Remote Asset Management Market - Forecast(2024 - 2030)
Remote Asset Management Market Overview
Remote Asset Management Market
size is estimated to reach $37.2 billion by 2027 at a CAGR of 14.7% during the
forecast period 2022-2027. The rising adoption of the Internet of Things for
effective asset management operation and optimizing asset life cycle offers a
huge ROI for asset-intensive industries is driving the growth of the Remote
Asset Management Market in the forecast period 2022-2027. Moreover, addition of
artificial intelligence (AI) to remote monitoring, smart grid, Real-time locating systems,
and Network Bandwidth management are beginning to revolutionize industrial
operations. In addition asset management and tracking solutions are
increasingly important to achieve greater operational efficiencies in the
current market scenario of rapid digitalization in manufacturing and other. Further, growing R&D activities for the incorporation of advanced technologies with
the connected devices technology is creating lucrative growth opportunities for
the remote asset management industry. Furthermore growing adoption of cloud
computing devices by small and medium scale enterprises owing to their
affordability will further drive growth in the remote asset management industry
outlook in the forecast period 2022-2027.
Remote Asset Management Market Report Coverage
The report: “Remote Asset
Management Market Report– Forecast (2022-2027)”, by IndustryARC covers an
in-depth analysis of the following segments of the Remote Asset Management
Market.
By Deployment: On-premises,
Cloud
By Asset Type:
Fixed Asset, Mobile Asset
By Solution: Predictive Asset
Management, Real Time Location, Security Management, Others
By Service: Professional, Managed
By Organization Size: SMEs, Large Enterprises
By End User: Manufacturing, Healthcare, Retail, Energy and
Utilities, Transportation and Logistics, Metal and Mining, Others
By Geography: North America (U.S,
Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others),
APAC (Japan, China, India, South Korea, Australia and Others), South America
(Brazil, Argentina and others) and RoW (Middle east and Africa)
Key Takeaways
- North America dominated the Remote Asset Management market size in 2021 with a share of 33% due to the strong presence of manufacturing and transportation and logistics industries with several technological advancements in the region.
- In Remote Asset Management Market, the Cloud Deployment is expected to grow at the highest CAGR of 15.6% in the forecast period as it offers operational flexibility and real-time deployment to the companies compared to on-premises solutions.
- Continuous technological advancements, Integration of Remote Asset Management with Internet of Things (IoT) Technology and artificial intelligence (AI) are expected to drive the growth of the Remote Asset Management market.
- Remote Asset Management companies are
strengthening their position through mergers & acquisitions and
continuously investing in research and development (R&D) activities to come
up with solutions to cater to the changing requirements of customers.
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Remote Asset Management Market Segment Analysis – By Deployment
In Remote Asset Management Market, the Cloud
Deployment is expected to grow at the highest CAGR of 15.6% in the forecast
period as it offers operational flexibility and real-time deployment to the
companies compared to on-premises solutions. It also offers numerous benefits,
including reduced operational costs, simple deployment process, and higher scalability
in terms of connected resources. The cloud-based Remote Asset Management provide
robust transformation processes to meet business objectives. Additionally, the
cost-effective cloud-based solutions ease installation when compared to the
on-premises solutions. Further rise in the adoption of cloud computing devices
by small and medium scale enterprises owing to their affordability will further
induce growth in the remote asset management market share. Furthermore the
highest level of data security and reliability offered by the cloud deployment
are increasing the share of cloud deployment in the Remote Asset Management
market in the forecast period 2022-2027. Hence these kind of benefits are
analysed to drive the Remote Asset Management industry outlook in the forecast
period 2022-2027.
Remote Asset Management Market Segment Analysis - By End-User Industry
The manufacturing sector in Remote Asset Management
market is growing at the highest CAGR of 15.4% during the forecast period. With
the advent of industry 4.0 in the manufacturing industry, various plants are
adopting digital technologies to enhance, automate, and modernize the whole
process with an aim to gain more realization on investment and materials. The
integration of different digital technologies, such as asset tracking, are
significantly becoming prevalent, as it provides exceptional benefits. Further
the manufacturing companies are now modernizing their supply chain through big
data and GPS tracking, IoT sensors which not only help in data-driven planning
to address the supply, demand, and logistics issues but also provides a
competitive advantage over counterparts and stay ahead in the market due to
efficient maintenance of the assets. Hence these factors are analysed to drive
the Remote Asset Management market growth in the forecast period 2022-2027.
