The Remote Asset Management Market is anticipated likely to record a CAGR of 10.9% during the forecast period, up from USD 25,219.8 Million in 2022 to reach a valuation of USD 75,553 Million by 2032.
Predictive maintenance, IoT-enabled remote asset management solutions, and a decreasing cost of IoT-based sensors are the main factors driving the demand for remote asset management, which in turn reduces operational costs of remote assets by boosting the use of remote asset management.
Monitoring and maintaining assets, machinery, and systems from a distance is now possible with remote asset management, thanks to an analytical system. To better manage and control assets, remote asset management allows real-time two-way communication between the organization's assets and the central monitoring application.
Since remote asset management reduces costs while increasing efficiency and convenience, the rate of adoption of remote asset management is rising. The remote asset management market is flourishing due to the numerous advantages provided by these solutions.
| Attributes | Details |
|---|---|
| Estimated Market Value (2022) | USD 25219.8 Million |
| Forecasted Market Value (2032) | USD 75553 Million |
| CAGR (2022 to 2032) | 10.9% |
Cloud computing services are becoming more affordable; internet connectivity is improving; components are becoming cheaper; and governments in developed and developing regions are spending more money on ICT.
These factors are expected to drive the demand for remote asset management to significant levels in the short and long term. Increasing smartphone adoption, internet penetration, and IoT improvements are further contributing factors to the remote asset management market.
Remote asset management market growth is projected to be hindered by the high cost of asset management systems.
The report sheds light on the factors improving the sales of remote asset management, and, in turn, the opportunities for the market players. However, the remote asset management market also faces some challenges, which might limit the remote asset management market share from reaching its potential.
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The remote asset management market will benefit from an increase in the usage of IoT for efficient asset management, intelligent infrastructure, and real-time asset monitoring.
As sensor technology becomes more widely adopted, the need for remote asset management solutions will grow, as will the need for lower operational costs as a result of newer, more inventive solutions. This is leading to higher sales of remote asset management.
The remote asset management market's expansion is likely to be fuelled by an increase in the use of IoT-enabled remote asset management solutions. Predictive maintenance is likely to see an increase in demand if it is implemented more widely.
In the future, the remote asset management industry is likely to develop as IoT-based sensors become more affordable.
Using big data, GPS tracking, and other IoT devices, manufacturers are modernizing their supply chains in order to better manage supply, demand, and logistics challenges while also giving themselves an advantage over their competitors and staying one step ahead of their competitors in the remote asset management market.
A pharmaceutical company, Apotex, updated its manufacturing methods to automate manual processes. RFID tagging, sorting, and process flow tracking were all used to ensure consistent batch production. Real-time monitoring of production operations resulted as a result.
Because of their high scalability, connection with ERPs and corporate systems, and the ability to enable safe connectivity with corporate systems, remote asset management systems are becoming increasingly popular with corporate purchasers.
Costs can be reduced and a competitive advantage is gained by automating maintenance, supply management, and alarms management. While remote asset management systems are likely to develop during the forecast period, these advantages are expected to drive the remote asset management market expansion.
The mobile asset segment of the remote asset management market is expected to have a higher CAGR during the forecast period. The growth is due to the rising acceptance of disruptive technologies that let utilities deploy remote visual monitoring and alarm response management.
Mobile assets with GIS integration enable greater access to business and spatial data in a single view, improved asset management in the context of location, and the ability to visualize and search for assets on a map.
Principal Consultant
North America is likely to lead the remote asset management market due to its advanced transportation, logistics, and manufacturing industries. Government initiatives such as the Federal Highway Association (FHWA) in the leadership of AASHTO and DOTs are striving to integrate remote asset management in logistics and transportation.
Increasing cargo thefts lost items in transit, and real-time location solutions in the region will boost the remote asset management market.
Due to the growing acceptance of cloud-based solutions and emerging technologies, such as big data analytics, mobility, and the Internet of Things, Asia Pacific is likely to see substantial growth in the adoption of remote asset management (IoT).
A huge number of linked devices require asset management in this region, making it a major remote asset management market. There is also a growing need for remote asset management systems in areas like retail, building automation, logistics and transportation, utilities, and healthcare in various nations in the Asia-Pacific region.
Emerging economies like China and India are likely to fuel the expansion of the global remote asset management market.
In contrast, the remote asset management sector in Europe is experiencing significant expansion due to structural factors, such as monetary policy loosening, government intervention, and an emphasis on environmental, social, and governance (ESG) performance.
Middle East and Africa are predicted to grow significantly in the global remote asset management market because of their rapid expansion, which necessitates remote access management solutions rather than traditional asset management systems in the region.
In today's business climate, automation is essential. Dynamic and automated asset monitoring solutions provide organizations with real-time data and visibility into operational status. A quick response and a strong link between human capital and assets are possible because of this.
Increased productivity, regulatory compliance, threat mitigation, and asset monitoring are just some of the benefits of using a cloud-based platform. IoT technologies have already been utilized by more than two-thirds of manufacturers to increase their ROA. This is also leading the development of the startup ecosystem in the remote asset management market.
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Many different companies are involved in the field of remote asset tracking, resulting in a fragmented remote asset management industry. There are several Research and Development activities being undertaken by solution providers in order to improve their present solutions and create new products that incorporate the most recent technology breakthroughs.
Global growth is also seen as a way to gain the most remote asset management market share.
The report consists of key players, contributing to the remote asset management market share. It also consists of organic and inorganic growth strategies adopted by market players to improve their market positions. This exclusive report analyzes the competitive landscape and remote asset management market share acquired by players to strengthen their market position.
Customers of remote asset management systems are utilizing a variety of organic and inorganic approaches, such as mergers and acquisitions and new product launches and alliances to increase their market share.
As an example, Cisco Systems Inc. purchased Kenna Security Inc. in May of that year. This deal will help Cisco change its security and IT telecommunications to reduce cyberattacks.
Key Players:
| Report Attribute | Details |
|---|---|
| Growth rate | CAGR of 10.9% from 2022 to 2032 |
| The base year for estimation | 2021 |
| Historical data | 2016 to 2021 |
| Forecast period | 2022 to 2032 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
| Segments Covered | Communication, Application, End-user industries, Region |
| Regional scope | North America; Western Europe; Eastern Europe; Middle East; Africa; ASEAN; South Asia; Rest of Asia; Australia; and New Zealand |
| Country scope | United States of America, Canada, Mexico, Germany, United Kingdom, France, Italy, Spain, Russia, Belgium, Poland, Czech Republic, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, UAE, Iran, South Africa |
| Key companies profiled | Siemens AG. Cisco Systems Inc.; AT&T; Hitachi Ltd. Schneider Electric; Infosys Limited; PTC; Rockwell Automation Inc.; IBM Corporation; SAP; Bosch.IO; Verizon; Meridium Inc.; Rapid Value Solutions; Vodafone Group; EAMnrace; RCS Technologies; ROAMWORKS; Accruent; and Intellimation Pvt. Ltd among others. |
| Customization scope | Free report customization (equivalent to up to 8 analysts' working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The remote asset management market is likely to register a CAGR of 10.9% during the forecast period.
As per the analysis, the remote asset management market share is likely to be USD 75,553 Million by 2032.
Demand for remote asset management is likely to rise on the back of increasing innovative solutions.
1. Executive Summary | Remote Asset Management Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Communication Type 5.1. Fixed Communication 5.2. Mobile Communication 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 6.1. Predictive Maintenance 6.2. Building Automation 6.3. Production Monitoring 6.4. Vehicle Tracking 6.5. Analytics 6.6. Performance Management 6.7. Remote Programming of Consumer Devices 6.8. Air Conditioner Monitoring 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End User 7.1. Logistics 7.2. Mining 7.3. Government 7.4. Fisheries 7.5. Healthcare 7.6. Oil & Gas 7.7. Utilities 7.8. BFSI 7.9. Manufacturing 7.10. Retail & Consumer Goods 7.11. Automobiles 7.12. Information Technology 7.13. Telecommunication 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. Middle East and Africa 9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. AT&T Inc. 16.2. IBM 16.3. SAP SE 16.4. Rockwell Automation 16.5. Cisco Systems 16.6. Succorfish M2M Ltd 16.7. Bosch Software Innovations 16.8. Hitachi 16.9. GE Digital 16.10. Schneider Electric SE 16.11. Siemens 16.12. Infosys Limited 16.13. Magic Leap Herzliya 16.14. Verizon Communications 16.15. Vodafone Group 17. Assumptions & Acronyms Used 18. Research Methodology
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Remote Asset Management Market
