The two-way communication between the central application and the asset for better management of assets and control, the software used is remote asset management. For creating new possibilities in the business and service sector this remote asset management market provides various potential applications. The Remote Asset Management System uses Vodafone SIMS for monitoring and tracking the assets over the central system. This Vodafone remote asset management system helps in trans, forming the business, maintenance and monitoring of machines, assets, and systems. It is growing its market share because of the two-way communication feature. The remote asset management system helps in performing various functions like real-time notifications, real-time monitoring, asset recovery, asset tracking, access control system, intrusion detection and many others.
The Remote Asset Management Market in the global market is expected to grow at a high CAGR of 20.5% and is expected to reach a value of USD 38.4 billion during the end of the forecasted period from 2022-2030.
The global pandemic of COVID 19 has affected the working of businesses in the worse way. Owing to the lockdown situation and post lockdown situation, many manufacturing and production units were shut down as a result it pushed the economies into forced recession. At the start of spreading this deadly disease, remote asset management has faced a severe downfall in its market position.
It is expected that the Remote Asset Management Market in the global market will recover at the end of the second quarter of the coming year.
The increasing adoption of Internet of Things (IoT) based asset management and the various other advanced technologies available lead to the tremendous growth of the remote asset management market in the global market. It also helps in enhancing the lifecycle of an asset. Not only this, the Remote Asset Management Market helps in providing a cost-effective solution as it helps in declining the cost of the internet of things (IoT) components that drive the growth of the Remote Asset Management Market in the global market.
The rise in the demand for the Remote Asset Management Market. Increasing demand for connected devices and low cost of cloud computing services gives various growth opportunities to Remote Asset Management Market to spread across the globe. Also, the increase in communication and technology (ICT) leads to growth opportunities. Another factor that gives growth opportunities is the increasing government initiatives in various developing and developed region that has growth potentials.
Many factors lead to the growth of the remote asset management market in the global market but the traditional organizational culture is the major factor that hinders the growth of the Remote Asset Management Market in the global market as people always resist change for the adoption of new technology. Also, Remote Asset Management is an expensive solution that also acts as a restraining factor in the overall growth in the global market.
Value Chain Analysis:
The advanced technology used in the management of the assets is a boon for the market players as with the remote asset management solution tracking and detecting frauds can easily be observed and quick action is taken at earlier stages to prevent a huge loss. It also makes the life of employees simpler and comfortable as compared to traditional operating assets. It helps in managing the services and high maintenance to the clients.
The Remote Asset Management Market in the global market is divided based on Solution, Application, and Region.
Based on Solution:
The Remote Asset Management Market in the global market is divided based on solutions into surveillance and security, network bandwidth management, asset performance management, application management, connectivity management, professional services, managed services, real-time location tracking, asset condition monitoring, and predictive maintenance.
Based on Application:
The Remote Asset Management Market in the global market is divided based on application into automation, healthcare and wellness, smart retail, utilities and grids, production monitoring, connected logistics, fleet management, and many others.
Based on Region:
The Remote Asset Management Market in the global market is divided based on region into North America, Europe, Asia-Pacific, and the rest of the world.
Owing to an increase in the adoption of advanced technology and advancement in proper internet infrastructure, North America holds the largest share in the Remote Asset Management Market in the global market and hence dominates the market. It has a high presence of start-ups in countries like the U.S. and Canada that provides strong local solutions.
After North America, the second position is held by the Europe region because of increasing advancement in technology and infrastructure in that region followed by the Asia-Pacific region which is the fastest-growing region owing to the development of technology and its increasing adoption in countries like India, China, South Korea, Japan, and many others.
The Most Prominent Major Market Players of the Remote Asset Management Market in the global market are as follows:
These Prominent Market Players use various strategies to attract potential customers to increase their customer base by providing customized services and products with the judicial use of the resources they possess.
In January 2019, a new Cisco Validated Design (CVD) has been launched by Cisco for remote and mobile asset solutions. This will help in increasing new revenue streams out of thousands of dispersed assets with lower operating cost solutions.
In February 2019, for the delivery/logistics optimization solutions Hitachi Digital Solutions were launched by Hitachi Ltd. to provide more emphasis on effective delivery plans by using advanced technology like the Internet of Things and Artificial Intelligence in various countries like China, Thailand, Japan for logistics operations.
In October 2019, Pixeom’s edge has been acquired by Siemens for providing Siemen’s future industrial edge ecosystem platform. It will ease in analyzing, creating, and managing edge applications in factory environment information used by different manufacturers.
In March 2020, in response to COVID 19, AT&T has enabled various agencies related to public safety used by the FirstNet App catalog all across the country. It had helped in addressing and tackling emergencies in large and small communicates faced in day-to-day life.
The Remote Asset Management Market solutions are cost-effective and are easily afforded by small and medium-sized enterprises as well. It will help in enhancing the overall infrastructure of the economies.
This Global Remote Asset Management Market Research Report consists of the following elements:
Global Remote Asset Management Research Report also contains various factors that drive the growth of the Remote Asset Management Market in the global market along with various growth opportunities available in the market and the factors that restrain the growth of the Remote Asset Management Market. This report also contains the impact of COVID-19, and the future growth rate is also estimated and mentioned.
For the collection of data in remote asset management research report the top-up and bottom-down technique is used. For secondary researches data is collected from journals, publications, annual reports, and various other published reports are used for collecting data in the asset management market. And for primary research interviews of top market players of Asset Management Market CEOs were conducted and the data triangulation technique is used for reducing the data.
Manufacturers, distributors, research firms, consultancy firms, software developers, vendors, semiconductors manufacturers, stakeholders, end-user sectors, technology investors, and many others.
|Market Size||USD 38.4 billion|
|CAGR||CAGR of 20.5%|
|Forecast Period||2022 to 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Solutions , Application|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||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 Market Opportunities||The rise in the demand for the Remote Asset Management Market.|
|Key Market Drivers||The increasing adoption of Internet of Things (IoT) based asset management and the various other advanced technologies available lead to the tremendous growth of the remote asset management market in the global market.|
The remote asset management market is expected to expand at 20.5% CAGR.
The remote asset management market size is assessed to touch USD 38.4 Bn mark by 2030.
North America is presumed to dominate the remote asset management market on the global front.
The segments of the remote asset management market are network bandwidth management, surveillance and security, asset performance management, connectivity management, application management, professional services, real-time location tracking, managed services, and asset condition monitoring.
The segments of the remote asset management market, by application, are automation, smart retail, healthcare and wellness, utilities and grids, fleet management, connected logistics, production monitoring, and others.