Remote Asset Management Market Segment Analysis - By Geography
North America dominated the
Remote Asset Management market size in 2021 with a share of 33% due to the
strong presence of manufacturing and transportation and logistics industries
with several technological advancements in the region. In addition, government
initiatives and regulations in various end-user industries are expected to
proliferate the market growth in the region.? For instance, the Federal Highway
Association (FHWA), along with the American Association of State Highway and
Transportation Officials (AASHTO), State and local departments of
transportation (DOTs) have been encouraging the application of remote asset
management in the transportation and logistics industry.? Also, the increasing
cargo thefts and in-transit thefts and loss of goods-in-transit are further
increasing the adoption of real-time location solutions in the region.
Moreover, in March 2019, NimbeLink, a provider of cellular Internet of Things
(IoT) solutions and services, started providing its NimbeLink AT2 Asset Tracking
Solution in Canada, on the TELUS LTE-M network. Similarly, in February 2020,
NimbeLink collaborated with Amazon Web services to launch LTE-M cellular-based
asset tracking solutions. This, coupled with increasing number of technological
advancements, is expected to support growth of the global Remote Asset
Management market.
Remote Asset Management Market Drivers
Rising demand for cloud based remote asset management solutions is analysed to drive the market in the forecast period:
As the on premise deployment of enterprise asset management solutions involves in high capital investment and time, there has been shift in focus towards cloud based deployment of remote asset management solutions. On-premise mode of implementation requires enterprises to make significant investments in finding the right servers, communication infrastructure, storage devices, and others. Furthermore, it requires skilled professionals in order to maintain the functioning of the system. On the other hand, cloud-based remote asset management solutions require little hardware which set to drives the Remote Asset Management market size in the forecast period 2022-2027.
Integration of Remote Asset Management with Internet of Things (IoT) Technology and artificial intelligence (AI) is driving the growth of the market:
With rapid technological advancements, especially in the IoT industry and asset tracking software, tracking valuables remotely has become much easier, powerful, and less expensive. Recent advancements in the IoT technology have enabled several end-users to acquire economical and efficient asset tracking hardware. In comparison to standard traditional asset tracking systems, modern IoT equipment that uses minimal electricity, advanced sensors and infrastructure are driving the sales for asset tracking systems.? For instance, DHL Company partnered with ALPS Electric Europe GmbH, a prominent manufacturer of electromechanical devices, and Sigfox, a French-based IoT service provider, to optimize supply chain processes of DHL's German parcel network using real-time location systems and advanced networked sensors.? Moreover, recent technological advancements have paved the way for artificial intelligence in asset management. Hence these kinds of advancements are analyzed to drive the Remote Asset Management share in the forecast period 2022-2027.
Remote Asset
Management Market Challenges
Data Security and Confidentiality is the major concern which is hampering the market growth.
With the increasing digitization, there has been
significant rise in cyber-attacks. Therefore, data security has become a major
challenge in small, medium and large sized enterprises. Implementation of new
advanced digital technologies have become increasing and making their data
vulnerable to risks. There is substantial rise in cyber-security concerns with
the transfer of data or information from the field to the cloud, as malicious
ransonware can attack servers, networks, and communication channels, thereby
restricting the growth of the market growth in the forecast period 2022-2027.
Remote Asset Management Industry Outlook
Product launches, acquisitions,
Partnerships, and R&D activities are key strategies adopted by players in the Remote Asset Management Market. In 2021, the
market of Remote Asset Management industry
outlook has been fragmented by several companies. Remote Asset Management
top 10 companies include:
- AT&T,
Inc.
- Cisco
Systems, Inc.
- IBM
Corporation
- SAP SE
- Infosys
Ltd.
- PTC, Inc.
- Rockwell Automation,
Inc.
- Verizon
Communications, Inc.
- Hitachi,
Ltd.
- Schneider Electric SE
Recent Developments
- In May 2021 – Cisco announced the intent to acquire privately-held, U.S.-based Socio Labs, a modern event technology platform that provides event organizers with everything they need to successfully host in-person, virtual, or hybrid events of any size and format.
- In February 2021 – McLaren Racing announced a new multi-year partnership with Cisco WebEx as the Official Collaboration Partner of the McLaren Formula 1 team. The Cisco WebEx platform will be integrated into McLaren Racing’s day-to-day activities to drive collaboration across all areas of the team from any location in the world.
