Market Dynamics

The growing acceptance of IoT in various organizations for different businesses has contributed to an increase in the number of connected devices that can incorporate different elements of the asset lifecycle. This is the main factor that contributes to the growth of the remote asset management market. The minimization of the cost of IoT components has generated a worldwide demand for the product. The increasing need for real-time monitoring and preventive and predictive maintenance across organizations has created a demand for a remote asset management system. The implementation of remote asset management systems has dramatically enhanced the return on investment of asset-intensive enterprises, thus increasing the demand for systems. The advent of cloud-based remote asset management solutions has made implementation cost-effective, opening up new opportunities for market players.

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Market Segmentation

For the purpose of this study, MRFR has divided the global remote asset management market into solution and application.

By solution, the global remote asset management market has been segmented into surveillance and security, network bandwidth management, asset performance management, application management, connectivity management, professional services, managed services, real-time location tracking, asset condition monitoring, and predictive maintenance.

By application, the global remote asset management market has been segmented into automation, healthcare and wellness, smart retail, utilities and grids, production monitoring, connected logistics, fleet management, and others.

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According to Market Research Future (MRFR), the global remote asset management market is expected to reach USD 27 billion, with 27% CAGR from 2017 to 2022 (forecast period). The report outlines the main factors that are likely to significantly boost or impede the growth of the global remote asset management market. The study also sheds light on the possible impact of COVID-19 on the development of the global remote asset management market.