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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 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.
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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.
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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:
Cisco Systems, Inc.
Rockwell Automation, Inc.
Verizon Communications, Inc.
Schneider Electric SE
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.
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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.
A. Enterprise Asset Management Market
B. Asset Performance Management Market
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