Press Release

Remote Asset Management Market to Grow at a Double Digit CAGR During Forecast Period

Advancements in IoT are expected to drive the growth of global remote asset management market

According to TechSci Research report, Global Remote Asset Management Market By Deployment Mode (Cloud, On-Premises), By Organization Size (SMEs, Large Enterprises, By Component (Solution, Platform, Services), By Solution (Real-Time Location Tracking, Streaming Analytics, Asset Condition Monitoring, Predictive Maintenance, Surveillance & Security, Network Bandwidth Management, Asset Performance Management and Others), By Platform (Application Management, Device Management, Connectivity Management), By Services (Professional Services, Managed Services), By Asset Type (Fixed Asset, Mobile Asset),By Application (Banking, Financial Services & Insurance, and Others), By Region, Forecast & Opportunities, 2025, the global remote asset management market is expected to grow at a robust CAGR during the forecast period on account of increasing advancements in IoT. Remote asset management systems are implemented by small and large enterprises to improve service performance for their assets. Declining cost of IoT components coupled with increasing need for predictive and preventive maintenance is propelling the demand for remote asset management market. Remote asset management helps the asset intensive businesses to boost return on investment (ROI), thereby accelerating the deployment of remote asset management platforms.

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The global remote asset management market is segmented based on deployment mode, organization size, component, solution, platform, services, asset type, application, company and region. Based on deployment type, on-premises segment dominates the market. This is attributed to the complete control over the remote asset solutions as it is physically implemented at the premises. Based on component, market can be segregated into platform, services and solution. Solution segment is projected to grow at impressive rate through 2025 due to massive adoption of connected devices, which can monitor assets in real time. In terms of asset type, mobile asset dominated the market in 2019 due to the increasing adoption of technologies that provide real time information.

AT&T Inc., Cisco Systems Inc., Hitachi Ltd., Vodafone Group Plc., International Business Machine Corporation, Schneider Electric SE, PTC Inc., Infosys Ltd., Rockwell Automation Inc., Verizon Communications Inc. are some of the leading players operating in global remote asset management market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

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North America is expected to dominate the global remote asset management market during the forecast period. This is due to the advancements in IoT, increasing adoption of real-time automated solutions across organizations. Large presence of regional solution providers who offer cloud-based remote asset management solution is another factor for the growth of remote asset management market in North America. The rapid pace of digitization and technological advancements is also expected to propel the demand for remote asset management in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Remote Asset Management Market By Deployment Mode (Cloud, On-Premises), By Organization Size (SMEs, Large Enterprises, By Component (Solution, Platform, Services), By Solution (Real-Time Location Tracking, Streaming Analytics, Asset Condition Monitoring, Predictive Maintenance, Surveillance & Security, Network Bandwidth Management, Asset Performance Management and Others), By Platform (Application Management, Device Management, Connectivity Management), By Services (Professional Services, Managed Services), By Asset Type (Fixed Asset, Mobile Asset),By Application (Banking, Financial Services & Insurance, and Others), By Region, Forecast & Opportunities, 2025, has evaluated the future growth potential of global remote asset management market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global remote asset management market.

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