As the world experiences a quantum leap in the speed and scope of digital connections, industries are gaining new and enhanced tools to boost productivity and spur innovation.
Over the next decade, existing technologies like fiber, low- to mid-band 5G networks, low-power wide-area networks (LPWANs), and Wi-Fi 6—as well as short-range connections like radio-frequency identification (RFID)—will expand their reach as networks are built out and adoption grows. At the same time, new generations of these technologies will appear with upgraded standards. In addition, new types of more revolutionary and more capital-intensive frontier connectivity like high-band 5G and low-Earth orbit (LEO) satellites will begin to come online. Together, these technological developments will unlock powerful new capabilities across industries. Near global coverage will allow the expansion of use cases even to remote areas and enable constant connectivity universally. Massive IoT advances will be enabled as new technologies allow high device densities, and mission critical services will take advantage of ultra-low latency, highly reliable, and highly secure connections.
From healthcare and manufacturing to mobility and retail, there are hundreds of promising use cases for the emerging generation of enhanced connectivity. Together, advanced and frontier connectivity could help seven sectors add a total of $2 trillion to $3 trillion in additional value to global GDP.
According to B2B market research firm MarketsandMarkets, the remote asset management market is projected to grow from USD 16.5 billion in 2020 to USD 32.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period. The major factors driving the remote asset management market include the adoption of IoT-enabled remote asset management solutions to manage assets efficiency, decreasing cost of IoT-based sensors optimize asset life cycle through remote asset management solutions, and use of predictive maintenance to boost the adoption of remote asset management, thereby reducing operational costs of remote assets.
Other key findings of the research include
- Solution segment to lead the remote asset management market in 2020
- Analytics and reporting solution sub segment to grow at a higher CAGR during the forecast period
- Mobile asset segment to grow at a higher CAGR during the forecast period
- On-premises segment to lead the remote asset management market in 2020
- Small and medium-sized enterprises segment to grow at a higher CAGR during the forecast period
- Manufacturing vertical to lead the remote asset management market in 2020
- North America is estimated to hold the highest market share of the remote asset management market in 2020.
- In Asia Pacific (APAC), the market is projected to grow at the highest CAGR of 17.3% during the forecast period due to the demand for remote asset management solutions and services in countries, such as China, Japan, India, and rest of APAC.
“Faced with the COVID-19 crisis, industrial leaders have one business imperative: maintaining their operations. IIoT, implemented in a plug-and-play mode, can be instrumental in ensuring business continuity and minimizing economic damage by ensuring employee safety and security, improving liquidity, and lowering short-term costs.”
Coronavirus: Industrial IoT in challenging times