Remote Asset Management Market is estimated to grow by ~27% of CAGR By 2022 (SARS-CoV-2, Covid-19 Analysis)

Remote Asset Management Market

The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Remote Asset Management Market. The growth sectors of the Remote Asset Management Market are identified with precision for a better growth perspective.

Remote Asset Management opens up two-way communication between the asset and the central application, resulting in better control and management of assets. Assets are deployed with Vodafone SIMs and are tracked to monitor over a central system. The key functionalities of this solution include intrusion detection, access control systems, asset tracking, asset recovery, real-time monitoring, real-time notifications, and others.

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The major drivers fuelling the growth of the market include increasing enhancing asset lifecycle, declining cost of IoT components, increasing demand for IoT based solutions.

Remote Asset Management Market

According to Market Research Future, market has been segmented into application, solutions and region.

By Solutions-

• Surveillance and security
• Network Bandwidth management
• Asset Performance management
• Application management
• Connectivity management
• Professional services
• Managed services
• Real-time location tracking
• Asset condition monitoring
• Predictive maintenance

By Application-

• Automation
• Healthcare and wellness
• Smart retail
• Utilities and grids
• Production monitoring
• Connected logistics 
• Fleet management
• Others

Connected logistics & fleet management accounted for the largest market share because of the integrating advanced technologies, delivering real-time online information for vehicle maintenance, vehicle status whether its moving or stopped, engine status and others. It also helps supply chain managers because of asset tracking.

Predictive maintenance accounted for the largest market share majorly due to providing solutions for asset failure or quality issues, reduction in maintenance costs. Also, predictive maintenance plays an important role across various industries.

The key players in the global remote asset management market include 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), and Infosys Limited (India) and others.

Market Research Future Analysis

The global remote asset management market is expected to grow significantly. The market is highly application basis. Connected Logistics segment of remote asset management market globally drives the market. The market is expected to have higher growth rate as compared to the previous years. 

North-America accounted for the largest market share because of the technological advancements followed by healthy internet infrastructure, adoption of new technology and presence of strong local solution providers. Also, the need for better operational efficiency and low operating cost is also driving the market in this region.

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