BANGALORE, India, July 7, 2020 /PRNewswire/ -- Major drivers of the remote asset management market size are the adoption of IoT-enabled remote asset management solutions to manage asset efficiency, decreasing the cost of IoT-based sensors to optimize asset life cycle through remote asset management solutions, and the use of predictive maintenance to boost remote asset management and operation cost.
In 2020, the global Remote Asset Management market size was USD 11,590 Million, and it is expected to reach USD 13,330 Million by the end of 2026, with a CAGR of 14.2% during 2021-2026.
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TRENDS INFLUENCING THE REMOTE ASSET MANAGEMENT MARKET SIZE
Numerous end-use industries, such as healthcare, manufacturing, and automation, have benefited from remote asset management and managed video surveillance solutions. Additionally, the advanced remote asset management for ATM surveillance has already been adopted by the various banking sector. This widespread adoption among various industries is expected to increase remote asset management market size.
High mobile adoption and an increase in broadband penetration are expected to increase the size of the remote asset management market.
The increasing adoption of IoT for businesses has led to a surge in connected devices that can integrate different elements of the asset lifecycle. This is the major factor contributing to the growth of the remote asset management market size. The implementation of remote asset management systems has improved asset-intensive enterprises to boost their investment returns, thereby increasing demand for the systems.
Increased security concern for large enterprises is one of the major factors that is expected to increase the remote asset management market size. Organizations that deploy remote asset management solutions on-premises can have complete control over the security of asset information.
REMOTE ASSET MANAGEMENT MARKET SHARE ANALYSIS
Based on type, the solution segment is expected to hold the largest Remote assessment market share during the forecast period. Remote Asset Management solutions are gaining traction in all regions with the rapid adoption of connected devices to monitor assets remotely in real-time and proactively analyse downtime.
The mobile asset segment is expected to dominate during the forecast period due to the growing adoption of disruptive technologies that provide real-time, graphical representation of asset safety, usage, and availability to help utilities implement remote visual monitoring and alarm response management. Mobile assets with the incorporation of Geographic Information System ( GIS) systems provide greater access to business and spatial data from a single point of view, provide enhanced location-based control of work assets, and expand the ability to display and scan assets on a map.
Due to the existence of advanced telecommunication networks for information sharing and the growing proliferation of IoT technologies, North America is projected to hold the largest remote asset management market share. Also contributing to the growth of the region's market is the presence of a number of remote asset management solution providers.
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The key players covered in this study
- General Electric
- Robert Bosch
- Rockwell Automation
- Schneider Electric
- Verizon Communications
Market segment by Type, the product can be split into
Market segment by Application, split into
- Building automation
- Remote healthcare and wellness
- Smart retail
- Utilities and smart grids
- Production monitoring
- Connected logistics and fleet management
- Connected agriculture
Market segment by Regions/Countries, this report covers
- North America
- Southeast Asia
- Central & South America.
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SIMILAR REPORTS :
- Industrial Remote Asset Management Market Report
The growing subscription-based software licenses are expected to drive the growth of Industrial Remote Asset Management Market size. The subscription license service consists of companies that rent their software for a limited period of time, rather than selling the whole software for a lifetime. End-users are demanding licenses for IoT-based subscription software as it gives them several benefits without the purchase costs. These software services can be made available by organizations depending on their use and transactions.
Some of the major companies analyzed in this report are AT&T, Cisco Systems, Hitachi, Schneider Electric, PTC, Infosys, IBM, Rockwell Automation, SAP, etc.
- Remote Asset Management Software and System Market Report
The Remote Asset Management Software and System Market report focuses on the growth prospects, restraints, and analysis of the hyper-converged infrastructure market. The study provides Porter's five forces analysis of the hyper-converged infrastructure industry to understand the impact of various factors, such as suppliers' bargaining power, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.
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