Global Remote Monitoring Services Market - Introduction
- Nowadays, enterprises are emphasizing on deploying remote monitoring services to provide real-time and secure monitoring of a company's physical infrastructure. Remote monitoring services act as a primary or secondary support for a company’s IT infrastructure and are useful IT management tools to reduce maintenance cost.
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Impact of Coronavirus (COVID-19) on the Remote Monitoring Services Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19), has a positive impact on the remote monitoring services market. Increasing demand to enforce social distancing due to the highly contagious nature of Coronavirus (COVID-19) has encouraged enterprises to deploy work-from-home (WFH). Enterprises are focusing on deploying remote access monitoring services to run their businesses more efficiently. This is positively impacting the adoption of remote monitoring services worldwide.
Increasing Investment in Network Communication Technology (5G), Driving the Remote Monitoring Services Market
- In this technological era, network communication technology is gaining major importance across industries to deal with the presumptions and challenges of the future.
- Faster networking data rates, higher bandwidth, and lower latencies are the major requirements across industries in order to enhance business operations remotely. Network communication technology such as private LTE and 5G networking are significantly supporting these requirements. Likewise, increasing investments to enhance networking technology is the key strategy that is being followed by governments or private vendors to expand these networks across regions worldwide.
- Governments across major nations such as the U.S, Germany, Japan, India, and China are active in deploying 5G networking infrastructure to enable efficient networking solutions to improve business operations. Meanwhile, private LTE networking technology is already prevalent in enterprises across the U.S and Japan; whereas developing countries are still willing to deploy 5G network by the major organizations across the entire industries. For instance, Europe has decided to increase network-related investment by 60% and also operating expense during 2020 - 2025. In 2018, Ericsson increased its investment for deploying 5G network across the U.S.
- Telecom providers have more chances to grow with every generation of technology. When 4G networking technology was launched, there was a decline in the revenue generated by smartphone operators due its tepid and flat growth, even with huge investments made for the growth of 4G infrastructure, specifically for Europe and Latin America.
- Therefore, increasing investment in network communication technology such as 5G is significantly driving the growth of the remote monitoring services market worldwide.
Lack of Networking Infrastructure Specifically In Underdeveloped Nations Expected to Hamper the Global Remote Monitoring Services Market
- Various enterprises across underdeveloped nations suffer from lack of networking infrastructure owing to low financial budgets. They still depend on 2G/3G spectrum to run their business.
- Therefore, lack of networking infrastructure, specifically in underdeveloped nations, is expected to hamper the global remote monitoring services market.
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North America to Account for Major Share of the Global Remote Monitoring Services Market
- In terms of region, the global remote monitoring services market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global remote monitoring services market during the forecast period due to growing popularity of SaaS-based remote monitoring solutions, indicating potential growth of the market in the region. Europe is expected to be the second largest market for remote monitoring services from 2020 to 2030.
- Asia Pacific is projected to be a rapidly growing market for remote monitoring services during the forecast period due to increasing demand for uninterrupted network connectivity, specifically in India, Japan, and China.
Key Players Operating in the Global Remote Monitoring Services Market
- Daikin Industries, Ltd.
- Enterprise Computing Services
- Flatworld Solutions
- Hewlett Packard Enterprise
- Schneider Electric
- Suma Soft
Global Remote Monitoring Services Market: Research Scope
Global Remote Monitoring Services Market, by Component
- Software/ Platform
- Maintenance & Integration
- Consulting & Training
Global Remote Monitoring Services Market, by Type
- Application Monitoring
- Network Monitoring
- Website Monitoring
- Server Monitoring
Global Remote Monitoring Services Market, by Enterprise Size
- Small and Medium Enterprises
- Large Enterprises
Global Remote Monitoring Services Market, by End-user
- Energy & Utilities
- IT & Telecom
Global Remote Monitoring Services Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.