- In November 2019, AT&T announced a collaboration with Nokia to delivering Munich-based innovation studio to support the growing global adoption of current and next-generation Internet of Things (IoT) solutions. This partnership will enable AT&T to help solve business problems associated with IoT solutions such as asset tracking and help it capture the European ecosystem.
Relevant Report Title:
Enterprise
Asset Management Market – Forecast (2022 - 2027)
Report Code: ITR 0050
Asset
Performance Management Market – Forecast (2022 - 2027)
Report
Code: ITR 0332
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LIST OF TABLES
1.Global Market Analysis By Solution Market 2023-2030 ($M)1.1 Real-Time Location System Market 2023-2030 ($M) - Global Industry Research
1.2 Streaming Analytics Market 2023-2030 ($M) - Global Industry Research
1.3 Predictive Maintenance Market 2023-2030 ($M) - Global Industry Research
1.3.1 Asset Condition Monitoring Market 2023-2030 ($M)
1.3.2 Asset Performance Management Market 2023-2030 ($M)
1.4 Surveillance & Security Market 2023-2030 ($M) - Global Industry Research
1.5 Network Bandwidth Management Market 2023-2030 ($M) - Global Industry Research
1.6 Mobile Workforce Management Market 2023-2030 ($M) - Global Industry Research
2.Global Remote Asset Management Market Analysis By Platform Market 2023-2030 ($M)
2.1 Device Management Market 2023-2030 ($M) - Global Industry Research
2.2 Application Management Market 2023-2030 ($M) - Global Industry Research
2.3 Connectivity Management Market 2023-2030 ($M) - Global Industry Research
3.Global Market Analysis By Service Market 2023-2030 ($M)
3.1 Professional Services Market 2023-2030 ($M) - Global Industry Research
3.1.1 Consulting Services Market 2023-2030 ($M)
3.1.2 Integration & Deployment Market 2023-2030 ($M)
3.1.3 Support & Maintenance Services Market 2023-2030 ($M)
3.2 Managed Services Market 2023-2030 ($M) - Global Industry Research
4.Global Market Analysis By Solution Market 2023-2030 (Volume/Units)
4.1 Real-Time Location System Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Streaming Analytics Market 2023-2030 (Volume/Units) - Global Industry Research
4.3 Predictive Maintenance Market 2023-2030 (Volume/Units) - Global Industry Research
4.3.1 Asset Condition Monitoring Market 2023-2030 (Volume/Units)
4.3.2 Asset Performance Management Market 2023-2030 (Volume/Units)
4.4 Surveillance & Security Market 2023-2030 (Volume/Units) - Global Industry Research
4.5 Network Bandwidth Management Market 2023-2030 (Volume/Units) - Global Industry Research
4.6 Mobile Workforce Management Market 2023-2030 (Volume/Units) - Global Industry Research
5.Global Remote Asset Management Market Analysis By Platform Market 2023-2030 (Volume/Units)
5.1 Device Management Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 Application Management Market 2023-2030 (Volume/Units) - Global Industry Research
5.3 Connectivity Management Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global Market Analysis By Service Market 2023-2030 (Volume/Units)
6.1 Professional Services Market 2023-2030 (Volume/Units) - Global Industry Research
6.1.1 Consulting Services Market 2023-2030 (Volume/Units)
6.1.2 Integration & Deployment Market 2023-2030 (Volume/Units)
6.1.3 Support & Maintenance Services Market 2023-2030 (Volume/Units)
6.2 Managed Services Market 2023-2030 (Volume/Units) - Global Industry Research
7.North America Market Analysis By Solution Market 2023-2030 ($M)
7.1 Real-Time Location System Market 2023-2030 ($M) - Regional Industry Research
7.2 Streaming Analytics Market 2023-2030 ($M) - Regional Industry Research
7.3 Predictive Maintenance Market 2023-2030 ($M) - Regional Industry Research
7.3.1 Asset Condition Monitoring Market 2023-2030 ($M)
7.3.2 Asset Performance Management Market 2023-2030 ($M)
7.4 Surveillance & Security Market 2023-2030 ($M) - Regional Industry Research
7.5 Network Bandwidth Management Market 2023-2030 ($M) - Regional Industry Research
7.6 Mobile Workforce Management Market 2023-2030 ($M) - Regional Industry Research
