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Remote Asset Management Market Trends

Report ID: GMI10237
Published Date: Jul 2024
Report Format: PDF

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Remote Asset Management Market Trends

Cloud computing platforms enable remote access to asset information from any place, centralized data storage, and real-time data processing. Cloud-based remote asset management solutions provide scalability, flexibility, and cost-effectiveness, which help businesses install and manage assets effectively across dispersed locations. Additionally, edge computing technologies are becoming increasingly prevalent in remote asset management to process data at the network edge, closer to the source, lowering latency and improving real-time decision-making capabilities.

Further, autonomous operations are becoming more prevalent in remote asset management, due to developments in artificial intelligence, robotics, and automation. Autonomous vehicles, drones, and robotic systems are being deployed for asset inspection, monitoring, and maintenance tasks in hazardous or inaccessible environments, enhancing safety, efficiency, and operational reliability.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of remote asset management reached USD 22.2 billion in 2023 and is set to witness over 15% CAGR between 2024 and 2032, driven by the higher adoption of real-time monitoring and predictive maintenance tools.

The cloud deployment mode segment accounted for over 65% of the remote asset management industry share in 2023 as they provide high availability, reliability, and performance.

North America recorded 37% of the market share in 2023, due to robust infrastructure and widespread adoption of advanced technologies, such as IoT, AI, cloud computing, and big data analytics.

AT&T Inc., IBM Corporation, Siemens AG, Schneider Electric, SAP SE, Rockwell Automation, Inc., and Emerson Electric Co.