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Remote asset management is an analytical system that enables maintenance of assets, remote monitoring and machine & systems. Also, its helps in providing real time two way communications between the central monitoring application and organization’s asset, that results in better management and control of the assets. It provide certain advantages of convenient surveillance operations, cost effectiveness and efficient that further helps organizations towards the adoption of new and advanced technology.
Additionally, the emerging technologies including cloud, imaging and internet of things (IoT) are helping organization to increase security, improve uptime at remote offices and save cost. Further, the globalization and increasing number of IoT connected devices have resulted in increasing demand for asset management systems. It also provide various applications such as streamlined waste water management, smart asset tracking, network security, intelligent fleet management, and smart commercial refrigeration.
The outbreak of COVID 19 has positively impacted the remote asset management market. The positive impact on the market was mainly due to increase demand for connected devices, enhanced internet connectivity across the globe, increased in affordability of cloud computing services, rise in ICT expenditure by government and decreased cost of the components.
Key Market Driver -
• Increase adoption of IoT enabled remote asset management solution to manage assets efficiency is anticipated to drive the growth of the market. • Increase use of predictive maintenance to drive the growth of the market. • Decreasing cost of IoT based sensors are expected to drive the growth of remote asset management market.
Key Market Restraint -
• Widely used traditional organizational culture is expected to hinder the market growth.
Major companies operating in remote asset management market are Siemens AG. Cisco Systems Inc., AT&T, Hitachi Ltd. Schneider Electric, Infosys Limited, PTC, Rockwell Automation Inc., IBM Corporation, SAP, Bosch.IO, Verizon, Meridium Inc., Rapid Value Solutions, Vodafone Group, EAMnrace, RCS Technologies, ROAMWORKS, Accruent and Intellimation Pvt. Ltd among others.
Vendors providing remote asset management solutions are opting for various organic and inorganic methods such as collaboration, mergers, acquisitions, new product launch and partnerships to enhance their market place. For instance, in May 2021, Cisco System Inc., acquired Kenna Security Inc. this acquisition will further help Cisco to transform it security and IT Telecommunication to reduce the cyberattacks.
North America is expected to dominate the market as the region is having presence of transport, logistics and manufacturing industries with several technological advancement in the area. Also the initiatives taken by government such as, Federal Highway Association (FHWA) in leadership of American Association of State Highway and Transport Officials (AASHTO) and department of transportations (DOTs) are trying to implement remote asset management in the logistics and transportation industry. Further, the increasing cargo thefts, loss of goods in transit and increasing adoption of real time location solutions in the region are expected to drive the growth of remote asset management market.
Asia Pacific is expected to have significant growth in remote asset management due to the acceptance of cloud based solution and emerging technologies including big data analytics, mobility and internet of things (IoT). Also, the region is among the largest market of connected devices that need asset management. Further, several countries in the region are anticipated to adopt the remote asset management solutions sue to the increasing demand in industries such as retail, building automation, logistics and transportation, utilities industries and healthcare. Additionally, the emerging countries such as China, India and Japan are expected to drive the growth remote asset management market in near future.
However, Europe is witnessing the significant growth in the market owing to structural trends such as loose monetary policy, government intervention and a focus on environment, social and governance (ESG) performances that are shaping the asset management market in the region and are further driving the growth of the market in the region. Further, Middle East and Africa are expected to have significant growth in the market owing to rapid development in the region that need remote access management systems rather than traditional asset management systems.
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