Generally, remote asset management solutions combine all processes, analytics, workflows, and assets that provide a centrally consolidated real-time monitoring, tracking, and analytics system for asset-intensive sectors. These include the healthcare, oil and gas, mining, power and utilities, industrial machinery, and manufacturing sectors. Firms across verticals are using remote asset management solutions as it allows them to increase operational efficiency by monitoring their assets.
In any asset-intensive industry, the operations, maintenance, and repair of assets are essential. The fundamental aim is to reduce the cost and maximize the return of investment (ROI) of the current asset base. Remote asset management solutions allow businesses to receive notifications and track assets when maintenance of their assets is due. It assists the firms in performing regular maintenance, thereby increasing the asset’s productivity.
It was recently reported that remote asset management’s market size is projected to grow from $16.5 billion in 2020 to $32.6 billion by 2025, at a 14.6% compound annual growth rate (CAGR) during the forecast period.
The main factors that drive the growth of the remote asset management market are: using predictive maintenance to accelerate the adoption of remote asset management, lowering the cost of IoT-enabled sensors that optimize the lifecycle of an asset, and a surge in the adoption of IoT-enabled remote asset management solutions to manage asset efficiency. As one of the leading providers of asset management solutions, RoviTracker contributes to this growth by helping enterprises control their remote assets, allowing them to improve customer satisfaction with real-time data.
In this rapidly growing market, RoviTracker understands that GPS isn’t enough because there’s a lot more to a business than just locating stuff. So, it has come up with an award-winning asset management software that gathers additional data like motion, temperature, fuel level, solar charge, battery voltage, engine runtime, and integrated video surveillance. By developing the software, RoviTracker ensures customers better visibility into their business operations, making decisions based on profits, safety, and the environment.
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