Pune, March 16, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global remote asset management market is expected to grow from USD 16.1 Billion in 2020 to USD 65.13 Billion by 2030, at a CAGR of 15% during the forecast period 2021-2030.
Remote asset management is the use of a central system to remotely monitor and maintain assets, equipment, and systems. Intrusion detection, asset control and tracking, and real-time notifications are only some of the features of such a system. A remote asset management system allows businesses to automate a variety of routine business tasks and make the best use of resources, making decision-making easier.
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Remote asset management systems are increasingly being deployed by businesses to improve service performance for all of their assets, owing to the multiple operational and strategic benefits they provide. Remote asset management allows firms to monitor and maintain their resources, machines, and systems from a distance. Implementing a remote asset management solution allows firms to improve operational efficiency through predictive and preventative maintenance.
Real-time data connectivity because of sensor technology adoption is increasing demand for remote asset management solutions and decreased operational costs because of innovative solutions are two main drivers driving demand for remote asset management solutions.
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Key players operating in the global remote asset management market are Accruent, Ascent Intellimation Pvt. Ltd., AT&T, Bosch.IO, Cisco Systems, Inc., EAMbrace, Hitachi Ltd., IBM Corporation, Infosys Limited, Meridium Inc., PTC, RapidValue Solutions, RCS Technologies, Roamworks, Rockwell Automation, Inc., SAP, Schneider Electric, Siemens AG, Verizon, and Vodafone Group among others. To enhance their market position in the global remote asset management market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
• In November, 2019, AT&T and Nokia established a partnership to deliver a Munich-based innovation studio to help accelerate the global adoption of current and next-generation Internet of Things (IoT) solutions. This partnership will allow AT&T to assist in the resolution of business problems related with IoT solutions such as asset tracking while also allowing it to tap into the European ecosystem.
• Siemens acquired Pixeom's edge in October 2019 with the purpose of supplying Siemens' future industrial edge ecosystem platform. It will make it easier to analyse, create, and manage edge applications in production environments that are utilised by several manufacturers.
• Hitachi launched Hitachi Digital Solution, a logistics/delivery optimization service, in February 2019. The solution focuses on generating optimal delivery plans for logistics operations in Japan, China, and Thailand by utilising advanced digital technology such as AI and IoT.
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The solutions segment led the market with a market share of around 62.4% and a market value of around 10.05 billion in 2020.
The component segment is divided into services and solutions. The solutions segment led the market with a market share of around 62.4% and a market value of around 10.05 billion in 2020.
The mobile asset segment is expected to grow at the fastest CAGR of around 17% over the forecast period.
The asset type segment is divided into fixed and mobile. The mobile asset segment is expected to grow at the fastest CAGR of around 17% over the forecast period
The on-premises segment led the market with a market share of around 62.12% and a market value of around 10 billion in 2020.
The deployment mode segment is divided into cloud and on-premises. The on-premises segment led the market with a market share of around 62.12% and a market value of around 10 billion in 2020.
The small and medium-sized enterprises segment is expected to grow at the fastest CAGR of around 18% over the forecast period.
The organization size segment is divided into small and medium-sized enterprises, large enterprises. The small and medium-sized enterprises segment is expected to grow at the fastest CAGR of around 18% over the forecast period.
The manufacturing segment led the market with a market share of around 22.23% and a market value of around 3.58 billion in 2020.
The vertical segment is divided into manufacturing, building automation, healthcare, energy and utilities, retail, metal and mining, transportation and logistics, others. The manufacturing segment led the market with a market share of around 22.23% and a market value of around 3.58 billion in 2020. Multiple data sources can be accessed in real time by analytical manufacturing solutions. This, in turn, should reduce quality concerns and asset failure, lowering maintenance costs and unscheduled downtime, among other things.
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Regional Segment Analysis of the Remote Asset Management Market
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America holds the largest position in the global remote asset management market and hence dominates the market with a market share of around 30.2% and a market value of around 4.86 billion due to a rise in the adoption of advanced technology and advancement in proper internet infrastructure. It has many start-ups in nations such as the United States and Canada, which offer powerful local solutions.
About the report:
The global remote asset management market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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