8.North America Remote Asset Management Market Analysis By Platform Market 2023-2030 ($M)
8.1 Device Management Market 2023-2030 ($M) - Regional Industry Research
8.2 Application Management Market 2023-2030 ($M) - Regional Industry Research
8.3 Connectivity Management Market 2023-2030 ($M) - Regional Industry Research
9.North America Market Analysis By Service Market 2023-2030 ($M)
9.1 Professional Services Market 2023-2030 ($M) - Regional Industry Research
9.1.1 Consulting Services Market 2023-2030 ($M)
9.1.2 Integration & Deployment Market 2023-2030 ($M)
9.1.3 Support & Maintenance Services Market 2023-2030 ($M)
9.2 Managed Services Market 2023-2030 ($M) - Regional Industry Research
10.South America Market Analysis By Solution Market 2023-2030 ($M)
10.1 Real-Time Location System Market 2023-2030 ($M) - Regional Industry Research
10.2 Streaming Analytics Market 2023-2030 ($M) - Regional Industry Research
10.3 Predictive Maintenance Market 2023-2030 ($M) - Regional Industry Research
10.3.1 Asset Condition Monitoring Market 2023-2030 ($M)
10.3.2 Asset Performance Management Market 2023-2030 ($M)
10.4 Surveillance & Security Market 2023-2030 ($M) - Regional Industry Research
10.5 Network Bandwidth Management Market 2023-2030 ($M) - Regional Industry Research
10.6 Mobile Workforce Management Market 2023-2030 ($M) - Regional Industry Research
11.South America Remote Asset Management Market Analysis By Platform Market 2023-2030 ($M)
11.1 Device Management Market 2023-2030 ($M) - Regional Industry Research
11.2 Application Management Market 2023-2030 ($M) - Regional Industry Research
11.3 Connectivity Management Market 2023-2030 ($M) - Regional Industry Research
12.South America Market Analysis By Service Market 2023-2030 ($M)
12.1 Professional Services Market 2023-2030 ($M) - Regional Industry Research
12.1.1 Consulting Services Market 2023-2030 ($M)
12.1.2 Integration & Deployment Market 2023-2030 ($M)
12.1.3 Support & Maintenance Services Market 2023-2030 ($M)
12.2 Managed Services Market 2023-2030 ($M) - Regional Industry Research
13.Europe Market Analysis By Solution Market 2023-2030 ($M)
13.1 Real-Time Location System Market 2023-2030 ($M) - Regional Industry Research
13.2 Streaming Analytics Market 2023-2030 ($M) - Regional Industry Research
13.3 Predictive Maintenance Market 2023-2030 ($M) - Regional Industry Research
13.3.1 Asset Condition Monitoring Market 2023-2030 ($M)
13.3.2 Asset Performance Management Market 2023-2030 ($M)
13.4 Surveillance & Security Market 2023-2030 ($M) - Regional Industry Research
13.5 Network Bandwidth Management Market 2023-2030 ($M) - Regional Industry Research
13.6 Mobile Workforce Management Market 2023-2030 ($M) - Regional Industry Research
14.Europe Remote Asset Management Market Analysis By Platform Market 2023-2030 ($M)
14.1 Device Management Market 2023-2030 ($M) - Regional Industry Research
14.2 Application Management Market 2023-2030 ($M) - Regional Industry Research
14.3 Connectivity Management Market 2023-2030 ($M) - Regional Industry Research
15.Europe Market Analysis By Service Market 2023-2030 ($M)
15.1 Professional Services Market 2023-2030 ($M) - Regional Industry Research
15.1.1 Consulting Services Market 2023-2030 ($M)
15.1.2 Integration & Deployment Market 2023-2030 ($M)
15.1.3 Support & Maintenance Services Market 2023-2030 ($M)
15.2 Managed Services Market 2023-2030 ($M) - Regional Industry Research
16.APAC Market Analysis By Solution Market 2023-2030 ($M)
16.1 Real-Time Location System Market 2023-2030 ($M) - Regional Industry Research
16.2 Streaming Analytics Market 2023-2030 ($M) - Regional Industry Research
16.3 Predictive Maintenance Market 2023-2030 ($M) - Regional Industry Research
16.3.1 Asset Condition Monitoring Market 2023-2030 ($M)
16.3.2 Asset Performance Management Market 2023-2030 ($M)
16.4 Surveillance & Security Market 2023-2030 ($M) - Regional Industry Research
16.5 Network Bandwidth Management Market 2023-2030 ($M) - Regional Industry Research
