities.

The smart connected assets and operations market consists of revenues earned by entities by providing services such as remote monitoring and diagnostics, predictive maintenance, cybersecurity management, digital integration, and data analytics and insights services. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart connected assets and operations market also includes sales of smart sensors, industrial gateways, connected control systems, condition monitoring devices, and cloud-based analytics platforms. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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