Global remote asset management market is predicted to
grow during the forecast period due to the increasing adoption of internet of
things (IoT) devices in supply chains by enterprises to track asset
utilization, identify trends, and make informed decisions about asset
management. 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. It gives businesses the opportunity to track assets and secure
data while enhancing performance, dependability, and scalability. Remote asset
management enables remote monitoring and maintenance of assets, machines, and
systems for organizations across various industries. Additionally, to maintain
high business continuity and maximize connectivity, enterprises are increasingly
considering more reliable and secure solutions. The systematic integration of
emerging technologies carried out with cloud computing, enhanced internet
connectivity and rise in Information, Communication, & Technology (ICT)
expenditure by governments in the several developed and the developing regions,
including North America, Europe, and Asia-Pacific are expected to enhance the
features of remote asset management. This, in turn, is expected to drive market
growth during the forecast period.
Remote asset management is a system that is used to
keep track of assets which are located off-site. These resources include
computers, laptops, tablets, and cell phones implemented by remote workers. It
may also comprise digital assets like contracts and software licences. 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. Remote asset management is expected to become more
essential, as more businesses explore giving their employees either a fully
virtual working environment or a hybrid one that blends virtual and in-office
working environments. Remote asset management enables organizations with
real-time update that helps make an important decision. Moreover, several other
benefits such as asset theft, increasing asset efficiency, reducing maintenance
cost, increasing lifespan asset, and minimizing sudden failure are enabling
enterprises to adopt remote asset management. Furthermore, the use of remote
asset management enables organizations by maximizing asset utilization, return
on investment, remote monitoring, maintenance of assets, etc. 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. Tracking the
location of assets, getting alerts when repair is required, and remotely
controlling operating parameters are just a few of the functions that remote
asset management solutions may offer. Among these are products like real-time
location systems (RTLS), analytics and reporting, asset performance management
(APM), asset condition monitoring (ACM), preventive maintenance, surveillance
and security, and network bandwidth management.
Increasing use of Predictive Maintenance to Boost the
Adoption of Remote Asset Management
The current surge of digital innovation, remote work,
and cloud usage has increased the demand for remote asset management with
security, which has caused businesses to reevaluate their network architecture.
Remote asset management is becoming increasingly popular among organizations
that are eager to embrace digital transformation. Manufacturers worldwide are
looking for solutions and measures to optimize their operations and improve
efficiency. By utilizing predictive maintenance, manufacturers are lowering the
maintenance expenses and decrease production time. Predictive maintenance
application equips the organization with the capabilities to predict asset
failure or any quality related issues in the equipment. As predictive
maintenance can optimize the asset management and reduce costs from unexpected
downtime. This has provided the edge for applications performance and a
high-quality user experience which has contributed to the growth in business
productivity, agility, and control of IT costs. Moreover, predictive
maintenance and asset management applications assist companies in dealing with
unexpected downtime, improving the overall efficiency of the operations, and
following the regulations and compliance. All these factors have resulted in
the high adoption of predictive maintenance and remote asset management
applications. Furthermore, remote asset management helps with physical access
protection, secure management of key material, gives the IT department
extensive access into the hardened devices such as servers and routers, enable
tamper-resistant hardware devices, and makes it possible to immediately
identify a security assault. Therefore, increasing use of predictive
maintenance to boost the adoption of remote asset management is expected to
contribute to the market growth.
The Growing Adoption of Internet of Things in Supply
Chains to Proliferate the Market Growth
The supply chain and trade has become an essential
component in today’s business reciprocation. The gradual but steady adoption of
different technologies including Internet of Things (IoT) in Industry 4.0
(I4.0) is now a prominent area to identifying ways for industries to operate
their functions. The collaboration between suppliers, manufacturers and
customers is very important to enable transparency throughout the order
processing stages and product lifecycle. The adoption of Internet of Things
(IoT) in supply chains is rapidly growing as many enterprises are heavily
relying on industry 4.0 and technological advancement. Most industrial
organizations are increasingly deploying IoT technology for improving their
supply chain management. Remote asset management software allows logistics and
supply chain enterprises to reduce warehouse costs, remotely track assets, keep
accurate records, etc. Lack of visibility has always been a roadblock for asset
intensive enterprises in manufacturing, retail, oil and gas, construction, and
transportation. With a highly disseminated asset infrastructure, it is
imperative to have end-to-end visibility of the value chain. Therefore, many
enterprises are integrating IoT based asset tracking solutions as these
solutions are offering real-time approach during supply chain process by
achieving greater utilization of assets and increasing operational efficiency
in the field. Furthermore, the adoption of remote asset management in supply
chains is enabling enterprises to monitor work remotely and track reusable
supply chain assets. Thus, the growing adoption of internet of things in supply
chains is driving the growth of global remote asset management market in the
forecast period.
