The remote asset management market is expected to grow at a CAGR of 10.9% over the forecast period, rising from US$ 25,219.8 Mn in 2022 to US$ 75,553 Mn by 2032.
Sensor innovation, cloud innovation, and high-level remote advances have paved the way for new market opportunities. As everyone is aware, many businesses are looking for new creative solutions to reduce operational costs and increase ROI.
Businesses must understand how to reduce operational expenses. As a result, the vast majority of businesses are shifting to remote asset management solutions to reduce operational costs.
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Remote asset management, which includes a remote server designed to receive and process approaching data from fixed or portable specialised devices, where the data is linked with explicit remote asset management applications.
Remote asset management aids in asset tracking, monitoring, and dealing with an organization’s assets on a continuous basis for compelling use, predictive support, and practical activity resulting in higher returns.
Remote asset management collects information about assets from sensors installed on devices. Remote asset management incorporates sensors and microchips embedded in the remote asset, as well as a correspondences component that gathers and transmits data to central management frameworks.
Web Protocol innovation is the most recent innovation used in remote asset management in the modern era, and it aids in lowering costs and entanglement of checking remote tasks.
Remote Asset Management Market: Market Dynamics
Increasing IoT adoption for effective asset management, intelligent infrastructure, real-time monitoring of assets creates opportunities for remote asset management market
Real-time data connectivity owing to adoption of sensor technology increase the demand for remote asset management solution s and reduced operational cost due to innovative solutions major factors which boost the demand for remote asset management solution in the market.
It is begin observed that most of the enterprises are facing security threats and fault recovery issues while adopting remote asset management solution therefore the demand for remote asset management solution has been declined.
Global Remote Asset Management Market: Competition Landscape
Few prominent players in Remote Asset Management market include AT&T Inc., Ascent Intellimation Pvt. Ltd, IBM Corporation, SAP SE, Rockwell Automation, Inc.,Cisco Systems, Inc., SuccorfishM2M Ltd, Bosch Software Innovations GMBH, Hitachi, Ltd., Meridium, Inc., Schneider Electric SE, Siemens, Infosys Limited, Northbit GmbH, Verizon Communications, Inc. and Vodafone Group PLC.
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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 process 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 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.
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Key Segments
Communication Type:
- Fixed communication
- Mobile communication
Application:
- Predictive maintenance
- Building automation
- Production monitoring
- Vehicle tracking
- Analytics
- Performance management
- Remote programming of consumer devices
- Air conditioner monitoring
End-User Industries:
- Logistics
- Mining
- Government
- Fisheries
- Healthcare
- Oil & gas
- Utilities
- BFSI
- Manufacturing
- Retail & consumer goods
- Automobiles
- Information technology
- Telecommunication
Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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