Redding, California, July 19, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Remote Asset Monitoring Market by Component (Solutions, Services), Asset Type (Fixed Asset, Mobile Asset), Deployment Mode (On-premises, Cloud), End User, and Geography - Global Forecast to 2030’, the remote asset monitoring market is projected to reach $86.36 billion by 2030, at a CAGR of 22.9% during the forecast period 2023–2030.
The growth of the remote asset monitoring market is driven by the increasing adoption of IoT and connected devices to enable real-time data collection, monitoring, and analysis of assets, increasing demand for predictive maintenance, and increasing requirements of companies to meet compliance obligations.
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Increasing adoption of remote asset monitoring by various businesses to optimize their operations and reduce costs, increasing need for real-time visibility into asset performance and operational data, deployment of remote asset monitoring for improving safety and security measures, and easy scalability and adaptability to various industries and asset types are some of the factors which are expected to offer significant growth opportunities for players operating in remote asset monitoring market.
However, difficulty in managing and scaling remote monitoring of complex infrastructure and remote assets are often located in areas with limited or unreliable connectivity, are some of the factors that may hinder the growth of this market.
Increasing Demand for Predictive Maintenance to Drive Market Growth
The remote asset monitoring market has witnessed a significant increase in demand for predictive maintenance solutions. As industries become more reliant on remote monitoring and management of their assets, the need for efficient maintenance practices has become paramount. Predictive maintenance, which utilizes advanced analytics and real-time data to predict asset failures before they occur, has emerged as a crucial tool in optimizing asset performance and minimizing downtime.
One of the key drivers behind the growing demand for remote asset monitoring for predictive maintenance is the cost-saving potential it offers. Traditional maintenance practices often follow a reactive approach, where assets are repaired or replaced after a failure has occurred. This leads to unplanned downtime, high repair costs, and hampers operational efficiency. By implementing remote asset monitoring solutions, businesses can proactively identify potential issues and schedule predictive maintenance activities, reducing the likelihood of unexpected failures and optimizing maintenance budgets.
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Furthermore, remote asset monitoring improves overall asset performance and productivity. By continuously monitoring asset data, such as temperature, vibration, and energy consumption, remote asset monitoring enables predictive maintenance solutions to identify anomalies and patterns easily. These insights allow operators to address minor issues before they escalate into major problems, maximizing asset uptime and extending their lifespan. As a result, businesses can enhance their operational efficiency, increase production output, and minimize the risk of costly breakdowns.
Another factor contributing to the increased demand for predictive maintenance in remote asset monitoring is the advancement in Internet of Things (IoT) technology and connectivity. With the proliferation of IoT devices and sensors, assets can be monitored remotely and in real-time, providing a wealth of data for predictive analytics. This connectivity allows for continuous monitoring of assets in remote or inaccessible areas, enabling proactive maintenance actions without needing physical inspections.
Moreover, integrating artificial intelligence (AI) and machine learning (ML) algorithms has significantly enhanced the predictive capabilities of remote asset monitoring systems. These algorithms can analyze large volumes of historical and real-time data to identify patterns, correlations, and anomalies that may indicate potential asset failures. By leveraging AI and ML, businesses can build accurate predictive models and generate actionable insights, enabling them to optimize maintenance schedules and allocate resources effectively.
Based on component, in 2023, the solutions segment is expected to account for the larger share of the remote asset monitoring market. The large share of this segment is attributed to the growing demand for efficient asset management, predictive maintenance, and operational optimization. Continuous innovation by remote asset monitoring solution providers leveraging advanced technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics to enhance the capabilities of remote asset monitoring systems are also supporting the market growth during the forecast period.
