Meticulous Research®—a leading global market research company, published a research report titled, ‘Remote Asset Monitoring Market by Component (Solutions, Services), Asset Type (Fixed Asset, Mobile Asset), Deployment Mode (On-premises, Cloud), End User, and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the remote asset monitoring market is projected to reach $86.36 billion by 2030, at a CAGR of 22.9% from 2023–2030.The growth of the remote asset monitoring market is driven by the increasing adoption of IoT and connected devices to enable real-time data collection, monitoring, and analysis of assets; increasing demand for predictive maintenance; and increasing requirements of companies to meet compliance obligations.
Increasing adoption of remote asset monitoring by various businesses to optimize their operations and reduce costs, increasing need for real-time visibility into asset performance and operational data, deployment of remote asset monitoring for improving safety and security measures, and easy scalability and adaptability to various industries and asset types are some of the factors which are expected to offer significant growth opportunities for players operating in the remote asset monitoring market.
However, difficulty in managing and scaling remote monitoring of complex infrastructure and remote assets often located in areas with limited or unreliable connectivity may hinder the growth of this market. Furthermore, the expansion of its applications across various industries, including manufacturing, energy and utilities, healthcare, transportation, and agriculture; increasing use of remote asset monitoring for predictive maintenance purposes; and increasing adoption of cloud-based remote asset monitoring solutions are the latest trends in the remote asset monitoring market.
Meticulous Research® has segmented this market based on component, asset type, deployment mode, end-use industry, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on component, the remote asset monitoring market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the larger share of the remote asset monitoring market. The large share of this segment is attributed to the growing demand for efficient asset management, predictive maintenance, and operational optimization. Organizations across industries recognize the value of real-time asset monitoring in reducing downtime, improving productivity, and maximizing the lifespan of assets. Continuous innovation by remote asset monitoring solution providers leveraging advanced technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics to enhance the capabilities of remote asset monitoring systems are also supporting the market growth during the forecast period.
Based on asset type, the remote asset monitoring market is segmented into fixed assets and mobile assets. In 2023, the fixed assets segment is expected to account for the larger share of the remote asset monitoring market. The large share of this segment is driven by the increasing need for optimizing performance and efficiencies of long-term tangible assets essential for business operations, such as machinery, equipment, vehicles, infrastructure, and facilities.
Monitoring and managing fixed assets remotely have become increasingly important for organizations across various industries. Manufacturing companies rely on remote asset monitoring to ensure efficient production machinery and equipment operation. Energy and utility companies monitor fixed assets such as power plants, transmission lines, and substations to ensure a reliable energy supply. Remote monitoring systems utilize GPS or other tracking technologies to provide real-time visibility and location tracking of assets. This enables transportation companies to know the exact whereabouts of their assets at any given time, helping optimize logistics and improve asset utilization. Even sectors like healthcare and retail utilize remote asset monitoring to track and manage fixed assets within their facilities.
Based on deployment mode, the remote asset monitoring market is segmented into on-premise and cloud-based. In 2023, the on-premise segment is expected to account for the largest share of the remote asset monitoring market. Remote asset monitoring on-premise enables the implementation of predictive maintenance strategies. By analyzing asset data and identifying early signs of potential failures or deterioration, maintenance activities can be scheduled in advance, optimizing maintenance costs and minimizing downtime. While cloud-based solutions have gained traction in recent years, on-premise solutions remain vital, particularly in industries with specific requirements and concerns regarding data security, compliance, or connectivity. On-premises solutions involve deploying the necessary hardware, software, and infrastructure within the organization's premises to enable real-time asset monitoring and data analysis.
Based on end user, the remote asset monitoring market is segmented into commercial and individual end users. In 2023, the commercial segment is expected to account for the largest share of remote asset monitoring. One major commercial sector increasingly deploying remote asset monitoring is the manufacturing industry. The manufacturing industry can monitor their production lines, equipment, and machinery in real-time to ensure optimal performance, detect potential issues or failures, and schedule timely maintenance and repairs. This helps reduce downtime, increase operational efficiency, and improve productivity.
Based on geography, the remote asset monitoring market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia Pacific is expected to account for the largest share of remote asset monitoring. The region's large share is driven by using advanced technologies and connectivity to monitor and manage assets remotely, often in industries such as manufacturing, energy, transportation, and infrastructure. Several factors contribute to the rapid adoption of remote asset monitoring solutions in Asia-Pacific. First and foremost, the region has witnessed a tremendous increase in industrialization and infrastructure development, leading to a greater need for efficient asset management. Remote asset monitoring offers real-time insights into asset performance, enabling proactive maintenance, minimizing downtime, and optimizing operational efficiency. Additionally, the Asia Pacific region is home to several emerging economies with a strong focus on digital transformation. Countries like China, India, and South Korea are investing heavily in Internet of Things (IoT) infrastructure and smart city initiatives, creating a conducive environment for remote asset monitoring solutions.
The key players operating in the remote asset monitoring market are Cisco Systems, Inc. (U.S.), Siemens AG (Germany), AT&T Inc. (U.S.), Schneider Electric SE (France), Hitachi Ltd (Japan), PTC Inc (U.S.), IBM Corporation (U.S.), Infosys Ltd (India), Rockwell Automation Inc (U.S.), Verizon Communications Inc. (U.S.), Robert Bosch GmbH (Germany), SAP SE (Germany), Vodafone Group plc (U.K.), RCS Technology (India), and General Electric Company (U.S.).
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5544
Key Questions Answered in the Report:
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Europe Industrial Automation Market to be Worth $103.64 Billion by 2030Read More