The Remote Asset Management Market size is projected to grow from USD 16.5 billion in 2020 to USD 32.6 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period. The major factors driving the growth of the remote asset management market include the surge in the adoption of IoT-enabled remote asset management solutions to manage assets efficiency, decreasing cost of IoT-based sensors optimize asset life cycle through remote asset management solutions, and use of predictive maintenance to boost the adoption of remote asset management, thereby reducing operational costs of remote assets.
By component, the solutions segment to lead the market during the forecast period
Remote asset management solutions are basically a combination of all processes, assets, workflows, and analytics that offer a centrally consolidated tracking, monitoring, and analytics system for asset-intensive sectors, such as manufacturing, industrial machinery, power and utilities, mining, oil and gas, healthcare, and others. Organizations across verticals are adopting remote asset management solutions, as it enables them to monitor their assets and increase operational efficiency. Maintenance, repair, and operations of assets are of the utmost importance in any asset-intensive industry. The key objective is to maximize the RoI of the current asset base, as well as to reduce the cost. Remote asset management solutions enable organizations to track assets and receive notifications when the maintenance of assets is due. It helps enterprises perform regular maintenance, thereby increasing the productivity of the asset. Remote asset management solutions include solutions, such as Real Time Location System (RTLS), analytics and reporting, Asset Performance Management (APM) (Asset Condition Monitoring (ACM) and predictive maintenance), surveillance and security, network bandwidth management, Mobile Workforce Management (MWM), and others (inventory management and warehouse management).
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Asset performance management segment to lead the market during the forecast period
The APM solution helps improve the reliability and availability of assets while minimizing risks and operating costs by reducing downtime of assets and operating them to their peak performance. APM enhances remote asset management by delivering insights at the point of action to minimize unplanned repair work, reduce equipment failure, increase asset availability, and extend asset life without unnecessary costs. It integrates data from plants, financial databases, and operational control systems to gain more insights about assets. APM provides the machine operator with updated information about the health and performance of assets than ever before. Sensors communicate a massive number of data in real time, providing operators the ability to quickly transform raw data into actionable insights, thus preventing potential equipment failure.
Healthcare vertical to grow at a higher CAGR during the forecast period
Remote asset management and tracking have become one of the main priorities in healthcare as it helps saving hospitals both time and money. In a hospital, the physical assets consist of the medical equipment, supplies, infrastructure, and staff and physician services. Many a times patients tend to lose time, money, and patience due to long queues at hospitals waiting for physicians, scanning, beds, and nurses. Remote asset management can effectively reduce these delays and ensure patient satisfaction and profitability for the hospital. Several hospitals tend to lose money due to inefficient remote asset tracking by ordering unwanted supplies, shortage in supply of medicines, and equipment not being serviced on time.
Major remote asset management vendors include Siemens (Germany), AT&T (US), Cisco (US), Hitachi (Japan), Schneider Electric (France), PTC (US), Infosys (India), IBM (US), Rockwell Automation (US), SAP (Germany), Verizon (US), Bosch.IO (Germany), Meridium (US), Vodafone (UK), RapidValue (US), RCS Technologies (India), EAMbrace (US), Accruent (US), ROAMWORKS (UAE), and Ascent Intellimation (India). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand their presence in the remote asset management market. New product launches and product enhancements have been the most adopted strategies by major players from 2018 to 2020, which helped companies innovate their offerings and broaden their customer base.
Siemens (Germany) is one of the leading vendors in the remote asset management market. The company offers a wide range of solutions for remote asset management that includes asset performance management for power plants that focuses on optimizing performance and reducing operations and maintenance costs. The Reliability Centred Asset Management (RCAM) Dynamic Software application is offered for decision support and Integrated Substation Condition Monitoring (ISCM) is used for remote monitoring and diagnostics. The company focuses more on the adoption of inorganic growth strategies to enhance its position in the remote asset management market. For instance, in May 2019, Siemens collaborated with Presenso on AI-driven predictive asset management. The objective of the collaboration is to create synergy between Original Equipment Manufacturer (OEM) and data knowledge to deliver superior outcomes to Siemens’ customers. The solution is achieved by integrating Presenso’s real-time industrial analytics solution with Siemens’ remote diagnostic services portfolio of tools to support the Operations & Maintenance (O&M) services of Siemens.
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AT&T (US) is another leading remote asset management solution and services provider across the globe. The company offers a wide range of solutions for remote asset management. Solutions include Asset Management – Operations Center (AMOC), which provides visibility of multiple mobile assets on a single dashboard, offering asset tracking, ACM, and asset activity management. The company focuses on organic growth strategies to improve its place in the remote asset management market. For instance, in March 2020, AT&T enabled public safety agencies across the country to use FirstNet App Catalog in its response to COVID-19. The catalog identifies more than 100 highly secure apps, which are tested for public safety that can help public situational awareness and other capabilities. This can help in remote asset management as communications and device security is required in managing assets remotely.
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