DUBLIN--(BUSINESS WIRE)--The "Remote Asset Management Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Remote Asset Management Market is expected to reach a CAGR of 14.5%, during the period of 2020-2025.
Companies Mentioned
- Siemens Corporation
- AT&T Inc.
- Cisco Systems, Inc.
- Hitachi, Ltd.
- Schneider Electric SE
- PTC Inc.
- Bosch Software Innovations GmbH
- Verizon Communications, Inc.
- Rockwell Automation, Inc.
- Infosys Limited
- SAP SE
- Meridium, Inc.
- International Business Machine Corporation
Key Market Trends
Manufacturing to Drive the Market Growth
- With the advent of industry 4.0 in the manufacturing industry, various plants are adopting digital technologies to enhance, automate, and modernize the whole process with an aim to gain more realization on investment and materials. The integration of different digital technologies, such as asset tracking, are significantly becoming prevalent, as it provides exceptional benefits.
- For example, it can offer real-time alerts and feedback to the manufacturing companies associated with products and equipment used in processes. This would mitigate not only the operational time but also enhance efficiency and productivity.
- At present, the consumer product manufacturing industry is transforming from mass production to an industry characterized by mass customization. The process of how products are designed and delivered requires a new level of sophistication and require metric that analyze a complex set of data for deep insights.
- The manufacturing companies are now modernizing their supply chain through big data and GPS tracking, IoT sensors which not only help in data-driven planning to address the supply, demand, and logistics issues but also provides a competitive advantage over counterparts and stay ahead in the market due to efficient maintenance of the assets.
- One such instance is from Apotex, a pharmaceutical manufacturer, upgraded its manufacturing processes to automate manual processes. This included ensuring consistent batch production by introducing RFID tracking, sorting, and process flow tracking. As a result, the company had real-time visibility into manufacturing operations.
North America is Expected to Hold Major Share
- The North America region is expected to dominate the foreign asset management market due to the strong presence of manufacturing and transportation and logistics industries with several technological advancements in the area. Also, government initiatives and regulations in various end-user industries are expected to proliferate the market growth in the region.
- For instance, the Federal Highway Association (FHWA), along with the American Association of State Highway and Transportation Officials (AASHTO), State and local departments of transportation (DOTs) have been encouraging the application of remote asset management in the transportation and logistics industry.
- Also, the increasing cargo thefts and in-transit thefts and loss of goods-in-transit are further increasing the adoption of real-time location solutions in the region. For instance, according to a report by the Peel Regional Police, in 2018, 341 cases of cargo thefts were reported in the Peel Region, compared to 208 in all of California.
- Moreover, the region has always been dominant in technology adoption in almost every end-user industry and has been one of the largest areas to implement IoT across sectors. Hence, these trends provide ample opportunities for real-time location system vendors in the region to expand their foothold in the region by enhancing their market presence.
- For instance, in March 2019, NimbeLink, a provider of cellular Internet of Things (IoT) solutions and services, started providing its NimbeLink AT2 Asset Tracking Solution in Canada, on the TELUS LTE-M network. Also, in February 2020, NimbeLink collaborated with Amazon Web services to launch LTE-M cellular-based asset tracking solutions.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Market Drivers
4.4.1 Increasing Demand from Third-party Logistics Players through Value-add Tracking Services
4.4.2 Increasing Adoption of Internet of Things Across the Supply Chain
4.5 Market Restraints
4.5.1 High Initial Investment and Training Costs
4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1 By Component
5.1.1 Solution**
5.1.1.1 Real Time Location System
5.1.1.2 Analytics and Reporting
5.1.1.3 Asset Performance Management
5.1.1.4 Surveillance and Security
5.1.1.5 Other Solutions (Network Bandwidth Management, Mobile Workforce Management)
5.1.2 Services
5.2 By Type
5.2.1 Fixed Asset
5.2.2 Mobile Asset
5.3 By Deployment Mode
5.3.1 On-Premise
5.3.2 Cloud
5.4 By End User
5.4.1 Manufacturing
5.4.2 Healthcare
5.4.3 Retail
5.4.4 Energy and Utilities
5.4.5 Transportation and Logistics
5.4.6 Other End Users
5.5 Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia Pacific
5.5.4 Latin America
5.5.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/oze9bs
