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.