Remote Asset Management Market to Witness Double Digit CAGR by 2024

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Global Remote Asset Management Market: Overview

The remote maintenance and monitoring of the equipment, assets, and systems with the help of the central system is known as remote asset management. The different functionalities of this system include asset control and tracking, intrusion detection, and real-time notifications. A remote asset management system helps the organizations to automate several of their routine business tasks and make complete use of their resources, which help them to simplify their decision making.

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Global Remote Asset Management Market: Segmentation

The global remote asset management market is segmented into its component and application. On the basis of the component, the global market is segregated into solution, platform, and service. The solution segment is further sub-segmented into streaming analytics, predictive maintenance, surveillance and security, asset performance management, real-time location tracking, asset condition monitoring, predictive maintenance, network bandwidth management, and others. The platform segmented is sub-classified into device management, application management, and connectivity management. The service segment is sub-divided into managed services and professional services. Based on the application, the market is categorized into building automation, smart retail, production monitoring, connected agriculture, remote healthcare and wellness, utilities and smart grids, connected logistics and fleet management, and others.

Global Remote Asset Management Market: Growth Factors

The increasing adoption of the IoT in different organizations for different businesses has led a surge in the devices that are connected and that can integrate various elements of the asset lifecycle. This is the major factor that contributes to the growth of the remote asset management market. The minimization in the cost of IoT components has spurred the demand for the product worldwide. The growing need for real-time monitoring and preventive and predictive maintenance across enterprises has stirred the demand for the remote asset management system. The implementation of the remote asset management systems has improved the asset-intensive enterprises boost their returns on the investments, thus increasing the demand for the systems. The introduction of the remote asset management solutions that are cloud based has made the deployment cost-effective, thus opening new opportunities for market players in the market.

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Global Remote Asset Management Market: Regional Analysis

Geographically, the remote asset management market is diversified into North America, Asia-Pacific, Europe, and Rest of the World. North America dominates the remote asset management systems market. The development of this regional market is propelled owing to the rapid speed of digitization, significant advancement in the field of IoT, and the increasing adoption of real-time automated solutions across different organizations. Additionally, increasing presence of the regional solution providers that provide cloud-based remote asset management solutions expects to trigger the demand for remote asset management in the North American region. The growth of the market in the Asia Pacific region is attributed to increasing popularity of the IoT among different businesses in order to streamline and manage their asset lifecycle.

Global Remote Asset Management Market: Competitive Players

Some of the key market players that are involved in the remote asset management market include Cisco Systems, Inc., Schneider Electric SE, Infosys Limited, SAP SE, AT&T Inc., Hitachi, Ltd., Rockwell Automation, Inc., and Verizon Communications, Inc.

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