Remote Asset Management Market by Solution (RTLS, Predictive Maintenance, Analytics, Asset Condition Monitoring & Performance Management), Platform, Application (Building Automation, Healthcare, Retail, Production Monitoring) - Global Forecast to 2021
Optimizing asset lifecycle offers a huge return on invest for asset-intensive industries sector, which is expected to drive the growth of the remote asset management market
The remote asset management market size is expected to grow from USD 8.82 billion in 2016 to USD 26.99 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.1%. The major drivers for the upsurge in demand for the remote asset management market include increasing IoT adoption for efficient asset management and declining cost of IoT components leading to a cost-effective remote asset management solution deployment. The surveillance and security solution segment is expected to grow at the highest CAGR during the forecast period. The key functionalities of this solution include intrusion detection, access control systems, asset tracking, asset recovery, real-time monitoring, real-time notifications, and others.
Connected logistics and fleet management is estimated to have the largest market share
The connected logistics and fleet management is expected to have the largest market share in 2016 and estimated to grow at the significant CAGR during the forecast period. Connected logistics and fleet management is all about integrating advanced technologies with the existing transportation and logistics infrastructure, delivering real-time online information about reminder & alerts for vehicle maintenance, driver’s live performance and feedback, fleet/vehicle status (moving/stopped/idle), engine status, engine diagnostics, delivery status, delay status, and others. Asset tracking, monitoring, and management would help supply chain managers to locate, check status, fleet data, routing, scheduling, driver behavior, diagnostic, and others.
North America is expected to dominate the market during the forecast period
As per the geographic analysis, North America is expected to have the largest market share. It is likely to benefit from its technological advancements followed by robust internet infrastructure, widespread adoption of new technology, and the presence of strong domestic solution providers. This all has contributed to the shift towards smart infrastructure from conventional infrastructure. The need for better operational efficiency and business process at a low operating cost is expected to drive continuous growth in the remote asset management market. APAC is expected to grow at the highest CAGR during the forecast period. The region is estimated to surpass Europe in terms of remote asset management solutions deployment in the near future. This is due to the high demand for IoT technology deployment by the end-users in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up profiles of primary discussion participants are given below:
By Company Type: Tier-1 (35%), Tier-2 (45%), and Tier-3 (20%)
By Designation: C-Level (35%), Manager Level (25%), and Others (40%)
By Region: North America (10%), Europe (20%), APAC (40%), and the Rest of World (RoW) (30%)
The various key remote asset management market vendors profiled in the report are as follows:
1. AT&T Inc. (Texas, U.S.)
2. Cisco Systems, Inc. (California, U.S.)
3. Hitachi, Ltd. (Tokyo, Japan)
4. Infosys Limited (Karnataka, India)
5. IBM Corporation (New York, U.S.)
6. PTC Inc. (Massachusetts, U.S.)
7. Rockwell Automation, Inc. (Wisconsin, U.S.)
8. SAP SE (Wall Dorf, Germany)
9. Schneider Electric SE (Rueil-Malmaison, France)
10. Verizon Communications, Inc. (New York, U.S.)
The global remote asset management market has been segmented on the basis of components (solution, application and, service), applications, and regions. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities in different regions. In addition to this, product portfolio analysis strategic benchmarking is one of the other MarketsandMarkets analysis included in the report.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the remote asset management market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments, across different regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders to better understand the competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.