Growth of the remote asset management market can be attributed to the surge in the adoption of IoT-enabled remote asset management solutions to manage assets efficiency
The remote asset management market size is projected to grow from USD 16.5billion in 2020 to USD 32.6billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period. The major factors driving the growth of the remote asset management market include a surge in the adoption of IoT-enabled remote asset management solutions to manage assets efficiency, decreasing cost of IoT-enabled sensors optimize asset lifecycle through remote asset management solutions, and predictive maintenance to boost the adoption of remote asset management, thereby reducing the operational cost of remote assets.
Services segment to grow at a higher CAGR during the forecast period
The remote asset management services industry is segmented into two major types: professional services and managed services. Professional and managed services enhance the security portfolio of enterprises and safeguard their system from unauthorized access, exploitation, and data loss. The professional services segment includes consulting, implementation, and support and maintenance services. Service Providers (SPs) for remote asset management solutions help in implementing intelligent tracking and technology for efficient operation of assets in a cost-effective manner. The main driving factor of the remote asset management services industry is the increasing need for implementing the optimal remote asset management solutions. These solutions backed by services would result in improved asset performance and reduced manual monitoring and operating expenses.
Analytics and reporting segment to grow at the highest CAGR during the forecast period
Analytics and reporting solutions help organizations evaluate the daily field operations and identify the areas of improvement, leading to better service delivery. These solutions allow organizations to simplify those data sources and represent the sources into a catchy visual dashboard. Analytics and reporting solutions offer automated report generation, which enables organizations to gain real-time information anywhere, anytime. Analytics and reporting solutions assist businesses in gaining enhanced insights and making better decisions for carrying out business-critical activities. Analytics and reporting solutions also assist in the management of big data, resulting in the availability of required information, both in qualitative or quantitative form.
On-premises deployment mode to lead the market during the forecast period
An organization using an on-premises remote asset management solution can have total control over the security of information about assets. On-premises solutions are installed and hosted in an organization’s IT infrastructure and are managed by its internal IT staff. On-premises deployment mode of remote asset management solutions requires high initial investment by organizations, though it does not require incremental costs throughout the ownership, as in the case of cloud deployment. Security concern is a major reason for the adoption of on-premises deployment over the cloud.
North America to lead the market share in 2020
North America is one of the largest contributors to the remote asset management market. The market growth in this region is majorly driven by the presence of large IT companies and rapid technological advancements, such as digitalization in the US and Canada. Well-established economies of these countries enable the region to invest heavily in leading remote asset management solutions and services. AT&T, Cisco Systems, IBM, PTC, Rockwell Automation, and Verizon are some of the leading vendors of remote asset management solutions and services operating across the North American market.
- By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%
- By Designation: C-level – 38%, Directors – 30%, and Others – 32%
- By Region: North America – 40%, Europe– 15%, APAC– 35%,MEA – 5%, Latin America– 5%.
Some prominent players profiled in the study include Siemens AG (Siemens), AT&T (AT&T), Cisco Systems, Inc. (Cisco Systems), Hitachi Ltd. (Hitachi), Schneider Electric (Schneider Electric), PTC (PTC), Infosys Limited (Infosys), IBM Corporation (IBM), Rockwell Automation, Inc. (Rockwell Automation), SAP (SAP), Verizon (Verizon), Bosch.IO (Bosch.IO), Meridium Inc. (Meridium), Vodafone Group (Vodafone), RapidValue Solutions (RapidValue), RCS Technologies (RCS), EAMbrace (EAMbrace), Accruent (Accruent), ROAMWORKS (ROAMWORKS), and Ascent Intellimation Pvt. Ltd. (Ascent Intellimation).
The market study covers the remote asset management market across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components (solution and services), solutions (real-time location system, analytics and reporting, asset performance management, surveillance and security, network bandwidth management, mobile workforce management, and other), services (professional services and managed services), asset types (fixed asset and mobile asset),deployment modes (on-premises and cloud), organization size (SMEs and large enterprises), verticals (building automation, manufacturing, healthcare, retail, energy and utilities, transportation and logistics, metal and mining, and others),and regions. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall remote asset management market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.