Increase Number of Cloud-Based Solutions to Propel the
Growth of the Market
With the growing benefits of integrating cloud
services, the enterprises are rapidly adopting cloud-based solutions into their
infrastructure. The technology is helping in delivering an effective cloud
connection to the network. Cloud-based asset management solutions provide
several benefits for businesses of all sizes and in all industries. Remote
asset management enables businesses to track their assets and inventory in
real-time and take advantage of cloud service deployment without having to host
and manage on-premises machines. In addition, due to the increasing number of
cloud-based solutions, the requirements are changing with the widespread
adoption of cloud services that are connected over the internet. As cloud
services connected through the internet become more and more popular, the need
for effective cloud based remote asset management solutions is evolving. In
practice, companies are compelled to rely more heavily on the cloud to properly
manage the life cycle of the many businesses that need to manage large and
complex portfolios by supporting their cloud-based applications. The number of
individuals utilizing the internet has increased, as a result the demand for
cloud-based services is also rising. Overall, cloud-based remote asset
management and hybrid cloud strategies offer several advantages for businesses
that are looking to improve their asset management capabilities, which also
leads to implementation of hybrid cloud strategy to provide extra capacity,
resilience, and scalability. Therefore, the increasing number of cloud-based
solutions is contributing to the growth of global remote asset management
market in the forecast period.
Recent Advancements
- On 26 April 2023, TeamViewer announced the launch
of next generation remote access and support solution with 1-click
sessions, web client and increased security. The company’s well-known and
tried-and-true remote connectivity features have been preserved while the
tech stack, usability, and overall appearance and feel have all undergone
significant modernization.
- On 23 February 2023, GoTo, an IT management,
support and business communication firm announced a suite of new remote
monitoring and management (RMM) features and an all-new free offering for
GoTo Resolve. The latest updates introduce powerful new RMM capabilities
to meet the needs of IT leaders, furthering GoTo Resolve’s evolution
towards a modern, unified IT service management (ITSM) solution.
- On 10 November 2022, RPMGlobal announced the
launch of their next generation, mobile asset management solution, AMT
Mobile. AMT Mobile is a specialized program that gives field technicians,
managers, and supervisors the capability to digitalize forms and procedures
while working remotely. The system effortlessly interacts with SAP,
delivering essential business data to field employees.
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Market Segmentation
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.
Company Profiles
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 are among the major players that are driving the growth of the global remote
asset management market.
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Attribute
|
Details
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Base
Year
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2022
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Historical
Years
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2018 –
2021
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|
Estimated
Year
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2023
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Forecast
Period
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2024 – 2028
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Quantitative
Units
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Revenue
in USD Billion and CAGR for 2018-2022 and 2023E-2028F
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|
Report
Coverage
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Revenue
forecast, company share, competitive landscape, growth factors, and trends
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Segments
Covered
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Component
Type
Deployment
Mode
Enterprise
Size
Industry
Vertical
Region
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Regional
Scope
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Asia-Pacific,
North America, Europe, Middle East & Africa, and South America
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|
Country
Scope
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China, Japan, India, Australia, South Korea, United States,
Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Qatar,
Saudi Arabia, UAE, Brazil, Argentina, Colombia
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|
Key
Companies Profiled
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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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|
Customization
Scope
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10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and Purchase Options
|
Avail of customized
purchase options to meet your exact research needs. Explore purchase options
|
|
Delivery
Format
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PDF and Excel through
Email (We can also provide the editable version of the report in PPT/pdf format
on special request)
|
Report Scope:
In this report, the global remote asset management
market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- Remote Asset Management Market, By
Component:
- Remote Asset Management Market, By Type:
- Remote Asset Management Market, By
Deployment Mode:
- Remote Asset Management Market, By
Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
- Remote Asset Management Market, By Industry
Vertical:
- Healthcare
- Retail
- Energy & Utilities
- Manufacturing
- Transportation & Logistics
- Metal & Mining
- Others
- Remote Asset Management Market, By Region:
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- North America
- United States
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Spain
- Italy
- Middle East & Africa
- Israel
- Qatar
- Saudi Arabia
- UAE
- South America
- Brazil
- Argentina
- Colombia
Competitive Landscape
Company Profiles: Detailed analysis of the
major companies present in the global remote asset management market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Global remote asset management market is an upcoming report to be released soon. if you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]