The size of the global market for Remote Asset Management is expected to reach US$ 75,553 Mn by 2032, expanding at a compound annual growth rate (CAGR) of 10.9 %.
Remote asset management is an IoT solution and one of the broad terms across IoT environment as it has a wide range of applications across numerous business. Industries proactively use remote asset management solutions to manage their assets and make quicker & more informed decisions. Moreover, it optimizes business processes by unlocking specialized analytics, digital content, and prescriptive actions and insights. For example, for healthcare, remote asset management offers monitoring temperature, humidity, vibration, pressure, and various environmental measurements using IOT sensors. After sensing it send the reading to cloud service and if the reading is more than a predefined value then the sensor will have a triggered response.
The aim of the report is to estimate the size of the market for remote asset management and the future growth potential of the market for remote asset management across various segments, such as component, asset type, and industry verticals.
A large number of on-going infrastructural development and technology adoption across all the industry verticals are driving the demand for the remote asset management market across North America. In addition, the growing adoption of connected and secure technologies for asset-focused is further anticipated to boost the demand for remote asset management solutions in this region.
The base year considered for the analysis is 2019 and from 2020 to 2028 the market size is estimated. Factors such as the increase in demand for predictive maintenance to reduce operational `costs of remote assets and the growing adoption of IoT-enabled remote asset management solutions are the key drivers of the remote asset management market. However, growing concerns over data confidentiality and security among organizations are hampering the market growth. Furthermore, advancements in cloud computing and IoT are anticipated to be opportunistic for the market.
Remote Asset Management Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||US$ 75,553 Mn|
|Growth Rate||CAGR of 10.9% during 2021-2032|
|Segment Covered||Communication Type, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||IBM Corporation (U.S.) Cisco Systems Inc (U.S.) AT&T Intellectual Property (U.S) Hitachi Ltd. (Japan) Verizon Communications Inc. (U.S.) PTC Inc. (U.S.) SAP SE (Germany) Rockwell Automation Inc. (U.S.) Schneider Electric SE (France) Infosys Limited (India)|
Key Segments of the Global Remote Asset Management Market
Component Overview, 2018-2028 (USD Million)
Asset Type Overview, 2018-2028 (USD Million)
- Mobile Assets
- Fixed Assets
Industry Vertical Overview, 2018-2028 (USD Million)
- Energy and Utilities
- Transportation and Logistics
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Important Companies in the Global Remote Asset Management market
- Cisco Systems
- Schneider Electric
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of remote asset management market benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on remote asset management market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the remote asset management industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on component, asset type, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global remote asset management market. The report will benefit: Every stakeholder involved in the remote asset management market.
- Managers within the remote asset management industry looking to publish recent and forecasted statistics about remote asset management market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global remote asset management market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.