According to Market Research Future (MRFR), the global remote asset management market size is expected to reach USD 27 billion, with 27% CAGR from 2021 to 2027 (forecast period). The report outlines the main factors that are likely to significantly boost or impede the growth of the global remote asset management market. The study also sheds light on the possible impact of COVID-19 on the development of the global remote asset management market.
Remote maintenance and monitoring of equipment, assets, and systems with the assistance of the central system is known as remote asset management. The different features of this system include asset control and tracking, intrusion detection, and real-time notification. A remote asset management system helps organizations automate a number of their routine business tasks and make full use of their resources to help them simplify their decision-making.
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Key Players
The key participants identified by MRFR operating in the global remote asset management market include IBM Corporation (U.S.), Cisco Systems, Inc (U.S.), AT&T Intellectual Property (U.S), Hitachi, Ltd. (Japan), Verizon Communications, Inc. (U.S.), PTC Inc. (U.S.), SAP SE (Germany), Rockwell Automation, Inc. (U.S.), Schneider Electric SE (France), Infosys Limited (India) and others.
Market Dynamics
The growing acceptance of IoT in various organizations for different businesses has contributed to an increase in the number of connected devices that can incorporate different elements of the asset lifecycle. This is the main factor that contributes to the growth of the remote asset management market. The minimization of the cost of IoT components has generated a worldwide demand for the product. The increasing need for real-time monitoring and preventive and predictive maintenance across organizations has created a demand for a remote asset management system. The implementation of remote asset management systems has dramatically enhanced the return on investment of asset-intensive enterprises, thus increasing the demand for systems. The advent of cloud-based remote asset management solutions has made implementation cost-effective, opening up new opportunities for market players.
Market Segmentation
For the purpose of this study, MRFR has divided the global remote asset management market into solution and application.
By solution, the global remote asset management market has been segmented into surveillance and security, network bandwidth management, asset performance management, application management, connectivity management, professional services, managed services, real-time location tracking, asset condition monitoring, and predictive maintenance.
By application, the global remote asset management market has been segmented into automation, healthcare and wellness, smart retail, utilities and grids, production monitoring, connected logistics, fleet management, and others.
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Regional Analysis
By region, the global remote asset management market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the market for remote asset management systems. The growth of this regional market is powered by the rapid speed of digitization, significant developments in the field of IoT, and the growing adoption of automated real-time solutions across various organizations. In addition, the growing presence of regional solution providers offering cloud-based remote asset management solutions is expected to generate demand for remote asset management in the North American region.
Market growth in the Asia Pacific region is attributed to the increasing popularity of IoT among different companies in order to streamline and manage their asset life cycles.
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