The remote asset management market is expected to record a CAGR of 10.9% during the figure time frame, up from US$ 25,219.8 million in 2022 to arrive at a valuation of US$ 75,553 million by 2032.
Progression of sensor innovation, cloud innovation, and high level remote advances have set out new open doors in the market. Everybody realizes that many industries are looking for new imaginative answers to decrease their functional expense and increment ROI.
Remote asset management, which includes a remote server intended to get and handle approaching information from fixed or portable specialized gadgets wherein the information is connected with explicit remote asset management applications.
Remote asset management helps with asset tracking, observing, and dealing with an association’s asset continuously for compelling use, prescient support, and practical activity bringing about better returns.
Remote asset management assembles data connected with assets from sensors applied to gadgets. Remote asset management includes sensors and microchips fixed in the remote asset and a correspondence part that gathers and moves information to focal management frameworks.
Web Protocol innovation is the most recent innovation applied in remote asset management in the modern area which helps in lessening expenses and entanglement of checking remote tasks.
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Remote Asset Management: Market Dynamics
Increasing IoT adoption for effective asset management, intelligent infrastructure, and real-time monitoring of assets creates opportunities for the remote asset management market
Real-time data connectivity owing to the adoption of sensor technology increase the demand for remote asset management solutions and reduced operational cost due to innovative solutions major factors that boost the demand for remote asset management solution in the market.
It has been observed that most enterprises are facing security threats and fault recovery issues while adopting remote asset management solutions therefore the demand for remote asset management solutions has declined.
Key Players of the Remote Asset Management Market:
- Siemens AG. Cisco Systems Inc.
- AT&T
- Hitachi Ltd. Schneider Electric
- Infosys Limited
- PTC
- Rockwell Automation Inc.
- IBM Corporation
- SAP
- IO
- Verizon
- Meridium Inc.
- Rapid Value Solutions
- Vodafone Group
- EAMnrace
- RCS Technologies
- ROADWORKS
- Accruent
- Intellimation Pvt. Ltd
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Recent Developments
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.
Remote Asset Management Market: Regional Outlook
North America is estimated to dominate the remote asset management market owing to technological advancements due to robust internet infrastructure. The need for better operational efficiency and business processes at a low operating cost is expected to drive continuous growth in the remote asset management market.
APEJ is projected to grow at the highest CAGR during the forecast period followed by Western Europe in the remote asset management market owing to the greater adoption of IoT technology in remote asset tracking in this region.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also includes projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology, and applications.
Key Segments
By Communication Type:
- Fixed communication
- Mobile communication
By Application:
- Predictive maintenance
- Building automation
- Production monitoring
- Vehicle tracking
- Analytics
- Performance management
- Remote programming of consumer devices
- Air conditioner monitoring
By End-User Industries:
- Logistics
- Mining
- Government
- Fisheries
- Healthcare
- Oil & gas
- Utilities
- BFSI
- Manufacturing
- Retail & consumer goods
- Automobiles
- Information technology
- Telecommunication
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
Enterprise Asset Management Market Size – The global enterprise asset management market is estimated at US$ 3.21 Billion in 2022 and is predicted to close in on a valuation of US$ 4.86 Billion by 2028, surging ahead at a CAGR of 7.1% from 2022 to 2028.
Fixed Asset Management Software Market Trends– According to estimates, the worldwide fixed asset management software market will be worth US$ 3.8 Billion in 2021 and US$ 4.2 Billion in 2022. Fixed asset management software sales are expected to reach US$ 11.4 Billion in 2032, with a 10.6% CAGR from 2022 to 2032
IT Asset Management Market Growth – The IT asset management market is anticipated to have documented a CAGR of 6.9% during the period of 2022 to 2032. The market is forecast to be valued at US$ 1.2 Billion in FY 2022, up from US$ 1.1 Billion in 2021.
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