Remote Asset Management Market To Be Dominated By Increase In Manufacturing Across The Globe Through 2028
Growing adoption of Internet of Things in supply
chains is driving the implementation of remote asset management across the
globe.
According to TechSci Research report, “Remote Asset
Management Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028,” the global remote asset management market is growing
owing to rapid growth in digitalization and increasing adoption of cloud
computing and Industrial IoT by enterprises to meet the need for growing
business demand. Remote asset management is a system that is used to keep track
of assets which are located off-site. Globally vendors are making significant
product innovations by integrating technologies such as artificial intelligence
(AI), Internet of Things (IoT), machine learning (ML) to cater to customer
needs and market requirements. In addition, remote asset management solutions
are a combination of technologies and processes that centrally consolidate
tracking, monitoring, and diagnostics for asset-intensive sectors to enable them
to monitor assets and increase operational efficiency.
Moreover, growing adoption of Internet of Things in
supply chains along with the rising enterprise focus on extending remote asset
life cycle using advanced technologies are further contributing to the growth
of global remote asset management market. The decreasing cost of IoT-based
sensors is one of the factors that is driving the adoption of remote asset
management (RAM) solutions. IoT-based remote asset management systems provide
precise real-time data on an equipment's location and status as well as the
ability to plan maintenance and alert management to potential breakdowns. It is
beneficial in many different industries, including manufacturing, building,
logistics, healthcare, mining, and other fields. The main goal is to increase
throughput, asset utilization, and return on investment and make sure that
these assets are safe and being used appropriately. Furthermore, businesses are
adopting remote asset management to reduce operational cost of remote assets
with predictive maintenance, hence contributing to the market growth.
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Pages and an in-depth TOC on the "Global Remote Asset Management Market."
Based on component, the market is segmented into
solution and service. Based on type, the market is segmented into fixed asset
and mobile asset. Based on deployment mode, the market is bifurcated into
on-premises and cloud. Based on enterprise size, the market is divided into
small and medium-sized enterprises, large enterprises. Based on industry
vertical, the market is further split into healthcare, retail, energy &
utilities, manufacturing, transportation & logistics, metal & mining,
and others.
The on-premises segment dominated the global remote
asset management market in 2022 and is expected to maintain its dominance
during the forecast period. The enterprises are rapidly adopting numerous
on-premises asset management solutions that can have control over the security
regarding the assets. For businesses hosting all their applications internally,
without using any cloud apps, the on-premises solution is appropriate. The
on-premises implementation offers few advantages, including greater control
over data security and privacy with lower costs. Moreover, increasing security
concerns are one of the major factors driving the adoption of on-premises
deployment mode by large enterprises. Therefore, it is anticipated that several
advantages of the on-premises remote asset management implementation will fuel the
segment's expansion.
Based on industry vertical, the manufacturing segment
is expected to register the fastest growth during the forecast period. Remote
asset management is expected to acquire high traction as these solutions in
manufacturing aid in collecting and analyzing information from systems and
assets. Moreover, the rising demand for digital twin and other integrated
solutions among manufacturing segment to strengthen the services by remotely
analyzing assets are enabling the deployment of remote asset management
services.
Key market players in the global remote asset
management market include:
- Siemens Corporation
- AT&T Inc.
- Cisco Systems, Inc.
- Verizon Communications, Inc.
- Schneider Electric SE
- Hitachi, Ltd.
- IBM Corporation
- PTC Inc.
- Rockwell Automation, Inc.
- Bosch Software Innovations GmbH
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“The North America region shows substantial growth
prospects for the remote asset management market, which can be attributed to
the stable economies and region’s advancement in technical adoption and
infrastructure development. In addition, the region also has presence of many
service providers such as Cisco Systems, Inc., AT&T Inc., Rockwell
Automation, Inc. etc. The remote asset management is gaining traction and is
expanding to various countries in North America, including the United States,
Canada, and Mexico. Thereover, the early adoption of technologies, such as
cloud computing, digitalization and Industrial IoT coupled with stringent
government regulation influences growth of the market in this region. Moreover,
the region is a prime contributor in developing smart & secure logistics
systems which enables the high adoption of remote asset management by the
enterprises. United States leads the remote asset management market in North
America and is expected to continue its dominance in the global remote asset
management market during the forecast period as well,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Remote Asset Management Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By
Component (Solution, Service), By Type (Fixed Asset, Mobile Asset), By Deployment
Mode (On-Premises, Cloud), By Enterprise Size (Large Enterprises, Small and
Medium-Sized Enterprises), By Industry Vertical (Healthcare, Retail, Energy
& Utilities, Manufacturing, Transportation & Logistics, Metal &
Mining, Others), By Region, Competition,” has evaluated the future growth
potential of global remote asset management market and provides statistics and
information on market structure, size, share, and future growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the global remote asset management market.
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