Global Remote Asset Management Market is valued approximately USD 14.4 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 14.6 % over the forecast period 2020-2027. Remote asset management is an analytical system that monitors and maintain the assets of remote areas or offices. Remote asset management provides real-time two-way communication between the organization’s asset and central monitoring application. This enables central monitoring application to have better control and management of the assets. Remote asset management are cost-effective, efficient and convenient for surveillance operations. The global Remote Asset Management is being highly demanded due to the coronavirus pandemic as employees are asked to work from home and organizations are temporary shutdown. So various companies are adapting Remote Asset Management for operating their business efficiently. The surge in the adoption of IoT-enabled remote asset management solutions to manage assets efficiency, decreasing cost of IoT-based sensors optimize asset life cycle through remote asset management solutions and predictive maintenance to boost the adoption of remote asset management, thereby reducing operational cost of remote assets encourages the growth of the global Remote Asset Management Market. Furthermore, the increasing advancements and other strategic alliance by market key players will create a lucrative demand for this market. For instance: on 06th November 2019, U.S. based IBM launched Maximo Asset Monitor, a new AI-powered monitoring solution. Maximo Asset Monitor helps organization to maintain, operates and improve the performance of their high-value physical assets remotely. However, concerns of organizations related to data security and confidentiality is the major factor restraining the growth of global Remote Asset Management market during the forecast period.
The regional analysis of global Remote Asset Management Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing adoption of advanced technologies and infrastructure development in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Cisco Systems, Inc.
Rockwell Automation, Inc.
International Business Machines (IBM) Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Organization Size:
Small and Medium-Sized Enterprises
By Asset Type:
Transportation and Logistics
Metal & Mining
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Remote Asset Management Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers