Product ID: SQMIG45A2214
Report ID:
SQMIG45A2214 |
Region:
Global |
Published Date: February, 2024
Pages:
197
|
Tables:
62 |
Figures:
75
Global Remote Asset Management Market size was valued at USD 16.50 Billion in 2021 and is poised to grow from USD 18.89 Billion in 2022 to USD 55.81 Billion by 2030, at a CAGR of 14.5% during the forecast period (2023-2030).
Remote asset management refers to remote management and control of assets such as machinery and equipment. These use a variety of technologies to collect data from these assets and then analyze them to improve efficiency and reduce downtime. Remote asset management is becoming increasingly important in the manufacturing, energy, and transportation industries, as it allows for more efficient use of resources and can help extend the life of valuable equipment Key reasons for monitoring assets at a distance Predictive maintenance, loT-enabled remote asset management solutions, IoT-based sensors are available, which in turn reduce remote asset cost reduction through increased use of remote asset management. Analytical systems for remote assets management allow remote monitoring and control of legacy equipment and processes. Remote Asset Management provides real-time two-way communication between an organization’s assets and a central monitoring application to improve asset management and control.
Asset Performance Management (APM) is a collection of solutions and services that includes software for monitoring variables such as asset health and reliability. It is also used for asset safety and asset disposal planning. For example, General Electric’s Predix system has several features, such as APM Health, APM Reliability, APM Strategy, and APM Integrity. The APM system provides more on-site insights to extend asset life, eliminate unplanned maintenance, reduce downtime, reduce maintenance costs, and reduce opportunities available in case of equipment failure control. Furthermore, the software used is remote asset management, which is established for comprehensive performance management. Allowing two-way communication between applications and assets, this remote asset management service offers potential applications to expand business opportunities. The business model monitors and tracks assets over the century through Vodafone SIMS. The Vodafone Remote Asset Management System helps in networking, business development, and management of devices, assets and systems.
Moreover, cloud computing services are expensive; Internet access is effective; Materials are inexpensive; governments in both developed regions and developing countries are increasing investments in IT. These trends are expected to drive huge demand for remote asset management in the short and long term. Increasing smartphone adoption, internet penetration, and loT growth are driving the remote asset management market. The high cost of asset management solutions is expected to restrain the expansion of the remote asset management market.
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Product ID: SQMIG45A2214