Seattle, WA -- (SBWIRE) -- 04/21/2017 -- According to a new market research report "Remote Asset Management Market by Solution (RTLS, Predictive Maintenance, Analytics, Asset Condition Monitoring & Performance Management), Platform, Application (Building Automation, Healthcare, Retail, Production Monitoring) - Global Forecast to 2021", published by MarketsandMarkets™, the remote asset management market size is expected to grow from USD 8.82 Billion in 2016 to USD 26.99 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.1%. The major drivers for the upsurge in demand for remote asset management market include increasing IoT adoption for efficient asset management and optimizing asset lifecycle offers a huge RoI for asset-intensive industries and declining cost of IoT components leading to a cost-effective remote asset management solution deployment.
Predictive maintenance solution is likely to hold the largest market share in the remote asset management market
Predictive maintenance solution aids in predicting asset failure or quality issues, which reduces the unplanned downtime and maintenance costs. Asset intensive industries' operational chain is largely hampered by machine failure and the associated time and repairing costs incurred. Predictive maintenance plays a major role in these types of industries and can notify the operating engineers beforehand about machine failure or performance degradation.
Connected logistics and fleet management is estimated to have the largest market share
The connected logistics and fleet management is expected to have the largest market share in 2016 and estimated to grow at the significant CAGR during the forecast period. Connected logistics and fleet management is all about integrating advanced technologies with the existing transportation and logistics infrastructure, delivering real-time online information about reminder & alerts for vehicle maintenance, driver's live performance and feedback, fleet/vehicle status (moving/stopped/idle), engine status, engine diagnostics, delivery status, delay status, and others. Asset tracking, monitoring, and management would help supply chain managers to locate, check status, fleet data, routing, scheduling, driver behavior, diagnostic, and others.
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North America is expected to hold the largest market share in the remote asset management market
As per the geographic analysis, North America is likely to benefit from its technological advancements followed by robust internet infrastructure, widespread adoption of new technology, and the presence of strong domestic solution providers. These have all contributed to the shift towards smart infrastructure from conventional infrastructure. The need for better operational efficiency and business process at a low operating cost is expected to drive continuous growth in the remote asset management market.
The major vendors covered in the remote asset management market for this study include AT&T Inc. (Texas, U.S.), Cisco Systems, Inc. (California, U.S.), Hitachi, Ltd. (Tokyo, Japan), Infosys Limited (Karnataka, India), IBM Corporation (New York, U.S.), PTC Inc. (Massachusetts, U.S.), Rockwell Automation, Inc. (Wisconsin, U.S.), SAP SE (Wall Dorf, Germany), Schneider Electric SE (Rueil-Malmaison, France), and Verizon Communications, Inc. (New York, U.S.).
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