Remote Asset Management Market worth $32.6 billion by 2025
The report "Remote Asset Management Market Size 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", size is projected to grow from USD 16.5 billion in 2020 to USD 32.6 billion by 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 surge in the adoption of IoT-enabled remote asset management solutions to manage assets efficiency, decreasing cost of IoT-enabled 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 the operational cost of remote assets. By component, the solutions segment to lead the market during the forecast period Remote asset management solutions are basically a combination of all processes, assets, workflows, and analytics that offer a centrally consolidated tracking, monitoring, and analytics system for assetintensive sectors, such as manufacturing, industrial machinery, power and utilities, mining, oil and gas, healthcare, and others. Organizations across verticals are adopting remote asset management solutions, as it enables them to monitor their assets and increase operational efficiency. Maintenance, repair, and operations of assets are of the utmost importance in any asset-intensive industry. The key objective is to maximize the RoI of the current asset base, as well as to reduce the cost. Remote asset management solutions enable organizations to track assets and receive notifications when the maintenance of assets is due. It helps enterprises perform regular maintenance, thereby increasing the productivity of the asset. Remote asset management solutions include solutions, such as Real Time Location System (RTLS), analytics and reporting, Asset Performance Management (APM) (Asset Condition Monitoring (ACM) and predictive maintenance), surveillance and security, network bandwidth management, Mobile Workforce Management (MWM), and others (inventory management and warehouse management). Asset performance management segment to lead the market during the forecast period The APM solution helps improve the reliability and availability of assets while minimizing risks and operating costs by reducing downtime of assets and operating them to their peak performance. APM enhances remote asset management by delivering insights at the point of action to minimize unplanned repair work, reduce equipment failure, increase asset availability, and extend asset life without unnecessary costs. It integrates data from plants, financial databases, and operational control systems to gain more insights about assets. APM provides the machine operator with updated information about the health and performance of assets than ever before. Sensors communicate a massive number of data in real time, providing operators the ability to quickly transform raw data into actionable insights, thus preventing potential equipment failure. Healthcare vertical to grow at a higher CAGR during the forecast period Remote asset management and tracking have become one of the main priorities in healthcare as it helps saving hospitals both time and money. In a hospital, the physical assets consist of the medical equipment, supplies, infrastructure, and staff and physician services. Many a times patients tend to lose time, money, and patience due to long queues at hospitals waiting for physicians, scanning, beds, and nurses. Remote asset management can effectively reduce these delays and ensure patient satisfaction and profitability for the hospital. Several hospitals tend to lose money due to inefficient remote asset