16.6 Mobile Workforce Management Market 2023-2030 ($M) - Regional Industry Research
17.APAC Remote Asset Management Market Analysis By Platform Market 2023-2030 ($M)
17.1 Device Management Market 2023-2030 ($M) - Regional Industry Research
17.2 Application Management Market 2023-2030 ($M) - Regional Industry Research
17.3 Connectivity Management Market 2023-2030 ($M) - Regional Industry Research
18.APAC Market Analysis By Service Market 2023-2030 ($M)
18.1 Professional Services Market 2023-2030 ($M) - Regional Industry Research
18.1.1 Consulting Services Market 2023-2030 ($M)
18.1.2 Integration & Deployment Market 2023-2030 ($M)
18.1.3 Support & Maintenance Services Market 2023-2030 ($M)
18.2 Managed Services Market 2023-2030 ($M) - Regional Industry Research
19.MENA Market Analysis By Solution Market 2023-2030 ($M)
19.1 Real-Time Location System Market 2023-2030 ($M) - Regional Industry Research
19.2 Streaming Analytics Market 2023-2030 ($M) - Regional Industry Research
19.3 Predictive Maintenance Market 2023-2030 ($M) - Regional Industry Research
19.3.1 Asset Condition Monitoring Market 2023-2030 ($M)
19.3.2 Asset Performance Management Market 2023-2030 ($M)
19.4 Surveillance & Security Market 2023-2030 ($M) - Regional Industry Research
19.5 Network Bandwidth Management Market 2023-2030 ($M) - Regional Industry Research
19.6 Mobile Workforce Management Market 2023-2030 ($M) - Regional Industry Research
20.MENA Remote Asset Management Market Analysis By Platform Market 2023-2030 ($M)
20.1 Device Management Market 2023-2030 ($M) - Regional Industry Research
20.2 Application Management Market 2023-2030 ($M) - Regional Industry Research
20.3 Connectivity Management Market 2023-2030 ($M) - Regional Industry Research
21.MENA Market Analysis By Service Market 2023-2030 ($M)
21.1 Professional Services Market 2023-2030 ($M) - Regional Industry Research
21.1.1 Consulting Services Market 2023-2030 ($M)
21.1.2 Integration & Deployment Market 2023-2030 ($M)
21.1.3 Support & Maintenance Services Market 2023-2030 ($M)
21.2 Managed Services Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Remote Asset Management Market Revenue, 2023-2030 ($M)2.Canada Remote Asset Management Market Revenue, 2023-2030 ($M)
3.Mexico Remote Asset Management Market Revenue, 2023-2030 ($M)
4.Brazil Remote Asset Management Market Revenue, 2023-2030 ($M)
5.Argentina Remote Asset Management Market Revenue, 2023-2030 ($M)
6.Peru Remote Asset Management Market Revenue, 2023-2030 ($M)
7.Colombia Remote Asset Management Market Revenue, 2023-2030 ($M)
8.Chile Remote Asset Management Market Revenue, 2023-2030 ($M)
9.Rest of South America Remote Asset Management Market Revenue, 2023-2030 ($M)
10.UK Remote Asset Management Market Revenue, 2023-2030 ($M)
11.Germany Remote Asset Management Market Revenue, 2023-2030 ($M)
12.France Remote Asset Management Market Revenue, 2023-2030 ($M)
13.Italy Remote Asset Management Market Revenue, 2023-2030 ($M)
14.Spain Remote Asset Management Market Revenue, 2023-2030 ($M)
15.Rest of Europe Remote Asset Management Market Revenue, 2023-2030 ($M)
16.China Remote Asset Management Market Revenue, 2023-2030 ($M)
17.India Remote Asset Management Market Revenue, 2023-2030 ($M)
18.Japan Remote Asset Management Market Revenue, 2023-2030 ($M)
19.South Korea Remote Asset Management Market Revenue, 2023-2030 ($M)
20.South Africa Remote Asset Management Market Revenue, 2023-2030 ($M)
21.North America Remote Asset Management By Application
22.South America Remote Asset Management By Application
23.Europe Remote Asset Management By Application
24.APAC Remote Asset Management By Application
25.MENA Remote Asset Management By Application
26.AT Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Schneider Electric SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.PTC Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Infosys Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.International Business Machine Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.SAP SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)