Remote Asset Management - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Remote Asset Management Market size is estimated at USD 26.15 billion in 2024, and is expected to reach USD 52.04 billion by 2029, growing at a CAGR of 14.75% during the forecast period (2024-2029).

Remote asset management refers to remotely monitoring and managing assets, such as machines and equipment. It involves using various technologies to collect data from these assets and then analyzing them to optimize their performance and reduce downtime. Remote asset management is becoming increasingly important in manufacturing, energy, and transportation industries, as it allows for more efficient use of resources and can help extend the lifespan of valuable equipment.

Key Highlights

• The primary drivers driving the need for remote asset management are predictive maintenance, loT-enabled remote asset management solutions, and the lowering cost of IoT-based sensors, which in turn reduces operational expenses of remote assets by increasing the use of remote asset management. Due to an analytical system, remote asset management allows remote monitoring and maintenance of assets, machines, and procedures. Remote asset management enables real-time two-way communication between the organization's assets and the central monitoring application to improve asset management and control.
• Asset Performance Management (APM) is a comprehensive collection of solutions and services that includes software for monitoring variables such as asset health and reliability. They are also used to plan asset maintenance and divestiture strategies. For example, General Electric's Predix system contains many components, such as APM Health, APM Reliability, APM Strategy, and APM Integrity. APM systems deliver numerous insights at the point of action to extend asset life, eliminate unscheduled repair work, decrease downtime, lessen maintenance costs, and reduce the chance of equipment failure.
• Further, the software used is remote asset management, allowing two-way communication between the central application and the asset for improved management control. This remote asset management industry offers a variety of potential applications for expanding business opportunities. The Management System monitors and tracks the assets over the centenary using Vodafone SIMS. The Vodafone remote asset management system aids in transacting, developing businesses, and maintaining machinery, assets, and systems.
• Moreover, cloud computing services are becoming more affordable; internet access is improving; components are becoming less expensive; and governments in both developed and developing regions are increasing their investments in ICT. These reasons are projected to fuel significant demand for remote asset management in the short and long term. Rising smartphone adoption, internet penetration, and loT advancements drive the remote asset management market. The high cost of asset management solutions is expected to hamper the remote asset management market expansion.
• COVID-19 caused lockdowns in many nations, resulting in a drop in demand for Real-time location system RLTS solutions from many industries like autos, supply chain, and transportation. Many logistic organizations and supply chains, as were the automobile and transportation sectors, were completely shut down, leaving only the healthcare industry to thrive. Many mechanical tools and monitoring devices were required in the healthcare business to show data on a live monitor or save it on a database log for subsequent study.

Remote Asset Management Market Trends

Manufacturing Industry is Expected to Hold Prominent Share of the Market

• The manufacturing industry increasingly turns to remote asset management solutions to optimize production, reduce costs, and improve efficiency. Remote asset management involves using sensors and other remote monitoring technologies to track the performance of equipment and machinery from a central location, enabling real-time analysis and decision-making. This technology can be instrumental in the manufacturing industry, where downtime and maintenance costs can be significant issues.
• Some benefits of remote asset management in the manufacturing industry include better visibility into operations, reduced downtime and maintenance costs, and improved safety and compliance. Some companies use digital twin technology to remotely monitor assets and enhance predictive maintenance and overall equipment effectiveness. Examples of solutions in this area include GE Digital's Asset Performance Management software, IBM's Maximo Application Suite, and remote asset monitoring solutions offered by companies like Birlasoft. In addition, industrial manufacturers are investing in zero-touch remote asset management solutions to enable safe, contactless monitoring and maintenance of their equipment and machinery.
• To meet the various demands of the customers, the players in the market are developing new solutions. For instance, in December 2022, Bosch, a global provider of technology and services, announced the debut of its Digital Twin - IAPM (Integrated Asset Performance Management) solution in the Middle East. IAPM Digital Twin is a cyber-physical solution that enables our industrial and energy customers to leverage the power of digital transformation to promote reliability-centered maintenance and Total Productive Maintenance. Simply put, the system collects data to forecast and analyze outcomes, adapt to changes, and enhance operations, assisting customers in managing and simplifying complicated automation while optimizing efficiencies.
• Moreover, recently, inMotionNow announced the acquisition of Lytho, a brand management and digital asset management (DAM) platform provider. Lytho's digital asset management capabilities, content templating automation, and customizable brand portals complement inMotionNow's creative workflow platform, inMotion ignite. Both companies will provide a central and easily managed platform to plan, produce, share, store, and publish content. Lytho has customers in the financial, manufacturing, and automotive industries.
• According to the Bureau of labor statistics, in the 3rd quarter of 2022, there were 382,316 private manufacturing establishments in the united states which is a rise from the 1st quarter of 2022 private retail establishments, i.e., 376,259. A considerable number of Manufacturing establishments in the region would create an opportunity for the remote asset management players to develop new solutions to capture the market share and satisfy the wide range of needs of manufacturing sectors.

