Market Overview
Remote asset management is an analytical system that enables remote monitoring and maintenance of assets, machines and systems. Remote asset management provides real-time two-way communication between the organization’s asset and central monitoring application, which results in better control and management of the assets. Remote asset management thus provides advantages of cost-effectiveness, efficient and convenient surveillance operations, which further push the organisations towards the adoption of the technology. The unprecedented advantages offered by remote asset management systems are providing a boost to the remote asset management market.
The systematic integration of emerging technologies such as internet-of-things (IoT), cloud and imaging are making it possible for the organizations to increase security, save cost and improve uptime at remote offices. The estimated increase in the number of IoT connected devices and the globalisation have resulted in augmented demand for remote asset management systems.
Some of the major applications of remote asset management are smart commercial refrigeration, intelligent fleet management, streamlined waste water management, in-depth network security and smart asset tracking.
Market Dynamics
North America is expected to be the largest market for remote asset management owing to the presence of advanced telecommunication networks for information transfer and increasing proliferation of IoT technology in the region. The presence of number of remote asset management solution providers in North America also contributes in augmenting the growth of remote asset management market in the region. The requirement for efficient operational business process at lower operating costs is expected to drive growth in the remote asset management market.
Trends
To improve operations, business processes have started getting evaluated in the light of big data, mobile accessibility and IoT. These 3 disruptive trends have been contributing towards problem detection, problems solving, and attainment of efficiency in operations. The emerging technological trends have resulted in widespread adoption of remote asset management solutions in number of industries.
Connected logistics and fleet management application in connectivity management platform segment of remote asset management, involve integration of IoT, big data and mobile technologies with the existing logistics and transport infrastructure. The integrated system enables automated functions such as real-time information transfer, vehicle maintenance scheduling, vehicle position tracking and related analytics, monitoring of engine performance. The application would assist supply chain managers to track and manage vehicle operations remotely with an added advantage of the ability to enhance customer support services. The connected logistics and fleet management applications are expected to hold the largest market size during the forecast period, owing to surge in demand from the transportation and logistics industry.
Predictive maintenance application equips the organization with the capabilities to predict asset failure or any quality related issues in the equipment. Remote asset management therefore reduces the maintenance costs along with the unplanned downtime. The predictive maintenance solution is of paramount importance in asset intensive industries, where machine failure or related maintenance problems incur significant costs to the company.
Growth Drivers
Remote asset management systems facilitate high scalability, integration with Enterprise Resource Planning Systems (ERPs) & enterprise systems along with the capability to provide secure connectivity with enterprise systems, making its adoption high among organizational buyers. Automating maintenance, supply management and alarms management lowers cost and help in achieving a competitive advantage. These benefits of remote asset management systems are expected to boost the market growth during the forecast period.
Competitive Landscape
Some of the key players operating in the remote asset management market include AT&T Inc., Cisco Systems Inc., Hitachi, Ltd., Infosys Limited, IBM Corporation, PTC Inc., Rockwell Automation, Inc., SAP SE, Schneider Electric SE, and Verizon Communications Inc. These companies offer number of IT solutions for remote asset management.
