Global Remote Asset Management Market: Snapshot
Of late, the global market for remote asset management is observing a significant upsurge in its market size as well as its valuation. The reduction in the cost of IoT components, which is leading to the deployment of a cost-effective remote asset management solution, is the main driving force behind the growth of this market. The market is also benefiting from the optimization of the lifecycle of assets and offering a massive return on investment (ROI) for asset sensitive industries and the rising uptake of Internet of Things (IoT) technologies and services across the world.
Although the market will continue to report good growth over the next few years, it may face challenges from the high costs of asset management solutions, which may limit their uptake among small- and mid-sized enterprises in the near future. However, the widening application base of remote asset management solutions will support the growth of this market, considerably, in the years to come. The advent of cloud-based solutions with real-time function features, providing cost benefits is another important factor that is expected to boost this market in the years to come. The market will also benefits significantly from the advantages the outsourcing vendors of asset management solutions will attain in the form of recurring revenue stream from the enterprises over the forthcoming years.
The market is expected to witness an increase in the number of players in the near future, which is likely to translate into an intensified competition among them. This, as a result, will raise the growth pace of this market over the next few years.
Global Remote Asset Management Market: Overview
Remote asset management is the remote monitoring and maintenance of assets, equipment, and systems using a central system. Various functionalities of such a system include intrusion detection, asset control and tracking, and real-time notifications. A remote asset management system enables enterprises to automate several routine business tasks and make optimal use of resources, which helps simplify decision making. Driven by numerous operational and strategic benefits of remote asset management systems, they are increasingly being implemented by enterprises to improve service performance for all its assets.
Massive advancement in IoT and machine learning technologies, coupled with constant digital transformation, has increased the capabilities of remote asset management. Adoption of remote asset management systems has helped businesses augment their return on investment (ROI).
Global Remote Asset Management Market: Key Trends
Soaring adoption of IoT among organizations has led to a surge in connected devices that can integrate different elements of the asset lifecycle. This is a key factor propelling the remote asset management market. Declining cost of IoT components has spurred the demand for remote asset management systems worldwide. In addition, the increasing need for predictive and preventive maintenance and real-time monitoring across organizations has stimulated the demand for remote asset management system.
Furthermore, the implementation of remote asset management systems has helped asset-intensive enterprises boost the returns on their investments, thereby accelerating the deployment of remote asset management solutions and platforms. The advent of cloud-based remote asset management solutions has made the deployment cost-effective, creating new opportunities for vendors in the market.
Global Remote Asset Management Market: Market Potential
In April 2017, Trimble Inc., headquartered in California, inked a partnership with Railhead Corporation, an emerging provider of digital video solutions in Illinois focused on the transportation industry, to integrate real-time monitoring, asset diagnostics, and onboard video capabilities in remote asset management system. The partnership will help in the optimal utilization of locomotive assets and enable end-use operators to improve productivity in North American railways.
The collaboration will allow Railhead to get access to the Trimble R2M system to improve safety, tracking, and operations in rail operations. The R2M system helps in real-time monitoring of rail assets and provides condition-based reporting on the status of its various onboard systems. Fed by a wealth of real-time data from on-train event recording equipment, the system can deliver fault alerts to control rooms, which helps in proactive condition-based maintenance of train operations.
Trimble R2M system was first launched in Europe a decade ago and has already been successfully adopted by big rail operators such as Greater Anglia in the U.K., the Irish Rail, and Varkaus Railways in Finland. The collaboration incorporates the integration of video data streams from Railhead’s locomotive digital video recorders (LDVR) with the real-time system data feeds from the Trimble R2M system. The integrated product portfolio further includes an end-to-end interface module and an onboard condition monitoring device. The solution is considered to be highly modular, which will help railway operators scale the solution according to their expanding requirements without significant up-front cost.
Global Remote Asset Management Market: Regional Outlook
Geographically, North America is a prominent market for remote asset management systems. The growth of the regional market is propelled by considerable advancement in IoT, rapid pace of digitization, and increasing adoption of real-time automated solutions across organizations. In addition, an increasingly large presence of regional solution providers who offer cloud-based remote asset management solutions is expected to trigger the demand for remote asset management in North America.
Meanwhile, Asia Pacific is expected to expand at an impressive CAGR over the forecast period. The growth of the Asia Pacific market is attributed to growing popularity of IoT among businesses to manage and streamline their asset lifecycle.
Global Remote Asset Management Market: Competitive Analysis
Several vendors in the remote asset management market are offering end-to-end solutions, on-premise as well as cloud-based deployment model, to consolidate their shares in major regions. Leading players operating in this market include Cisco Systems, Inc., AT&T Inc., Schneider Electric SE, Hitachi, Ltd., Infosys Limited, Rockwell Automation, Inc., SAP SE, and Verizon Communications, Inc.
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