Remote Asset Management Market to Grow at CAGR of 15.06% through 2032 – Rising Investment in the IoT Industry
The remote asset management market size is anticipated to grow from USD 26.13 Billion in 2022 to USD 106.26 Billion in 10 years. The market should witness a moderate growth rate owing to the increasing demand for predictive maintenance and IoT-enabled asset management. Further, the rising investment in logistics and transportation will lead to positive growth for the market during the forecast period.
Newark, Oct. 12, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the remote asset management market will grow from USD 26.13 Billion in 2022 to USD 106.26 Billion by 2032. The remote asset management market is expanding due to the requirement for surveillance control and the increasing need for streamlining operations. Further, many organizations invest in such software to reduce their dependability on third-party service providers.
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Key Insight of the Remote Asset Management Market
North America region to account for the largest market size during the forecast period.
North America region will hold a significant market share due to the rising number of companies providing remote asset management solutions and services. Further, the regional companies and concerned authorities are investing in the Internet of Things, machine learning and artificial intelligence, providing lucrative opportunities for remote asset management solution providers. The rising cases of shipment displacement have led to increasing requirements for real-time location status updates for the shipment. Thus, most logistics companies now invest in remote asset management solutions to ensure the safety of their assets.
The services segment is expected to augment the market during the forecast period.
The component segment is divided into solutions and services. The solution segment further includes asset performance management, real-time location systems, surveillance & security, analytics & reporting and others. The services segment is expected to augment the market during the forecast period. With remote asset monitoring services, consumers can collect real-time data on each of their assets, forecast productivity, stop unneeded downtime, and cut operating costs.
The cloud segment is expected to augment the market during the forecast period.
The deployment mode segment is divided into on-premises and cloud. The cloud segment is expected to augment the market during the forecast period. The organization can track and monitor assets remotely due to cloud-based asset management. The cloud-based asset audit is more effective when an organization has several branches.
The mobile asset segment is expected to augment the market during the forecast period.
The asset types segment is divided into mobile asset and fixed asset. The mobile asset segment is expected to augment the market during the forecast period. Mobile asset management makes a platform-independent processing of mobile device maintenance and service procedures possible. Organizations can benefit from the mobile asset management application’s streamlined cloud-based software solution and improved mobile usability.
The transportation & logistics segment will augment the market during the forecast period.
The end-users segment is divided into manufacturing, building automation, retail, healthcare, transportation & logistics, energy & utility and others. The transportation & logistics segment will augment the market during the forecast period. Logistics firms transport many items, and thus, they rely on transportation to run their business. This implies that they must continuously be aware of the location of their assets. They must deliver their goods fast and in good condition if they want to stay competitive, and a remote asset tracking solution could be useful in this situation.
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Driver: Rising use of smart asset tracking
The consumer may track vehicle updates using the IoT-based asset tracking system’s rapid asset tracking with GPS monitoring technologies. With the aid of communication protocols, one can interconnect smart devices and receive immediate warnings for tracking. To reduce the difficulties of managing corporate operations, it is skillfully designed to provide end-to-end services and intelligent asset tracking. Advanced sensor-based functions are used by the real-time asset-tracking solution to deliver quick and useful insights. The IoT-based asset management system offers rapid filtering so the client can check their status in real-time and usage patterns.
Restraint: Requirement of customization
Certain remote asset management software requires extensive customization for a few applications. The user-friendly system might only require some of the needs of the organization. Thus, the customer might require a system customized to their requirements, which can lead to high instalment costs. Thus, due to this, there is a need for more deployment of remote asset management.
Opportunity: Investment in predictive analytics
Investment managers now have access to a potent new tool called predictive analytics, which uses data, machine learning approaches and statistical algorithms to predict future trends and patterns. By using it, managers can make better decisions and maximize profits by spotting possibilities and hazards that could otherwise go overlooked. The capacity to implement predictive analysis by using remote monitoring at an enterprise scale will fundamentally alter how assets are managed and run. Organizations are experiencing increased production and profit by making the most of significant resources. Industrial operations are starting to change due to the integration of predictive maintenance with the help of remote monitoring.
Challenges: Lack of required infrastructure
Most remote asset management companies need help to cope with the existing infrastructure. The solution operates between specified ranges, thus serving as a restraint. The solutions and services are only partially designed to be equipped in regular environments. The need for more infrastructure, especially in developing countries, challenges the operationability of remote asset management solutions.
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Some of the major players operating in the Remote Asset Management market are:
• Ascent Intellimation Pvt. Ltd.
• Cisco Systems, Inc.
• IBM Corporation
• Hitachi Ltd.
• Infosys Limited
• Meridium Inc.
• RapidValue Solutions
• RCS Technologies
• Rockwell Automation, Inc.
• Schneider Electric
• Siemens AG
• Vodafone Group
Key Segments Cover in the Market:
o Asset Performance Management
o Real-Time Location System
o Surveillance & Security
o Analytics & Reporting
By Deployment Mode:
By Asset Types:
• Mobile Asset
• Fixed Asset
• Building Automation
• Transportation & Logistics
• Energy & Utility
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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