North America is Expected to Hold Major Share

• North America is estimated to hold the highest remote asset management market share. The high adoption of advanced technology, the presence of advanced telecommunication networks for information sharing, and the availability of a skilled workforce are some factors driving the growth of the remote asset management market in North America. In addition, the growth in connected devices is expected to further propel the market for remote asset management. For instance, according to Cisco, the United States is expected to have the highest average per capita of devices and connections by 2023.
• As per a Fleet technology trend report by Verizon encompasses surveys undertaken by more than 700 U.S. fleet managers, executives, and other mobile-business professionals, the fleet businesses are achieving value by investing in fleet tracking technology. Approximately 96% of fleets in the country are deploying GPS fleet tracking software. Then, 32% of respondents reported a positive return on investment (ROI) in just six months of implementing fleet tracking technology, whereas 45% of 1,200 respondents achieved positive ROI in 11 months or less with fleet management solutions. This may create an opportunity for remote asset management solutions.
• The 2021-2024 Digital Operations Strategic Plan (DOSP), launched recently, sets the strategic direction for the Canadian government's digital ambitions across services, information, data, IT, and cybersecurity. The DOSP consolidates six strategic themes: IT, digital identity, and institution transformation. The initiative by the government shows the importance of digital transformation, which creates a need for the storage of digital assets produced during the implementation.
• Various industries in the region are adopting remote asset management solutions to provide better customer services. For instance, in June 2022, the Orillia Soldiers' Memorial Hospital (OSMH) was the first in Canada to use Encompass, a GE Healthcare real-time positioning system. The technology is being adopted as part of the hospital administration's attempts to improve the patient experience, cut wait times, and provide more support to healthcare providers. Encompass, which uses web-based and cloud technology, makes it simple for hospital workers to discover and access life-saving equipment. The equipment tracking system attaches healthcare assets to a Bluetooth low-energy tracking beacon to provide speedier access to equipment.
• Similarly, Adobe launched a new asset management tool, Adobe Experience Manager Assets Essentials. In addition, Adobe has also launched the first tool to integrate this new experience: the Adobe Journey Optimizer. The launch is in response to the push towards digital content and improving customer journeys. Further, artificial intelligence remote asset management solutions Artificial intelligence (AI) has been increasingly used in remote asset management solutions to improve operational efficiency, reduce downtime, and minimize operational costs.

Remote Asset Management Industry Overview

The remote asset tracking market is fragmented, considering the presence of multiple vendors providing different solutions. The solution providers are investing in multiple R&D activities to improve existing solutions and launch new products by integrating the latest technological developments in their solutions. Furthermore, companies are viewing global expansion as a path to attracting maximum market share.

In March 2023, Drishya AI Labs and VEERUM team up to provide enhanced asset management via digital twins. Drishya's artificial intelligence (AI)-based digital twin technology collaborates with VEERUM's ground-breaking visualization solution to assist brownfield plants in creating digital twins from engineering drawings and historical plant data. The usage of AI by Drishya and VEERUM helps to cost-effectively digitalize obsolete asset management, enable remote site management, and automate engineering deliverables while keeping inventory and tag lists up to date.

In August 2022, Optimal and IOTICS established a strategic agreement to combine Optimal's Asset Reliability as a Service (ARaaS) with IOTICS' next-generation data ecosystem enablement technology. With rising maintenance costs, asset downtime, and functional failures, the IOTICS-Optimal collaboration brought together expertise and experience in asset performance management, concentrating on optimizing operations while boosting asset reliability. It combined technology that allowed for the secure, selective sharing of data across business boundaries, which is required to give relevant insights to the right people at the right time.

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• The market estimate (ME) sheet in Excel format
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