Remote Asset Management Market Projected to Hit USD 38.4

New York, US, March 14, 2023 (GLOBE NEWSWIRE) -- Market Analysis

According to a comprehensive research report by Market Research Future (MRFR), "Remote Asset Management Market By Solutions, By Application - Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 20.5% to attain a valuation of around USD 38.4 Billion by the end of 2030.

Asset management activity is important for any business, especially for heavy asset-intensive industries, it is even more crucial. Managing assets efficiently help organizations and enterprises to make informative decisions and increase the productivity of assets & return on investment (ROI). Managing and controlling assets helps identify problems in assets and take preventive measures to mitigate extra maintenance expenses.

However, managing assets across the facility around the clock can be hectic and tedious. Especially in remote sites or hazardous locations, where humans can't reach easily for maintenance, remote asset management solutions come to aid. A remote asset management system enables remote monitoring and surveillance of various assets while saving time and costs.

Continuous monitoring is a mission-critical concern in many highly regulated industries to enable important plant data to be available remotely from the convenience of any device, anywhere. With the help of remote asset management systems, organizations can schedule asset maintenance, provide maintenance on time, and change/replace old parts with new ones.

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Also, various supply chain-related problems force companies to consider localizing more manufacturing for themselves and their customers. New automation technologies that offset higher wages have become the only refuge for industries to retain their positions and boost revenues. Resultantly, industries across the globe foster their investments in automation that can increase efficiency to improve trade.

Industry players strive to offer the most comprehensive service portfolio, combining innovative digital services with traditional offerings and augmented reality to enhance diagnostic & troubleshooting support. Resultantly, end-users have become more appreciative of having remote asset management expertise. The remote asset management market is likely to witness steadily rising demand in 2023 and beyond. 

Remote Asset Management Market Report Scope:

Report MetricsDetails
Remote Asset Management Market Size by 2030USD 38.4 Billion (2030)
Remote Asset Management Market CAGR during 2022-203020.5%
  Base Year2021
  Forecast 2022-2030
 Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
 Key Market DriversThe increasing adoption of Internet of Things (IoT) based asset management and the various other advanced technologies available lead to the tremendous growth of the remote asset management market in the global market.

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Competitive Analysis

The highly competitive remote asset management market appears fragmented due to several well-established industry players forming a competitive landscape. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launches to gain a larger competitive advantage. Well-established vendors are eying the APAC region, which offers a significant scope of growth and immense revenue generation opportunities.

For instance, recently, on Feb.26th, 2023, COSOL Limited (Australia), a leading global software & digital services provider to heavy asset-intensive industries, announced a new strategic asset management contract with Glencore (Australia), a leading global natural resource company. This contract will extend COSOL's existing relationship with Glencore globally, delivering operational efficiencies and material cost savings.

The initial 12-month contract will positively affect COSOL's 2023 financial year earnings. The agreement aligns with COSOL's strategic plan to offer asset management services to the wider market. With this new asset management contract, COSOL will strengthen Glencore's ties at Koniambo Nickel SAS (Koniambo) project in New Caledonia and a new remote operations center in Brisbane. 

Key players active in the remote asset management market are IBM Corporation (US), SAP SE (Germany), Hitachi Ltd. (Japan), Schneider Electric SE (France), Cisco Systems Inc (US), Verizon Communications Inc. (US), AT&T Intellectual Property (US), Rockwell Automation Inc. (US), PTC Inc. (US), and Infosys Limited (India), among others.

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The remote asset management market analysis is segmented into solutions, services, applications, and regions. The solution segment is sub-segmented into surveillance & security, asset performance management, network bandwidth management, application & connectivity management, and others. The service segment is sub-segmented into professional services, managed services, real-time location tracking, asset condition monitoring, and predictive maintenance. 

The application segment is sub-segmented into automation, healthcare & wellness, smart retail, utilities & grids, production monitoring, connected logistics, fleet management, and others. By region, the analysis is segmented into the Asia-Pacific, Americas, Europe, and the rest of the world.

Industry Trends

Growing implementations of remote asset management systems in diverse and challenging industrial environments define the growing market landscape. Besides, the rising demand for equipment compliant with reliable operation in manufacturing industries offers significant market opportunities. With the emergence of wireless technology, the market is projected to witness rapid remote asset management solutions implementations.

Additionally, the continually rising demand for automated industrial processes and reliability improvement programs by governments worldwide boosts the market size. Rapid deployments of smart technologies like reliable IoT connectivity are especially important for monitoring in remote areas. Also, lower-cost implementations of remote asset management solutions mobilize the market. 

On the other hand, compatibility issues and lack of awareness and technical expertise are major factors likely to restrain the market growth. These are the key factors slowing down the adoption of remote asset management systems, especially in small-scale enterprises. Also, continuous innovation in manufacturing processes and technical expertise poses significant challenges impeding the market growth. 

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Regional Analysis

North America dominates the global remote asset management market. The high adoption rate of advanced automation technologies and the huge network of asset management technology providers drive market growth. Besides, growing automation in well-established enterprises across burgeoning industries, such as automotive and healthcare, boosts the demand for remote asset management.

Substantial investments in technology development by market players that offer cutting-edge solutions impact the region's remote asset management market shares. Simultaneously, well-established infrastructures in the region provide impetus to the remote asset management market size. The US and Canada are major markets for remote asset management solutions in North America. 

The Asia Pacific region has quickly emerged as a promising market for remote asset management, witnessing continuous growth with a positive YoY rate. With technological advancements and integration with the current manufacturing environment, this market will continue to witness colossal traction throughout the assessment period. Also, the booming manufacturing sectors across the region and the developing economy of Asian countries play a major role in market development.

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Remote Asset Management Market Projected to Hit USD 38.4