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Based on asset type, in 2023, the fixed asset segment is expected to account for the largest share of the remote asset monitoring market. The large share of this segment is driven by the increasing need for optimizing performance and efficiencies of long-term tangible assets essential for business operations, such as machinery, equipment, vehicles, infrastructure, and facilities. Monitoring and managing fixed assets remotely have become increasingly important for organizations across various industries. Manufacturing companies rely on remote asset monitoring to ensure efficient production machinery and equipment operation. Energy and utility companies monitor fixed assets such as power plants, transmission lines, and substations to ensure a reliable energy supply. Even sectors like healthcare and retail utilize remote asset monitoring to track and manage fixed assets within their facilities.
Based on deployment mode, in 2023, the on-premise segment is expected to account for the larger share of the remote asset monitoring market. The large share of this segment is driven by remotely monitoring and managing assets, such as machinery, equipment, or infrastructure, using advanced technologies like the Internet of Things (IoT), sensors, and cloud computing. While cloud-based solutions have gained traction in recent years, on-premises solutions remain vital, particularly in industries with specific requirements and concerns regarding data security, compliance, or connectivity. On-premises solutions involve deploying the necessary hardware, software, and infrastructure within the organization's premises to enable real-time asset monitoring and data analysis.
Based on end user, in 2023, the commercial end users segment is expected to account for the larger share of the remote asset monitoring market. The large share of this segment is driven by remotely tracking and managing assets such as equipment, machinery, infrastructure, and vehicles using advanced technologies like the Internet of Things (IoT), sensors, and connectivity solutions. One major commercial sector benefiting from remote asset monitoring is the manufacturing industry. Manufacturers can monitor their production lines, equipment, and machinery in real-time to ensure optimal performance, detect potential issues or failures, and schedule timely maintenance or repairs. This helps reduce downtime, increase operational efficiency, and improve productivity.
Based on geography, in 2023, North America is expected to account for the largest share of the remote asset monitoring market. The region's large share is driven by using advanced technologies and connectivity to monitor and manage assets remotely, often in industries such as manufacturing, energy, transportation, and infrastructure. The region has witnessed a tremendous increase in industrialization and infrastructure development, leading to a greater need for efficient asset management. Remote asset monitoring offers real-time insights into asset performance, enabling proactive maintenance, minimizing downtime, and optimizing operational efficiency. Additionally, the Asia-Pacific region is home to several emerging economies with a strong focus on digital transformation. Countries like China, India, and South Korea are investing heavily in Internet of Things (IoT) infrastructure and smart city initiatives, creating a conducive environment for remote asset monitoring solutions.
The key players operating in the remote asset monitoring market are Cisco Systems, Inc. (U.S.), Siemens AG (Germany), AT&T Inc. (U.S.), Schneider Electric SE (France), Hitachi Ltd (Japan), PTC Inc (U.S.), IBM Corporation (U.S.), Infosys Ltd (India), Rockwell Automation Inc (U.S.), Verizon Communications Inc. (U.S.), Robert Bosch GmbH (Germany), SAP SE (Germany), Vodafone Group plc (U.K.), RCS Technology (India), General Electric Company (U.S.).
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Scope of the Report
Remote Asset Monitoring Market Assessment, by Component
- Solutions
- Asset Location Tracking
- Data Analytics & Reporting
- Condition Monitoring
- Asset Performance Management
- Predictive Maintenance
- Security and Surveillance
- Satellite Monitoring
- Fleet Management
- Remote Monitoring Management
- Livestock Monitoring
- Other Solutions
- Services
- Consulting
- Deployment
- Support & Maintenance
- Managed Services
Remote Asset Monitoring Market Assessment, by Asset Type
- Fixed Assets
- Mobile Assets
Remote Asset Monitoring Market Assessment, by Deployment Mode
- On-premise
- Cloud-based
Remote Asset Monitoring Market Assessment, by End User
- Commercial
- Healthcare
- Manufacturing
- Building Automation
- Retail
- Energy & Utilities
- Transportation
- Warehousing & Logistics
- Logistics
- Chemicals
- Petroleum
- Oil & Gas
- Public Infrastructure
- Pharmaceutical
- Agriculture
- Others Commercial End Users
- Individual
Remote Asset Monitoring Market Assessment, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Indonesia
- Malaysia
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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