The remote asset management market is projected to grow at a CAGR of 10.9% over the course of the forecast period, from an estimated value of US$ 25,219.8 Mn in 2022 to US$ 75,553 Mn by 2032.
The main factors influencing the demand for remote asset management are predictive maintenance, IoT-enabled remote asset management solutions, and a decline in the price of IoT-based sensors. By increasing the use of remote asset management, this in turn lowers the operational costs of remote assets.
Thanks to an analytical system, remote asset management is now feasible for monitoring and maintaining equipment, systems, and assets. Remote asset management enables real-time two-way communication between the organization’s asset and the central monitoring application in order to better manage and control assets.
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The remote asset management (RAM) market refers to the use of technology to remotely monitor and manage physical assets such as equipment, machinery, vehicles, and infrastructure. RAM systems use sensors, software, and communication networks to collect data on asset performance, condition, and location, and provide insights to improve asset efficiency, reliability, and safety.
The global RAM market is expected to grow at a significant rate over the next few years, driven by the increasing adoption of IoT (Internet of Things) and cloud-based technologies, rising demand for asset optimization and cost reduction, and the need for remote monitoring and maintenance of assets due to the COVID-19 pandemic.
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
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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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