Over the course of the forecast period, the remote asset management market is anticipated to expand at a CAGR of 10.9%, rising from an estimated value of US$ 25,219.8 million in 2022 to US$ 75,553 million by 2032.
Predictive maintenance, IoT-enabled remote asset management solutions, and a decrease in the cost of IoT-based sensors are the primary drivers impacting the demand for remote asset management. By using remote asset management more frequently, remote assets’ operating expenses are reduced.
An analytical system has made remote asset management possible for the maintenance and monitoring of machinery, systems, and assets. To more effectively manage and control assets, remote asset management enables real-time two-way communication between the organization’s assets and the central monitoring application.
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The term “remote asset management” (RAM) refers to the use of technology to remotely monitor and manage tangible assets like machinery, infrastructure, and other physical goods. In order to gather information on asset performance, condition, and location and to deliver insights to enhance asset efficiency, dependability, and safety, RAM systems use sensors, software, and communication networks.
The IoT (Internet of Things) and cloud-based technology adoption is expected to increase, as is the demand for asset optimization and cost reduction, as well as the requirement for remote asset monitoring and maintenance as a result of the COVID-19 pandemic. These factors are expected to drive the growth of the global RAM market over the coming years.
Recent Developments
Customers of remote asset management systems are utilizing a variety of organic and inorganic approaches, such as mergers and acquisitions and new product launches and alliances to increase their market share. As an example, Cisco Systems Inc. purchased Kenna Security Inc. in May of that year. This deal will help Cisco change its security and IT telecommunications to reduce cyberattacks.
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Key Players:
- Siemens AG. Cisco Systems Inc.
- AT&T
- Hitachi Ltd. Schneider Electric
- Infosys Limited
- PTC
- Rockwell Automation Inc.
- IBM Corporation
- SAP
- Bosch.IO
Key Segments
Communication Type:
- Fixed communication
- Mobile communication
Application:
- Predictive maintenance
- Building automation
- Production monitoring
- Vehicle tracking
- Analytics
- Performance management
- Remote programming of consumer devices
- Air conditioner monitoring
End-User Industries:
- Logistics
- Mining
- Government
- Fisheries
- Healthcare
- Oil & gas
- Utilities
- BFSI
- Manufacturing
- Retail & consumer goods
- Automobiles
- Information technology
- Telecommunication
Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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