The remote asset management market size is projected to grow from USD 16.5 billion in 2020 to USD 32.6 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period. The major factors driving the growth of the remote asset management market include the surge in the adoption of IoT-enabled remote asset management solutions to manage assets efficiency, decreasing cost of IoT-based sensors optimize asset life cycle through remote asset management solutions, and use of predictive maintenance to boost the adoption of remote asset management, thereby reducing operational costs of remote assets.
Major remote asset management vendors include Siemens (Germany), AT&T (US), Cisco (US), Hitachi (Japan), Schneider Electric (France), PTC (US), Infosys (India), IBM (US), Rockwell Automation (US), SAP (Germany), Verizon (US), Bosch.IO (Germany), Meridium (US), Vodafone (UK), RapidValue (US), RCS Technologies (India), EAMbrace (US), Accruent (US), ROAMWORKS (UAE), and Ascent Intellimation (India). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand their presence in the remote asset management market. New product launches and product enhancements have been the most adopted strategies by major players from 2018 to 2020, which helped companies innovate their offerings and broaden their customer base.
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Siemens (Germany) is one of the leading vendors in the remote asset management market. The company offers a wide range of solutions for remote asset management that includes asset performance management for power plants that focuses on optimizing performance and reducing operations and maintenance costs. The Reliability Centred Asset Management (RCAM) Dynamic Software application is offered for decision support and Integrated Substation Condition Monitoring (ISCM) is used for remote monitoring and diagnostics. The company focuses more on the adoption of inorganic growth strategies to enhance its position in the remote asset management market. For instance, in May 2019, Siemens collaborated with Presenso on AI-driven predictive asset management. The objective of the collaboration is to create synergy between Original Equipment Manufacturer (OEM) and data knowledge to deliver superior outcomes to Siemens’ customers. The solution is achieved by integrating Presenso’s real-time industrial analytics solution with Siemens’ remote diagnostic services portfolio of tools to support the Operations & Maintenance (O&M) services of Siemens.
AT&T (US) is another leading remote asset management solution and services provider across the globe. The company offers a wide range of solutions for remote asset management. Solutions include Asset Management - Operations Center (AMOC), which provides visibility of multiple mobile assets on a single dashboard, offering asset tracking, ACM, and asset activity management. The company focuses on organic growth strategies to improve its place in the remote asset management market. For instance, in March 2020, AT&T enabled public safety agencies across the country to use FirstNet App Catalog in its response to COVID-19. The catalog identifies more than 100 highly secure apps, which are tested for public safety that can help public situational awareness and other capabilities. This can help in remote asset management as communications and device security is required in managing assets remotely.
Remote Asset Management Market by Component (Solutions (APM, Analytics and Reporting) and Services (Professional Services, Managed Services)), Asset Type (Fixed, Mobile), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2025
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