Remote asset management enables remote monitoring and maintenance of assets, machines, and systems for organizations across various industries.
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The implementation of remote asset management solution helps enterprises to improve operational efficiency due to predictive and preventive maintenance.
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Implementation of remote asset management solution helps increase overall equipment efficiency resulting in better control and management of assets. Enterprises have embraced remote asset management to improve remote authorization of assets and reduce maintenance costs.
The remote asset management market is expected to register the significant growth in the short and long run, attributed to an increased demand for connected devices; increase in affordability of cloud computing services; enhanced internet connectivity; decreased cost of components; rise in Information, Communication, & Technology (ICT) expenditure by governments in the several developed and the developing regions, including North America, Europe, and Asia-Pacific.
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Other factors that fuel the remote asset management market are high mobile adoption, increase in broadband penetration, and significant advancements in the field of IoT. However, expensive asset management solutions is expected to hamper the market growth.
The global remote asset management market is segmented based on solution, service, industry vertical, and geography. Based on solution, it is categorized into predictive asset management, real-time location, security management, and others.
The services segment is bifurcated into professional and managed services. Based on industry vertical, it is classified into healthcare, retail & consumer goods, education, transportation & logistics, manufacturing, and others.
Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players in the global remote asset management market have adopted strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and collaborations, to enhance their product penetration in the global market.
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