Remote Asset Management Market, Global Market Estimated to Perceive Accrued Value with a Staggering CAGR

MRFR Press Release/- Market Research Future published a half-cooked research report on “Remote Asset Management market - Forecast to 2024” Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2032

Remote Asset Management Market Global Market – Overview

The global Remote Asset Management Market is projected to be valued at USD 45.53 Billion by the end of 2032, registering a CAGR of 17.73% during the forecast period.

Remote asset management refers to monitoring of fixed and mobile assets to provide real time data about asset performance, condition, state and location. Remote asset management is used by organizations to monitor the state of their assets which are remotely placed to increase their efficiency and reduce the cost of physical monitoring. Remote asset management eases up the process maintenance, operations and repairing of the assets. Remote asset management provides a proper interface that eases up the handling of maintenance related data.

Internet of things is an emerging technology which has a critical use in remote asset management. Global information system and real time location system are the other technologies used in remote asset management. The development in IoT has led to the reduction of cost for IoT sensors. This is one of the major driving factor for the growth of remote asset management market. Growing need for real time monitoring of assets across various industries is another key driving factor behind the growth of remote asset management market. Need for improvement in operational efficiency across various industry verticals can be considered as an attraction for the remote asset management market. Remote asset management can be used to generate predictive maintenance which reduces the downtime of machines significantly which can be an opportunity for the growth of remote asset management market. High initial investment required for setting up remote asset management solutions can restrain the growth of remote asset management market.

Industry News

November 2017, PTC launched a new product ThingWorx Asset Advisor to accelerate customer service strategy.

PTC announced the launch of ThingWorx Asset Advisor app for service to accelerate its customer service strategy. ThingWorx Asset Advisor provides remote monitoring and servicing of assets deployed in fields. It is built on PTC’s leading ThingWorx industrial innovation platform. ThingWorx Asset Advisor provides greater flexibility, faster deployment and scalability. It tags assets with key role-intelligent information which provides greater visibility and insights on the condition of assets. This new addition to the ThingWorx technology helps in reducing the downtime of processes in production environments significantly

July 2018, Elekta implemented PTC’s ThingWorx on Microsoft Azure for next generation remote service.

PTC announced that Elekta extended its remote service transformation and implemented PTC’s ThingWorx innovation platform powered by Microsoft Azure to perform data analytics on data collected by its devices on field. This implementation allows Elekta to connect to thousands of its customer assets by increasing the visibility and uptime on connected devices.

Remote asset management Market - Segmentation

Segmentation by Solution: Surveillance and security, network bandwidth management, asset performance management, application management, connectivity management, professional services, managed services, real-time location tracking, asset condition monitoring, and predictive maintenance.

Segmentation by Application: Automation, healthcare & wellness, smart retail, utilities & grids, production monitoring, connected logistics, fleet management, and others.

Segmentation by Region: North America, Europe, Asia-Pacific and Rest of the world.

Regional Analysis

The regional analysis for Remote asset management market is done for North America, Europe, Asia-Pacific and rest of the world.

North America is expected to dominate the remote asset management market during the forecast period. Majority of key players in the remote asset management market are US-based which is driving the growth of remote asset management market in this region. Presence of well-established internet network infrastructure and growing need for reduction of downtime in production processes through predictive management are the driving factors behind the growth of remote asset management market in this region.

Asia-pacific is expected to contribute significantly to the remote asset management market during the forecast period. Growth of need for predictive maintenance for interconnected sensors and assets across various industries is a driving factor behind the growth of remote asset management market in this region.